Document ID: chunk:federal_register_of_legislation:C2004A03839:body:0:p3
Version: federal_register_of_legislation:C2004A03839
Segment Type: other
Provision Reference: 
Character Range: 5613–8407

Section 21 of the Principal Act is amended by omitting subsection (2) and substituting the following subsection:
"(2) The Chairman shall convene a meeting of the Board upon being requested in writing to do so by not less than 2 Directors.".
11. After section 23a of the Principal Act the following Part is inserted:

"PART IIIa—CORPORATE PLANS

Corporate plans
"23b. (1) The Board shall prepare corporate plans.
"(2) The first corporate plan shall be for the period commencing on 1 July 1989 and ending on 30 June 1992.
"(3) Each subsequent corporate plan shall be for a period of 3 years commencing immediately after the period of the previous corporate plan.
"(4) The Board may review and revise a corporate plan at any time.

General matters to be included in corporate plans
"23c. Each corporate plan shall:
     (a) set out the objectives of the Corporation and its eligible subsidiaries; and
     (b) outline the overall strategies and policies that the Corporation and its eligible subsidiaries are to follow to achieve the objectives.

Financial matters to be included in corporate plans
"23d. Each corporate plan shall:
     (a) include a financial target;
     (b) outline the overall financial strategies for the Corporation and its eligible subsidiaries; and
     (c) include a forecast of the revenue and expenditure of the Corporation and its eligible subsidiaries, including a forecast of capital expenditure and borrowings.

Matters to be considered in setting financial target
"23e. In preparing or revising a financial target, the Board shall have regard to:
     (a) the need to earn a reasonable rate of return on the Corporation's capital and reserves;
     (b) the need to maintain the Corporation's financial viability; and
     (c) any other commercial considerations the Board considers appropriate.

Corporate plans to be given to Minister
"23f. When the Board prepares or revises a corporate plan, it shall, as soon as practicable, give a copy of the plan to the Minister.

Minister may direct certain variations of corporate plan
"23g. (1) When the Board prepares or revises a corporate plan and gives a copy of the plan to the Minister, the Minister may, within 30 days after receiving the copy of the plan and after consultation with the Board, direct the Board to vary the financial target under the plan.
"(2) In exercising powers under subsection (1), the Minister shall have regard to:
     (a) the matters referred to in paragraphs 23e (a) and (b); and
     (b) any other considerations the Minister considers appropriate.
"(3) A direction under subsection (1) shall be in writing and shall set out the Minister's reasons for the direction.
"(4) The Minister shall cause a copy of any direction given to the Board under subsection (1) to be laid before each