Territory-owned Corporations Act 1990

The directors of a territory-owned corporation must give the voting shareholders within the prescribed period after the end of each financial year of the corporation an annual report in accordance with this section on the operations of the corporation or, if the corporation has subsidiaries, the group in the financial year.

The report must comprise—

a report on the operations of the corporation or group; and

any other information that has been requested by the voting shareholders to make an informed assessment on the operations; and

the accounts, reports and financial statements that, under a law of the Commonwealth relating to corporations, are required to be made out in relation to the corporation and, for a group, each subsidiary and the group as a whole; and

a copy of the auditor-general’s report on the accounts, reports and financial statements mentioned in paragraph (c), stating—

whether they give a true and fair view of the profit or loss and state of affairs; and

whether they comply with applicable accounting standards; and

an assessment of the performance of the corporation or group in relation to its objectives that includes, but is not limited to, an assessment of the performance in relation to the targets and performance measurements set out in the relevant statement of corporate intent; and

particulars of the way in which the corporation or group has complied with any directions under section 17 (whether given during the financial year or earlier) and of the cost of compliance; and

details of the amount and kind of remuneration paid to—

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

either—

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

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.

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

If a report, information or material required by this section is also required to be produced under a law of the Commonwealth dealing with the regulation of companies, it may be produced for this section in the way required by that law.

The Portfolio Minister must present a report under this section for a financial year to the Legislative Assembly within the prescribed period after the end of the financial year, but after the report is given to the voting shareholders under subsection (1).

In this section:

at the end of the day (or latest day) that the corporation’s report for the year under the Annual Reports (Government Agencies) Act 2004 (the Annual Reports Act report) must be presented to the Legislative Assembly; or

if the corporation’s Annual Reports Act report for the year must be given to the Speaker—at the end of the day (or latest day) that the report must be given to the Speaker.

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

may significantly affect the financial standing of the corporation or group.