New South Wales Consolidated Acts

STATE OWNED CORPORATIONS ACT 1989 - SECT 24

24 Annual reports and financial reports: company SOCs

(1) Within 4 months after the end of each financial year of a company SOC (or such other time as may be prescribed by regulations under this Act), the board is required to deliver to the voting shareholders:

(a) an annual report of the operations of the SOC and of its subsidiaries during that financial year, and

(b) the SOC’s financial report for that financial year, audited by the Auditor-General, being a financial report that conforms to the requirements of the Corporations Act 2001 of the Commonwealth or any other law applying to the report, and

(c) the Auditor-General’s report on the SOC’s financial report.

(2) Every annual report under subsection (1) (a) must:

(a) contain such information as is required by the voting shareholders to enable an informed assessment of the operations of the company SOC and its subsidiaries, including a comparison of the performance of the SOC and subsidiaries with the relevant statement of corporate intent, and

(b) state the dividend payable to the State by the SOC for the financial year to which the report relates.

(3) Every Auditor-General’s report under subsection (1) (c) must conform to the requirements of similar reports under the Corporations Act 2001 of the Commonwealth or any other applicable law.

(3A) Each annual report is to include a section that:

(a) identifies any actual departures from the performance targets (including financial targets) set out in the statement of corporate intent for the SOC for the period to which the report relates, and

(b) sets out the reasons for each of the departures from the performance targets.

(4) The requirements of this section are additional to the requirements of the Corporations Act 2001 of the Commonwealth or any other applicable law, but anything done for the purposes of that Act or other law that would comply with the requirements of this section may be taken to have also been done for the purposes of this section.

(5) The Auditor-General has, for the purposes of exercising the Auditor-General’s functions under this section, all the powers of a registered company auditor under the Corporations Act 2001 of the Commonwealth.

(6) The SOC is required to pay to the Auditor-General such charges for the exercise by the Auditor-General of functions under this section as are agreed on by the SOC and the Auditor-General or (failing agreement) as are determined by the Treasurer.

(7) References in this section to the Auditor-General extend to any person carrying out functions under this section for the Auditor-General.

(8) This section applies to the subsidiaries of a company SOC in the same way as it applies to the SOC.

(9) This section does not require the board of a subsidiary of a company SOC to deliver an annual report of its operations or a financial report conforming to the requirements of the Corporations Act 2001 of the Commonwealth if:

(a) the SOC has complied with all requirements of that Act concerning consolidated financial reports in respect of the subsidiary, and

(b) that Act relieves or otherwise exempts the board from compliance with the requirement to prepare the financial report.