Document ID: chunk:federal_register_of_legislation:C2004A03957:body:0:p5
Version: federal_register_of_legislation:C2004A03957
Segment Type: other
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Character Range: 10329–13259

Commonwealth the amount that the Minister determines, in writing, to be the amount of the financial detriment suffered by the Corporation during the period.

"(2) The reference in subsection (1) to the Corporation suffering financial detriment includes a reference to the Corporation:

(a) suffering a loss; or

    (b) incurring costs that are greater than the costs that the Corporation would otherwise have incurred; or

    (c) foregoing revenue that is revenue that the Corporation could otherwise have received.".

Corporate plan

18. Section 37 of the Principal Act is amended:

    (a) by omitting from subsection (3) "2 financial years" and substituting "2, 3 or 4 financial years";

    (b) by omitting subsection (4) and substituting the following subsection:

     "(4) The Corporate plan is to outline the strategies and policies that the Board intends to be adopted by the Corporation in order to achieve the Corporation's objectives.".

Financial targets and performance indicators

19. Section 39 of the Principal Act is amended by inserting after paragraph (1) (e) the following paragraph:

     "(ea) any financial detriments suffered by the Corporation as a result of a declaration by the Minister under section 25, 26 or 27 (other than financial detriments for which the Corporation has been reimbursed under section 27a);".

Minister may vary financial plan

20. Section 40 of the Principal Act is amended:

    (a) by omitting subsection (1) and substituting the following subsection:

    "(1) Without limiting the generality of the Minister's powers under subsection 41 (2), the Minister may direct the Board to vary the financial targets of the Corporation, the performance indicators adopted by the Board, or both.";

    (b) by inserting in paragraph (2) (a) ", (ea)" after "(e)".

21. After section 40 of the Principal Act the following section is inserted:

Board to notify Minister of significant affecting events etc.

"40a. If the Board forms the opinion that matters have arisen:

    (a) that may prevent, or significantly affect, achievement of the objectives of the Corporation and its subsidiaries under the Corporate plan; or

    (b) that may prevent, or significantly affect, achievement of the Corporation's financial targets under the financial plan;

the Board must, as soon as practicable, notify the Minister of its opinion and the reasons for its opinion.".

22. After section 44 of the Principal Act the following section is inserted:

Revaluation of assets

"44a. The Board must ensure that the Corporation's assets are revalued in accordance with prevailing commercial practice and in the manner (if any) agreed between the Minister for Finance and the Minister:

    (a) if the assets have not previously been revalued under this section—within 5 years after 1 January 1988; or

    (b) in any other case—within 5 years after the last day on which the assets were revalued under