New South Wales Consolidated Acts

STATE OWNED CORPORATIONS ACT 1989 - SECT 24A

24A Annual reports and financial reports: statutory SOCs

(1) Part 3 of the Public Finance and Audit Act 1983 applies to statutory SOCs and their subsidiaries, and they are statutory bodies for the purposes of that Part.

(2) The Annual Reports (Statutory Bodies) Act 1984 applies to statutory SOCs, and they are statutory bodies for the purposes of that Act.

(3) 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) A reference in Part 3 of the Public Finance and Audit Act 1983 to a Minister is, in relation to a statutory SOC, taken to be a reference to the voting shareholders of the SOC, unless the Treasurer otherwise directs.

(5) A reference in the Annual Reports (Statutory Bodies) Act 1984 to the appropriate Minister is, in relation to a statutory SOC, taken to be a reference to the voting shareholders of the SOC, unless the Treasurer otherwise directs.