Requirements about appointment of directors
438G Requirements about appointment of directors
The majority of the directors of a network company must consist of eligible persons.
In this section—
eligible person means a person who—
is not an employee of a QR National company; and
has not been an employee of a QR National company at any time during the ineligibility period; and
is not engaged by a QR National company to provide advisory or consultancy services to a QR National company, if the engagement could reasonably be regarded as material to that person; and
has not been engaged by a QR National company to provide advisory or consultancy services to a QR National company at any time during the ineligibility period, if the engagement could reasonably be regarded as material to that person; and
is not an employee of a company or partnership, an officer of a company, or a partner in a partnership, that is engaged by a QR National company to provide advisory or consultancy services to a QR National company, if—
the person is directly involved in providing those services; and
the engagement could reasonably be regarded as material to the company or partnership; and
was not an employee of a company or partnership, an officer of a company, or a partner in a partnership, that was engaged by a QR National company to provide advisory or consultancy services to a QR National company at any time during the ineligibility period, if—
the person was directly involved in providing those services; and
the engagement could reasonably be regarded as material to the company or partnership; and
is not an employee of a company or partnership, an officer of a company other than a QR National company, or a partner in a partnership, that has a contract with a QR National company, if the contract could reasonably be regarded as material to the company or partnership; and
does not have a substantial holding in a QR National company; and
is not an officer of a company that—
is not a QR National company; and
has a substantial holding in a QR National company.
employee, of a company, does not include a person who is engaged solely as a director of the company.
ineligibility period, in relation to an eligible person, means the period of 3 years prior to the appointment of the person as a director of the network company.
substantial holding has the meaning given in the Corporations Act.
This Act’s bill:Explanatory memorandum
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