Document ID: chunk:federal_register_of_legislation:C2004A03957:body:0:p10
Version: federal_register_of_legislation:C2004A03957
Segment Type: other
Provision Reference: 
Character Range: 23437–26262

Officer is to be taken to have been done by the Corporation.

Chief Executive Officer holds office during Board's pleasure

"58b. The Chief Executive Officer holds office during the Board's pleasure.".

33. Section 60 of the Principal Act is repealed and the following section is substituted:

Remuneration and allowances of Chief Executive Officer

"60. The Chief Executive officer is to be paid such remuneration and allowances as the Board determines, in writing, from time to time.".

Transitional—existing appointee as Chief Executive Officer

34. (1) The person who, immediately before the commencement of this section, held office as the Chief Executive Officer continues to hold office after that commencement, as if appointed under subsection 58 (1) of the Principal Act as amended by this Act.

(2) Section 58b of the Principal Act as inserted by, and section 60 of the Principal Act as substituted by, this Act do not apply, and section 60 as in force immediately before the commencement of this section continues to apply, until a person is appointed as the Chief Executive Officer after that commencement.

Repeal of section 65

35. (1) Section 65 of the Principal Act is repealed.

(2) The repeal of section 65 of the Principal Act by this section does not imply that the Corporation does not have the power, subject to Part Xa of the Superannuation Act 1976, to establish a superannuation scheme or schemes to provide superannuation benefits to its employees and the Chief Executive Officer.

36. Before section 66 of the Principal Act the following section is inserted in Part VIII:

Annual report

"65. (1) The Corporation must, as soon as practicable after 31 March in each year, prepare and give to the Minister a report on its operations during the financial year that ended on that day, together

with financial statements for that year in such form as the Minister for Finance approves.

"(2) Without limiting the generality of the matters to be included in an annual report, an annual report in respect of a financial year must include:

(a) an evaluation of the Corporation's overall performance against:

        (i) the objectives, including operational targets, set out in the Corporate plan in force during the financial year; and

        (ii) the financial targets and performance indicators set out in the financial plan in force during the financial year; and

     (b) an assessment of the adverse effect, if any, that meeting the non-commercial commitments imposed on the Corporation has had on the Corporation's profitability during the financial year; and

     (c) assessments of the financial performance of each Federal airport during the financial year.

"(3) Before giving financial statements to the Minister, the Corporation must submit them to the Auditor-General, who is to report