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The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
As passed by both Houses
Clean Energy Finance Corporation Bill 2012
No. , 2012
A Bill for an Act to establish the Clean Energy Finance Corporation, and for related purposes
Contents
1............ Short title............................................................................................. 1
2............ Commencement................................................................................... 2
3............ Object.................................................................................................. 2
4............ Definitions.......................................................................................... 2
5............ Crown to be bound............................................................................. 6
6............ Extension to external Territories.......................................................... 6
7............ Extra-territorial application.................................................................. 6
Part 2—Clean Energy Finance Corporation 7
8............ Establishment...................................................................................... 7
9............ Corporation’s functions...................................................................... 7
10.......... Constitutional limits............................................................................ 8
11.......... Corporation’s powers......................................................................... 9
12.......... Corporation does not have privileges and immunities of the Crown... 9
Part 3—Board of Corporation 10
Division 1—Establishment and functions 10
13.......... Establishment.................................................................................... 10
14.......... Functions of the Board...................................................................... 10
Division 2—Board Members 11
15.......... Membership...................................................................................... 11
16.......... Appointment of Board members....................................................... 11
17.......... Chair................................................................................................. 12
18.......... Term of appointment......................................................................... 12
19.......... Acting appointments......................................................................... 12
20.......... Remuneration.................................................................................... 13
21.......... Leave of absence............................................................................... 13
22.......... Resignation of Board members......................................................... 14
23.......... Termination of appointment of Board members................................ 14
24.......... Other terms and conditions of Board members................................. 15
Division 3—Meetings of the Board 16
25.......... Convening meetings.......................................................................... 16
26.......... Presiding at meetings........................................................................ 16
27.......... Quorum............................................................................................. 16
28.......... Voting at meetings............................................................................ 17
29.......... Conduct of meetings......................................................................... 17
30.......... Minutes............................................................................................. 17
31.......... Decisions without meetings.............................................................. 17
Part 4—Chief Executive Officer, staff and consultants and committees 19
Division 1—Chief Executive Officer of Corporation 19
32.......... Establishment.................................................................................... 19
33.......... Functions of the CEO....................................................................... 19
34.......... Appointment..................................................................................... 19
35.......... CEO holds office during Board’s pleasure....................................... 20
36.......... Acting appointments......................................................................... 20
37.......... Terms and conditions........................................................................ 20
38.......... Outside employment......................................................................... 20
39.......... Disclosure of interests....................................................................... 21
40.......... Resignation....................................................................................... 21
Division 2—Staff and consultants 22
41.......... Staff.................................................................................................. 22
42.......... Consultants....................................................................................... 22
Division 3—Committees 23
43.......... Committees....................................................................................... 23
44.......... Remuneration and allowances........................................................... 23
Part 5—Financial arrangements 24
Division 1—Clean Energy Finance Corporation Special Account 24
Subdivision A—Establishment of Account 24
45.......... Establishment of Account................................................................. 24
Subdivision B—Credits 24
46.......... Credits to the Account....................................................................... 24
Subdivision C—Debits 24
47.......... Purposes of the Account................................................................... 24
48.......... Corporation’s request for a payment for itself................................... 25
49.......... Nominated Minister’s authorisation of payment to Corporation....... 25
50.......... Corporation’s request for a payment for ARENA............................ 26
51.......... Nominated Minister’s authorisation of payment to ARENA............ 26
52.......... Agreement between nominated Minister and Corporation................ 27
Division 2—The Corporation’s money 28
53.......... Application of the Corporation’s money........................................... 28
54.......... Managing surplus money.................................................................. 28
55.......... Borrowing......................................................................................... 29
56.......... Receipt of gifts.................................................................................. 30
57.......... Taxation............................................................................................ 30
Part 6—Investment function 31
Division 1—Investment function 31
58.......... Investment function........................................................................... 31
59.......... Complying investments..................................................................... 31
60.......... Clean energy technologies................................................................. 33
61.......... Australian-based investments............................................................ 34
62.......... Prohibited technology....................................................................... 34
Division 2—Performance of investment function 35
63.......... Financial assets................................................................................. 35
64.......... Investment Mandate.......................................................................... 36
65.......... Limits on Investment Mandate.......................................................... 36
66.......... Board to be consulted on Investment Mandate.................................. 37
67.......... Compliance with Investment Mandate.............................................. 37
68.......... Investment policies............................................................................ 38
69.......... Guarantees........................................................................................ 39
70.......... Derivatives........................................................................................ 39
Part 7—Miscellaneous 41
71.......... Matters relating to subsidiaries.......................................................... 41
72.......... Publication of investment reports...................................................... 41
73.......... Publication of reports etc................................................................... 42
74.......... Extra matters to be included in annual report..................................... 42
75.......... Disclosure of official information..................................................... 43
76.......... Nominated Minister.......................................................................... 44
77.......... Delegation by nominated Minister.................................................... 45
78.......... Delegation by Corporation................................................................ 45
79.......... Delegation by Board......................................................................... 45
80.......... Delegation and subdelegation by CEO.............................................. 45
81.......... Review of operation of Act............................................................... 46
82.......... Regulations....................................................................................... 46
A Bill for an Act to establish the Clean Energy Finance Corporation, and for related purposes
The Parliament of Australia enacts: