Commonwealth Authorities and Companies Amendment Regulations 2008 (No. 1) (Cth)
Commonwealth Authorities and Companies Amendment Regulations 2008 (No. 1)1
Select Legislative Instrument 2008 No. 69
I, PROFESSOR MARIE BASHIR, AC, CVO, Administrator of the Government of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Commonwealth Authorities and Companies Act 1997.
Dated 1 May 2008
MARIE BASHIR
Administrator
By Her Excellency’s Command
LINDSAY TANNER
Minister for Finance and Deregulation
Contents
1Name of Regulations 2
2Commencement 2
3Amendment of Commonwealth Authorities and Companies Regulations 1997 2
4Amendment of Commonwealth Authorities and Companies Regulations 1997 3
Schedule 1Amendments commencing on the day after they are registered 3
Schedule 2Amendment commencing on 1 January 2009 4
-
Name of Regulations
These Regulations are the Commonwealth Authorities and Companies Amendment Regulations 2008 (No. 1).
-
Commencement
These Regulations commence as follows:
(a)on the day after they are registered — regulations 1 to 3 and Schedule 1; and
(b)on 1 January 2009 — regulation 4 and Schedule 2.
-
Amendment of Commonwealth Authorities and Companies Regulations 1997
Schedule 1 amends the Commonwealth Authorities and Companies Regulations 1997.
-
Amendment of Commonwealth Authorities and Companies Regulations 1997
Schedule 2 amends the Commonwealth Authorities and Companies Regulations 1997.
Schedule 1 Amendments commencing on the day after they are registered
(regulation 3)
[1] Subregulation 4A (1)
omit
Minister for Finance and Administration
insert
Finance Minister
[2] Schedule 1, Part 2, item 202
omit
Schedule 2 Amendment commencing on 1 January 2009
(regulation 4)
[1] After regulation 6
insert
6AAudit committees for Commonwealth authorities (Act s 32)
(1)For subsection 32 (2) of the Act, the audit committee of a Commonwealth authority is to be constituted as follows:
(a)the chair of the committee must be a person other than:
(i)the chair of the authority; or
(ii)an executive director of the authority;
(b)the committee:
(i)must be made up of at least 3 persons; and
(ii)may include only 1 person who is an executive director of the authority; and
(iii)must not include senior managers or employees of the authority other than the executive director mentioned in subparagraph (ii).
(2)To avoid doubt, a committee may include persons who are not directors of the authority.
Note The chair of the committee may, for example, be a non‑executive director (other than the chair of the authority) or an external appointee of the authority.
(3)The quorum for meetings of the committee is:
(a)2 persons; or
(b)if the majority of the committee is greater than 2 persons — that number of persons.
6BAudit committees for wholly‑owned Commonwealth companies (Act s 44)
(1)For subsection 44 (2) of the Act, the audit committee of a wholly‑owned Commonwealth company is to be constituted as follows:
(a)the chair of the committee must be a person other than:
(i)the chair of the company; or
(ii)an executive director of the company;
(b)the committee:
(i)must be made up of at least 3 persons; and
(ii)may include only 1 person who is an executive director of the company; and
(iii)must not include senior managers or employees of the company other than the executive director mentioned in subparagraph (ii).
(2)To avoid doubt, a committee may include persons who are not directors of the company.
Note The chair of the committee may, for example, be a non‑executive director (other than the chair of the company) or an external appointee of the company.
(3)The quorum for meetings of the committee is:
(a)2 persons; or
(b)if the majority of the committee is greater than 2 persons — that number of persons.
Note
-
All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See
0
0
0