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Future Fund Bill 2006

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4838-

REVISED

2004-2005-2006

 

The Parliament of the

Commonwealth of Australia

 

THE SENATE

 

 

 

 

 

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]