Document ID: chunk:federal_register_of_legislation:C2015A00150:clause:1_7
Version: federal_register_of_legislation:C2015A00150
Segment Type: clause
Provision Reference: sch 1 cl 7
Character Range: 28777–30056

7  Meaning of independent director

Listed entities
 (1) A person is an independent director of an entity if:
 (a) the person is:
 (i) a director of the entity; or
 (ii) for a unit trust—a director of a trustee of the entity; and
 (b) the entity is listed for quotation in the official list of a stock exchange (whether or not in Australia); and
 (c) the director meets the criteria of that stock exchange for a director to be independent (whether or not the criteria are binding).
Note: If the stock exchange does not have criteria for a director to be independent, a director of an entity listed for quotation in the official list of the stock exchange is not an independent director.

Entities whose securities are stapled
 (2) A person is an independent director of an entity (the first entity) if:
 (a) the person is a director of the first entity and another entity; and
 (b) the securities in the first entity can only be transferred together with securities in the other entity; and
 (c) the first entity is not listed for quotation in the official list of a stock exchange, but the other entity is (whether or not in Australia); and
 (d) the director meets the criteria of that stock exchange for a director to be independent (whether or not the criteria are binding).