Review of Commonwealth Government Business Enterprises ...

2.10 All progress reports are confidential to the Ministers, their advisers and
Departments.
Reports on Operations and Financial Statements
2.11 The directors of a GBE are required to provide an annual report, or the annual
general meeting documents, to the Shareholder Ministers. The portfolio Minister
tables the report or documents in each House of the Parliament.
(a) Where a GBE is a statutory authority the annual report, or the financial
statements included therein, is prepared in accordance with guidance
promulgated by the Finance Minister.
(b) Where a GBE is a company, the annual report is prepared in accordance with
the Corporations Law.
i. The annual report of a company GBE should include a statement of the
main corporate governance practices that the GBE had in place during
the reporting period, similar to that required by the Australian Stock
Exchange (ASX) listing rules. An indicative list of matters that a GBE
may include when making the statement is included at Attachment A.
2.12 Financial statement of GBEs and their subsidiaries, associated with annual reports,
annual general meeting documents, or interim reports, are audited, or reported on,
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by the Auditor-General.
2.13 The Auditor-General may conduct a performance audit of a wholly owned GBE, or
any of its subsidiaries, in certain circumstances.
2.14 The Finance Minister may require:
(a) the directors of a wholly owned GBE to prepare an interim report covering
operations for the first six months, or for the first three, six and nine months of
each financial year; and
(b) to provide it to the portfolio Minister within 2 months after the end of the
period to which the report relates.
2.15 The portfolio Minister tables the interim report in each House of Parliament.
2.16 The Shareholder Ministers assess the financial performance of all GBEs on a regular
basis and may write to a GBE about issues identified in such assessments.