Territory-owned Corporations Amendment Act 2010 (ACT)

Territory-owned Corporations Amendment Act 2010

A2010-26

An Act to amend the Territory-owned Corporations Act 1990

The Legislative Assembly for the Australian Capital Territory enacts as follows:

1. Name of Act

   This Act is the Territory-owned Corporations Amendment Act 2010.

2. Commencement

   This Act commences on the day after its notification day.

   NoteThe naming and commencement provisions automatically commence on the notification day (see Legislation Act, s 75 (1)).

3. Legislation amended

   This Act amends the Territory-owned Corporations Act 1990.

4. Audit committee
   New section 18A (4)

   insert

   (4)In this section:

   senior manager, of a territory-owned corporation, means a person (other than a director of the corporation) who—

   (a)makes, or takes part in making, decisions that affect all, or a large part, of the corporation’s business; or

   (b)may significantly affect the corporation’s financial standing.

5. Annual report
   New section 22 (2) (g)

   insert

   (g)details of the amount and kind of remuneration paid to—

   (i)each director of the corporation or group for the financial year; and

   (ii)either—

   (A)if the corporation or group has more than 5 senior managers—each of the 5 senior managers who receive the highest remuneration of the corporation or group for the financial year; or

   (B)if the corporation or group has 5 or less senior managers—each of the senior managers of the corporation or group for the financial year.

6. New section 22 (2A)

   insert

   (2A)For subsection (2) (g), details of the amount and kind of remuneration paid must be given in accordance with applicable accounting standards.

7. New sections 22 (4A) and (4B)

   insert

   (4A)Subsection (2) (g) applies to an annual report for the financial year ending on 30 June 2010.

   (4B)Subsection (4A) and this subsection expire on 31 December 2010.

8. Section 22 (5), new definition of senior manager

   insert

   senior manager, of a territory-owned corporation or group, means a person (other than a director of the corporation or group) who—

   (a)makes, or takes part in making, decisions that affect all, or a large part, of the business of the corporation or group; or

   (b)may significantly affect the financial standing of the corporation or group.

Endnotes

1. Presentation speech

   Presentation speech made in the Legislative Assembly on 22 June 2010.

2. Notification

   Notified under the Legislation Act on 7 July 2010.

3. Republications of amended laws

   For the latest republication of amended laws, see certify that the above is a true copy of the Territory-owned Corporations Amendment Bill 2010, which was passed by the Legislative Assembly on 29 June 2010.

   Acting Clerk of the Legislative Assembly

   © Australian Capital Territory 2010