Cleanaway Announces the Retirement of the Chief Financial Officer

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Cleanaway Announces the Retirement of the Chief Financial Officer

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Cleanaway Waste Management Limited (ASX:CWY) reports the retirement of Chief Financial Officer Brendan Gill and subsequent replacement. This announcement precedes some other interesting reports regarding the company’s leadership.

Indeed, Cleanaway’s Chief Executive, Vik Bansal is under scrutiny regarding the sale of 4 million shares of the company, as well as for ‘overly assertive’ workplace conduct. The company’s board undertook a review of the CEO and have enforced certain measures to ensure meaningful change is implemented moving forward. The board states that they will not further tolerate unacceptable conduct. As it relates to this point, the CEO emphasised the importance of these changes and how it relates to promoting an overall cohesive environment for the execution of the group's strategy, which includes sustainability goals.

Earlier this month and in conjunction with the business’ annual report, Cleanaway provided its sustainability report for 2020, outlining goals for facilitating a circular economy moving forward. Overall, the group is moving towards sustainability solutions to better use waste accrued for purposes beyond landfill. Indeed, the report describes the implementation of and acquisition of facilities in Victoria and Tasmania for recycling processes. Cleanaway continues to move towards being a leading provider of integrated waste management, with the promising incorporation of these Victorian and Tasmanian facilities. These will process over 200,000 tonnes of recyclable material per year.

Cleanaway’s sustainability report is an improvement on previous years, in line with the United Nations Sustainable Development Goals as well as the Sustainability Accounting Standards Board Waste Management Standard. Compliance with these standards will further facilitate the successful progression of the company into a leading promoter of sustainable development within the Australian waste integration market.

In accordance with these measures, Cleanaway announced the development proposal of an energy-to-waste facility in Western Sydney. The development will facilitate growth in the energy-from-waste segment, with hopes that the company may lead the space moving into the new decade. As part of the group’s strategy, continuous investments are scheduled through to 2025, relating to these sustainability goals. Similarly, the company is developing a plastic pelletising plant in Albury, to create a closed-loop recycling solution which will further drive sustainable goals.

Displaying the desire for the group to promote sustainable development, Cleanaway outlines several initiatives which will develop this further. Namely, creating closed-loops in oil recycling, trapping gas from the breakdown of waste in landfill, managing greenhouse gas emissions, as well as the generation of renewable energy. Interestingly, the company generated 134 gigawatt-hours of renewable energy in FY20, enough to power 27,000 homes.

Cleanaway’s commitment to sustainability goals, as well as highly positive financial results, strongly reinforces a positive outlook for the company moving into the new financial year, and into the decade.

Caroline Wong

Caroline Wong is a Research Analyst at KOSEC – Kodari Securities. She writes on markets and focuses on ASX Top 300 companies. Email Caroline at c.wong@kosec.com.au.

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