Charles Darwin University Act 2003

(1) The Council must ensure that a controlled entity of the University is properly managed by:

(a) ensuring that members of the board of the entity possess appropriate skills, knowledge and experience;

(b) ensuring that a sufficient number of members of the board of the entity are independent;

(c) ensuring that the board of the entity adopts and implements a statement of governance principles acceptable to the Council;

(d) ensuring that the board of the entity documents a clear corporate and business strategy that reports and updates annually the entity's long term objectives and includes an annual business plan containing achievable and measurable performance targets and milestones;

(e) requiring the board of the entity to prepare quarterly reports against its business plan; and

(f) requiring the financial statements of the entity to be audited by the Auditor-General.

controlled entity has the same meaning as in Australian Accounting Standard 31 (Financial Reporting by Governments) issued by the Australian Accounting Standards Board, as in force from time to time.