2010

                       THE LEGISLATIVE ASSEMBLY
                 FOR THE AUSTRALIAN CAPITAL TERRITORY


                                             (As presented)

                                                (Treasurer)




Territory-owned Corporations
Amendment Bill 2010


A Bill for

An Act to amend the Territory-owned Corporations Act 1990




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




J2010-241


            Authorised by the ACT Parliamentary Counsel--also accessible at www.legislation.act.gov.au


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 1   1             Name of Act
 2                 This Act is the Territory-owned Corporations Amendment Act 2010.

 3   2             Commencement
 4                 This Act commences on the day after its notification day.
 5                 Note        The naming and commencement provisions automatically commence on
 6                             the notification day (see Legislation Act, s 75 (1)).

 7   3             Legislation amended
 8                 This Act amends the Territory-owned Corporations Act 1990.

 9   4             Audit committee
10                 New section 18A (4)
11                 insert
12            (4) In this section:
13                 senior manager, of a territory-owned corporation, means a person
14                 (other than a director of the corporation) who--
15                 (a) makes, or takes part in making, decisions that affect all, or a
16                     large part, of the corporation's business; or
17                 (b) may significantly affect the corporation's financial standing.

18   5             Annual report
19                 New section 22 (2) (g)
20                 insert
21                 (g) details of the amount and kind of remuneration paid to--
22                          (i) each director of the corporation or group for the financial
23                              year; and




     page 2                Territory-owned Corporations Amendment Bill 2010



                 Authorised by the ACT Parliamentary Counsel--also accessible at www.legislation.act.gov.au


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 1                      (ii) either--
 2                             (A) if the corporation or group has more than 5 senior
 3                                 managers--each of the 5 senior managers who
 4                                 receive the highest remuneration of the corporation
 5                                 or group for the financial year; or
 6                              (B) if the corporation or group has 5 or less senior
 7                                  managers--each of the senior managers of the
 8                                  corporation or group for the financial year.

 9   6         New section 22 (2A)
10             insert
11       (2A) For subsection (2) (g), details of the amount and kind of
12            remuneration paid must be given in accordance with applicable
13            accounting standards.

14   7         New sections 22 (4A) and (4B)
15             insert
16       (4A) Subsection (2) (g) applies to an annual report for the financial year
17            ending on 30 June 2010.
18       (4B) Subsection (4A) and this subsection expire on 31 December 2010.

19   8         Section 22 (5), new definition of senior manager
20             insert
21             senior manager, of a territory-owned corporation or group, means a
22             person (other than a director of the corporation or group) who--
23              (a) makes, or takes part in making, decisions that affect all, or a
24                  large part, of the business of the corporation or group; or
25              (b) may significantly affect the financial standing of the
26                  corporation or group.



                             Territory-owned Corporations Amendment Bill 2010                                page 3



              Authorised by the ACT Parliamentary Counsel--also accessible at www.legislation.act.gov.au


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1        Presentation speech
         Presentation speech made in the Legislative Assembly on                     2010.

2        Notification
         Notified under the Legislation Act on                                       2010.

3        Republications of amended laws
         For the latest republication of amended laws, see www.legislation.act.gov.au.




                                    © Australian Capital Territory 2010




page 4                Territory-owned Corporations Amendment Bill 2010



            Authorised by the ACT Parliamentary Counsel--also accessible at www.legislation.act.gov.au