enhanced-commonwealth-performance-framework-discussion-paper

95 Corporate plan for Commonwealth companies
Commonwealth companies
(1) The directors of a Commonwealth company must:
(a) prepare a corporate plan for the entity; and
(b) give the corporate plan to the responsible Minister and the Finance Minister in
accordance with any requirements prescribed by the rules.
(2) The corporate plan must comply with, and be published in accordance with, any
requirements prescribed by the rules.
(3) If:
(a) a statement of the Australian Government’s key priorities and objectives is
published under section 34; and
(b) the purposes of the Commonwealth company relate to those priorities and
objectives;
then the corporate plan must set out how the activities of the company will contribute to
achieving those priorities and objectives.
Subsidiaries
(4) If the Commonwealth company has subsidiaries, the corporate plan must cover both the
company and its subsidiaries. In particular, for each subsidiary the corporate plan must
include details of any matters prescribed by the rules, so far as they are applicable.
97 Annual reports for Commonwealth companies
(1) The directors of a Commonwealth company must give the responsible Minister:
(a) a copy of the company’s financial report, directors’ report and auditor’s report that
the company is required by the Corporations Act 2001 to have for the reporting
period for the company (or would be required by that Act to have if the company
were a public company); and
(b) for a wholly-owned Commonwealth company—any additional information or
report prescribed by the rules.
(2) The Commonwealth company must give the reports and information by:
(a) if the company is required by the Corporations Act 2001 to hold an annual general
meeting—the earlier of the following:
(i) 21 days before the next annual general meeting after the end of the reporting
period for the company;
(ii) 4 months after the end of the reporting period for the company; and
(b) in any other case—4 months after the end of the reporting period for the company;
or the end of such further period granted under subsection 34C(5) of the Acts
Interpretation Act 1901.
(3) If the auditor’s report required by the Corporations Act 2001 was prepared by an auditor
other than the Auditor-General, subsection (1) also requires the company to give a report
by the Auditor-General on the financial statements.
(4) In preparing a report for the purposes of subsection (3), the Auditor-General must use the
same Corporations Act 2001 rules as applied to the report by the other auditor.
Enhanced Commonwealth Performance Framework—Discussion Paper | 51