Electricity Generator Assets (Authorised Transactions) Act 2012

Each transaction SOC is to have a board of directors.

The board is to consist of—

the chief executive officer, and

at least 3 and not more than 5 other directors appointed by the voting shareholders.

Of the directors appointed under subclause (2) (b), one is (in and by the director’s instrument of appointment as director or in and by another instrument executed by the voting shareholders) to be appointed as Chairperson of the Board.

The board is accountable to the voting shareholders in the manner set out in Part 4 of the State Owned Corporations Act 1989 and in the constitution of the transaction SOC.

The voting shareholders may remove a director, or the chairperson, from office at any time for any or no reason and without notice and, in that event, the office of the director or chairperson is taken to have become vacant for the purposes of Schedule 8 to the State Owned Corporations Act 1989.

Except as provided by this clause, Schedule 8 to the State Owned Corporations Act 1989 has effect with respect to the constitution and procedure of the board.

The provisions of section 20J of the State Owned Corporations Act 1989, and of clauses 2 (1) and (2), 4 and 7 (1) (d) and (2) of Schedule 8 to that Act, do not apply to a transaction SOC or to the chairperson.

The provisions of clause 6 of Schedule 8 to the State Owned Corporations Act 1989 do not apply to the chief executive officer, and the chief executive officer is not entitled to remuneration under that clause, in his or her capacity as a director.