Government Owned Corporations Amendment Regulation (No. 2) 2009 (Qld)

Queensland Government Owned Corporations Amendment Regulation (No. 2) 2009 Subordinate Legislation 2009 No. 108 made under the Government Owned Corporations Act 1993 Contents Page 1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 2 Commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 Regulation amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 4 Amendment of s 4 (Nomination as candidate GOC) . . . . . . . . . . 3 5 Amendment of s 5 (Declaration of GOCs) . . . . . . . . . . . . . . . . . . 3 6 Amendment of s 6 (Government entity declared a subsidiary—Act, s 3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 7 Amendment of s 7 (Government entity prescribed—Act, s 5) . . . 4 8 Insertion of new pt 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 8 Definitions for pt 5. . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 9 Purpose of pt 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 10 Application of Financial and Performance Management Standard 2009—Act, s 118 . . . . . . . . . 5 9 Amendment of sch 2 (GOCs) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 10 Insertion of new sch 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Schedule 3 Applied provisions Part 3 Reporting Division 1 Financial statements 45 Timing for giving annual financial statements to auditor-general . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

Government Owned Corporations Amendment Regulation (No. 2) 2009 Contents 46 GOC or prescribed GOC subsidiary to consider auditor-general’s report and comments, observations and suggestions . . . . . . . . . . . . . . . . . . Division 3 Annual reports 49 Annual reports of GOCs and prescribed GOC subsidiaries—Act, s 63. . . . . . . . . . . . . . . . . . . . . . . . 50 Contents of annual report. . . . . . . . . . . . . . . . . . . . . . 54 Tabling of documents when Legislative Assembly not sitting .............................. 11 Amendment of sch 3 (Applied provisions) . . . . . . . . . . . . . . . . . . 7 7 8 9 10 Page 2 2009 SL No. 108

Government Owned Corporations Amendment Regulation (No. 2) 2009 [s 1] 1 Short title This regulation may be cited as the Government Owned Corporations Amendment Regulation (No. 2) 2009 . 2 Commencement (1) Section 11 commences on 1 January 2010. (2) The remaining provisions of this regulation commence on 1 July 2009. 3 Regulation amended This regulation amends the Government Owned CorporationsRegulation 2004. 4 Amendment of s 4 (Nomination as candidate GOC) Section 4, heading— omit, insert— ‘4 Nomination as candidate GOC—Act, s 24’. 5 Amendment of s 5 (Declaration of GOCs) Section 5, heading— omit, insert— ‘5 Declaration of GOCs—Act, s 5’. 6 Amendment of s 6 (Government entity declared a subsidiary—Act, s 3) (1) Section 6, heading, ‘s 3’— omit, insert— ‘ s 2 ’. 2009 SL No. 108 Page 3

Government Owned Corporations Amendment Regulation (No. 2) 2009 [s 7] (2) Section 6, ‘section 3’— omit, insert— ‘section 2’. 7 Amendment of s 7 (Government entity prescribed—Act, s 5) (1) Section 7, heading, ‘s 5’— omit, insert— ‘ s 4 ’. (2) Section 7, ‘section 5(e)’— omit, insert— ‘section 4(e)’. 8 Insertion of new pt 5 After section 7— insert— ‘Part 5 Application of FinancialAccountability Act 2009 ‘8 Definitions for pt 5 ‘In this part— prescribed GOC subsidiary means a GOC subsidiary prescribed under this regulation for the Act, section 118. standard see section 10. ‘9 Purpose of pt 5 ‘The purpose of this part is to apply certain provisions of the Financial and Performance Management Standard 2009 , made under the Financial Accountability Act 2009 , to GOCs and prescribed GOC subsidiaries. Page 4 2009 SL No. 108

Government Owned Corporations Amendment Regulation (No. 2) 2009 [s 9] ‘10 Application of Financial and Performance Management Standard 2009 —Act, s 118 ‘(1) The provisions of the Financial and Performance Management Standard 2009 (the standard ) set out in schedule 3 are applied to each GOC and each prescribed GOC subsidiary. ‘(2) The provisions are applied— (a) as in force immediately before the commencement of this section; and (b) with the changes shown in italics to read as set out in schedule 3. ‘(3) Definitions and other interpretative provisions of the FinancialAccountabilityAct2009 and the standard, as in force immediately before the commencement of this section, apply to the provisions.’. 9 Amendment of sch 2 (GOCs) Schedule 2, entry for ‘QIC Limited’— omit, insert— ‘QIC Limited ACN 130 539 123’. 10 Insertion of new sch 3 After schedule 2— insert— 2009 SL No. 108 Page 5

Government Owned Corporations Amendment Regulation (No. 2) 2009 [s 10] ‘Schedule 3 Applied provisions section 10 ‘Part 3 Reporting ‘Division 1 Financial statements ‘42 Not applied ‘43 Not applied ‘44 Not applied ‘45 Timing for giving annual financial statements to auditor-general ‘(1) This section applies to the annual financial statements for a financial year that a GOC or prescribed GOC subsidiary prepares under the Corporations Act . ‘(2) The GOC or prescribed GOC subsidiary must give the statements to the auditor-general by a date agreed between the GOC or prescribed GOC subsidiary and the auditor-general. ‘(3) The date agreed must allow the audit of the statements, and the report of the auditor-general about the statements, to be completed no later than 2 months after the end of the financial year to which the statements relate. ‘(4) to (9) Not applied . Page 6 2009 SL No. 108

Government Owned Corporations Amendment Regulation (No. 2) 2009 [s 10] ‘46 GOC or prescribed GOC subsidiary to consider auditor-general’s report and comments, observations and suggestions ‘(1) At the first ordinary meeting held by a GOC or prescribed GOC subsidiary after it receives, from the auditor-general, its annual financial statements and the auditor-general’s report on the statements, the GOC or prescribed GOC subsidiary must consider the statements and the report. ‘(2) If the report contains comments, observations or suggestions about anything arising out of an audit, the GOC or prescribed GOC subsidiary must also consider the comments, observations or suggestions. ‘47 Not applied ‘48 Not applied ‘Division 3 Annual reports ‘49 Annual reports of GOCs and prescribed GOC subsidiaries —Act, s 63 ‘(1) An annual report of a GOC or prescribed GOC subsidiary must be given in paper form to its shareholding Ministers within the period starting immediately after the end of the financial year to which the report relates and ending on 31 October (the preparation period ) . ‘(2) Not applied . ‘(3) The shareholding Ministers may extend or further extend, for the financial year, the preparation period for a GOC or prescribed GOC subsidiary by notice given to the GOC or prescribed GOC subsidiary . ‘(3A) The shareholding Ministers must table the annual report in the Legislative Assembly within 14 days after the end of the preparation period mentioned in subsection (1) or extended under subsection (3) . 2009 SL No. 108 Page 7

Government Owned Corporations Amendment Regulation (No. 2) 2009 [s 10] ‘(4) However, if the shareholding Ministers extend the preparation period to a period of more than 6 months after the end of the financial year, the shareholding Ministers must, within 14 days after giving the extension, table in the Legislative Assembly a notice stating— (a) the report is being tabled late; and (b) the length of the delay; and (c) the reasons for the delay. ‘(5) and (6) Not applied . ‘(7) A GOC or prescribed GOC subsidiary may prepare an annual report, including the financial statements contained in the report, in electronic form if— (a) copies of the report are also available in paper form; and (b) the electronic form of the report clearly states that copies of the report are also available in paper form and how the copies may be obtained. Example of electronic form — a CD-ROM ‘50 Contents of annual report ‘ (1) The annual report of a GOC or prescribed GOC subsidiary must contain the following for the GOC or prescribed GOC subsidiary — (a) the information the shareholding Ministers require to enable the Ministers to assess the efficiency, effectiveness and economy of the GOC or prescribed GOC subsidiary and the need for it to continue; (b) a copy of the annual financial statements of the GOC or prescribed GOC subsidiary for the financial year to which the report relates, prepared under the Corporations Act and certified by the authorised auditor; Page 8 2009 SL No. 108

Government Owned Corporations Amendment Regulation (No. 2) 2009 [s 10] (c) the information required under the Government Owned Corporation Act 1993 to be included in the annual report of a GOC or prescribed GOC subsidiary. ‘(2) Subsection (1) is subject to— (a) for a GOC—the Government Owned Corporation Act 1993, section 121; and (b) for a prescribed GOC subsidiary—the Government Owned Corporation Act 1993, section 121 as applied by schedule 4 of that Act to prescribed GOC subsidiaries. ‘51 Not applied ‘52 Not applied ‘53 Not applied ‘54 Tabling of documents when Legislative Assembly not sitting ‘(1) This section applies if the Legislative Assembly is not sitting when the shareholding Ministers are required, under the standard, to table a document other than a document to which the Parliament of Queensland Act 2001 , section 59 applies. ‘(2) The shareholding Ministers must give a copy of the document to the clerk of the Parliament. ‘(3) The clerk must table the document before the Legislative Assembly on its next sitting day. ‘(4) The document is taken to have been tabled in the Legislative Assembly on the day it is given to the clerk. ‘(5) The day of receipt of the document must be recorded in the votes and proceedings on the next sitting day. ‘(6) If the Legislative Assembly orders the document to be published, the document is taken to have been ordered to be published by the Legislative Assembly on the day the clerk receives it.’. 2009 SL No. 108 Page 9

Government Owned Corporations Amendment Regulation (No. 2) 2009 [s 11] 11 Amendment of sch 3 (Applied provisions) (1) Schedule 3, applied section 49(1), ‘ 31 October ’— omit, insert— ‘ 15 September ’. (2) Schedule 3, applied section 49(3A), ‘ 14 days ’— omit, insert— ‘ 15 days ’. ENDNOTES 1 Made by the Governor in Council on 25 June 2009. 2 Notified in the gazette on 26 June 2009. 3 Laid before the Legislative Assembly on . . . 4 The administering agency is the Queensland Treasury. © State of Queensland 2009 Page 10 2009 SL No. 108