|
Options
|
4.1 MINISTERIAL CHARTERS 4.1.1 Introduction The Ministerial Charter describes the broad policy expectations of the Portfolio Minister for the GBE and its subsidiaries. 4.1.2 Responsibility of the Portfolio Minister The Portfolio Minister provides the GBE with a Ministerial Charter, prepared by the Portfolio Minister, in consultation with the Stakeholder Minister and the GBE. Section 36(7) of the GBE Act requires the Ministerial Charter to be tabled by the Portfolio Minister within 10 sitting days after providing a copy of the Ministerial Charter to the Stakeholder Minister. 4.1.3 Responsibility of the Board The Board’s responsibility under section 38 of the GBE Act is to ensure that the business and affairs of the GBE and its subsidiaries (if any) are conducted in a manner that is consistent with the Ministerial Charter. 4.1.4 Responsibility of the CEO The responsibility of the CEO is to provide regular advice to the Board on whether the business and affairs of the GBE and its subsidiaries (if any) are conducted in a manner that is consistent with the Ministerial Charter. 4.1.5 Role of Treasury As adviser to the Stakeholder Minister, Treasury reviews each GBE’s draft Ministerial Charter. Where necessary, Treasury facilitates discussions to resolve any differences in relation to the draft Ministerial Charter prior to Stakeholder Minister endorsement and Portfolio Minister approval. 4.1.6 References Further detail in relation to the preceding section can be found in the following references:
4.2 CORPORATE PLANS 4.2.1 Introduction Corporate planning is a very important part of corporate governance. The Corporate Plan identifies and forecasts the objectives, business and operating environment and performance goals of a GBE and sets benchmarks against which actual performance can be compared. Corporate planning also aims to identify and manage any risks associated with a GBE’s business environment. GBEs are required to prepare a Corporate Plan in accordance with section 39 of the GBE Act. A Corporate Plan covering a minimum 5 year period must include the Statement of Corporate Intent, the main undertakings of the GBE, financial information and dividend estimates. Comparative data is required relating to the financial year during which the Corporate Plan is prepared, the previous financial year and a minimum of three forecasted years. The Statement of Corporate Intent is the summary of the Corporate Plan, which is required to be published in the Annual Report each year (this is discussed in more detail in section 6.3 Annual Reports). 4.2.2 Timing Section 39 of the GBE Act requires:
4.2.3 Responsibility of the Board The Board’s responsibility is to prepare a draft Corporate Plan for submission to the Portfolio Minister by 31 March each year. The Board may delegate this responsibility to the CEO of the GBE in accordance with section 15 of the GBE Act. However, it is the Board that is ultimately accountable for compliance with the corporate planning requirements of the GBE Act. When preparing the draft Corporate Plan, the Board must consult with:
4.2.4 Responsibility of the CEO The responsibility of the CEO of the GBE is to assist the Board in preparing the Corporate Plan of the GBE. This responsibility includes the provision of information in all areas covered by the relevant Treasurer’s Instructions. 4.2.5 Role of Treasury Treasury, as advisers to the Stakeholder Minister, reviews each GBE’s draft Corporate Plan to ensure compliance with the Treasurer’s Instructions. Treasury also independently evaluates the financial projections and performance targets contained in each GBE’s draft Corporate Plan. Treasury provides comments on each draft Corporate Plan to the Stakeholder Minister and, where appropriate, makes recommendations for revision to the draft Corporate Plan. 4.2.6 References Further detail in relation to the preceding section can be found in the following references:
|
|
