Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
Future Fund Bill 2006

Bill home page  

Download WordDownload Word

Download PDFDownload PDF





The Parliament of the

Commonwealth of Australia








Future Fund Bill 2005



R(1)  Clause 18, page 12 (after line 26), after subsection 18(1), insert:

          (1A)  In giving a direction under subsection (1), the responsible Minister must include in the direction a mandatory requirement for the Board or its members when considering a material corporate governance matter in relation to a company to vote on all such matters.

          (1B)  A material corporate governance matter referred to in subsection (1A) includes but is not limited to:

                     (a)  matters relating to the constitution of a company;

                     (b)  matters relating to the election of directors of a company; and

                     (c)  matters relating to the remuneration of directors of a company.

[good corporate governance]

(2)     Clause 38, page 25 (line 18), at the end of subclause (2), add “in accordance with subsection (2A)”.

[appointment of board members]

(3)     Clause 38, page 25 (after line 20), after subclause (2), insert:

          (2A)  The Minister must by writing determine a code of practice for selecting and appointing Board members which sets out general principles on which selection and appointment is to be made, including but not limited to:

                     (a)  merit;

                     (b)  independent scrutiny of appointments;

                     (c)  probity;

                     (d)  openness and transparency.

          (2B)  After determining a code of practice under subsection (2A), the Minister must publish the code in the Gazette .

          (2C)  Not later than every fifth anniversary after a code of practice has been determined, the Minister must review the code.

          (2D)  In reviewing a code of practice, the Minister must invite the public to comment on the code.

          (2E)  A code of practice determined under subsection (2A) is a legislative instrument for the purposes of the Legislative Instruments Act 2003 .

[code of practice for appointment of board members]