Urban Renewal Act 1995

The board of a statutory corporation is responsible to the Minister for overseeing the operations of the statutory corporation (and any subsidiary) with the goal of—

securing continuing improvements in performance; and

protecting the long term viability of the statutory corporation and the Crown's financial and other interests in the statutory corporation.

Without limiting the effect of subsection (1), the board must for that purpose ensure as far as practicable—

that appropriate strategic and operational plans and targets are established; and

that the statutory corporation (and any subsidiary) have appropriate management structures and systems for monitoring management performance against plans and targets and that corrective action is taken when necessary; and

that appropriate systems and practices are established for management and financial planning and control, including systems and practices for the maintenance of accurate and comprehensive records of all transactions, assets and liabilities and physical and human resources of the statutory corporation (and any subsidiary); and

that all such plans, targets, structures, systems and practices are regularly reviewed and revised as necessary to address changing circumstances and reflect best current commercial practices; and

that the Minister receives regular reports on the performance of the statutory corporation (and any subsidiary), and on the initiatives of the board; and

that the Minister is advised, as soon as practicable, of any material development that affects the financial or operating capacity of the statutory corporation (or any subsidiary) or gives rise to an expectation that the corporation (or any subsidiary) may not be able to meet its debts as and when they fall due.