Commonwealth Consolidated Acts

COMMONWEALTH AUTHORITIES AND COMPANIES ACT 1997 - SECT 42

             (1)  This section applies to a wholly‑owned Commonwealth company that is a GBE.

             (2)  The directors must prepare a corporate plan at least once a year and give it to the responsible Minister.

             (3)  The plan must cover a period of at least 3 years.

             (4)  If the Commonwealth company has subsidiaries, the plan must cover both the Commonwealth company and its subsidiaries. In particular, for each subsidiary the plan must include details of the matters in subsection (6), so far as they are applicable.

             (5)  The directors must keep the responsible Minister informed about:

                     (a)  significant changes to the plan; and

                     (b)  matters that arise that might significantly affect the achievement of the objectives in the plan.

             (6)  The plan must include details of the following matters (so far as they are applicable):

                     (a)  the objectives of the company;

                     (b)  assumptions about the business environment in which the company operates;

                     (c)  the business strategies of the company;

                     (d)  the investment and financing programs of the company, including strategies for managing financial risk;

                     (e)  financial targets and projections for the company;

                      (f)  the dividend policy of the company;

                     (g)  non‑financial performance measures for the company;

                     (h)  community service obligations of the company and the strategies and policies the company is to follow to carry out those obligations;

                      (i)  review of performance against previous corporate plans and targets;

                      (j)  analysis of factors likely to affect achievement of targets or create significant financial risk for the company or for the Commonwealth;

                     (k)  price control and quality control strategies for goods or services supplied by the company under a monopoly;

                      (l)  human resource strategies and industrial relations strategies.

             (7)  The plan must also cover any other matters required by the responsible Minister (which may include further details about the matters in subsection (6)).

             (8)  The responsible Minister may give written guidelines to the directors that are to be used by the directors in deciding which matters are covered by subsection (5).