Document ID: chunk:federal_register_of_legislation:F2023C00394:body:0:p11
Version: federal_register_of_legislation:F2023C00394
Segment Type: other
Provision Reference: 
Character Range: 27301–30134

disclosures that apply.

Identification of key management personnel
IG3 Paragraph 9 of the Standard defines key management personnel as being those persons having the authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, including any director (whether executive or otherwise) of the entity.  In a public sector context, entities should consider the facts and circumstances, including the terms of the relevant legislative instruments that give rise to the entity, in assessing whether a person is a member of the key management personnel, as defined, of the entity.  For example, the facts and circumstances may reflect that not all persons described as 'senior executive staff' or 'Secretary' or 'Minister' may be a member of the key management personnel of the entity.  Similarly, in relation to a not-for-profit public sector entity, the facts and circumstances may reflect that a person's powers do not give rise to a capacity to direct or control the activities of an entity, where the powers are only ceremonial or procedural in substance.
IG4 Normally, the determination of key management personnel is similar for entities in the public sector and the private sector.  However, ministerial-type roles do not normally arise in a private sector context.  A Minister would be a member of the key management personnel of an entity that is within the Minister's portfolio if the Minister has the "authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly".  In some entities or jurisdictions, the responsible Minister may not, in substance, have such authority and responsibility over the activities of the entity, and consequently would not meet the definition of key management personnel.
IG5 A Minister may be a member of the key management personnel of an entity where the Minister's role and responsibilities result in the Minister forming part of the group of persons tasked with determining the direction of the entity.  It would be uncommon for a Minister to be a member of the key management personnel of an entity that is within their portfolio where the entity is not otherwise controlled by the government, as the government's powers and functions (executed by the Minister) in relation to that entity would have formed part of the government's assessment of whether it controls the entity.  Whether a Minister is a member of the key management personnel of an entity controlled by the government will depend on the facts and circumstances that apply in each instance, as the determination of the key management personnel of an entity is made on an entity by entity basis.  Accordingly, a member of the key management personnel of the government is not necessarily also a member of the