Government Trading Enterprises Act 2023 (WA)

Western Australia Government Trading Enterprises Act 2023 Western Australia Government Trading Enterprises Act 2023 Contents Part 1 — Preliminary 1. Short title 1 2. Commencement 1 3. Terms used 1 4. Term used: subsidiary 1 5. Relationship to GTEs' Establishing Acts 1 6. Act binds Crown 1 Part 2 — Purpose and functions of GTEs 7. GTE's purpose 1 8. GTE's functions 1 9. Performance of GTE's functions 1 10. GTE may act at its discretion 1 Part 3 — Boards of directors Division 1 — Boards and board membership 11. Board to be GTE's governing body 1 12. Board membership 1 13. Appointment of board members 1 14. Directors' skills matrix 1 15. Recommending candidates for vacancies 1 16. Chairperson and deputy chairperson 1 17. Terms and conditions of appointment 1 18. Remuneration 1 19. Same remuneration for directors of GTE 1 20. Expenses 1 21. Casual vacancies 1 22. Leave of absence 1 23. Alternate directors 1 Division 2 — Review of board performance 24. Review of board performance: self‑assessment 1 25. Review of board performance: external review 1 Division 3 — Board committees 26. Committees 1 27. Audit and risk management committees 1 Division 4 — Board procedures 28. Holding meetings 1 29. Quorum 1 30. Presiding members 1 31. Procedure 1 32. Presence at meetings may be remote 1 33. Voting 1 34. Resolution without meeting 1 35. Minutes to be kept 1 Part 4 — CEOs 36. GTE's chief executive officer 1 37. Appointment 1 38. Selection criteria 1 39. Remuneration 1 40. Resignation 1 41. Acting chief executive officer 1 42. Review of CEO's performance 1 Part 5 — Duties of directors, CEOs and staff Division 1 — Preliminary 43. Executive officers 1 44. Attempts 1 Division 2 — Duties stated 45. Fiduciary relationship with, and duties to, GTE 1 46. Care and diligence 1 47. Good faith and proper purpose 1 48. Honesty 1 49. False or misleading information 1 50. Use of position 1 51. Use of information 1 52. Conflict of duties: public service officers 1 Division 3 — Remedies for breach of duties 53. Civil proceedings for breach of duties 1 54. Compensation for breach of duties 1 Division 4 — Relief from liability 55. Relief from liability 1 56. Application for relief from liability 1 Division 5 — Disclosure of material personal interests Subdivision 1 — Directors 57. Term used: committee 1 58. Disclosure of material personal interests 1 59. Participation by interested members 1 60. Quorum if section 59 applies 1 61. Portfolio Minister may declare section 59(1) or 60(1) inapplicable 1 62. Register of material personal interests 1 63. Matters that must be included in departments' annual reports 1 Subdivision 2 — CEOs 64. Disclosure of material personal interests 1 Division 6 — Loans, insurance, indemnities and exemptions 65. Prohibition on loans to directors and related persons 1 66. Directors and others not to be exempted or indemnified from certain liabilities 1 67. Insurance for certain liabilities of directors and others not to be provided 1 68. Certain indemnities, exemptions and insurance void 1 Part 6 — Strategic planning Division 1 — Preliminary 69. Terms used 1 Division 2 — Statement of expectations 70. Statement of expectations 1 71. Preparing draft statement of expectations 1 72. Adopting statement of expectations 1 73. Varying statement of expectations 1 Division 3 — Annual performance statement 74. Terms used 1 75. Annual performance statement for GTE 1 76. Submitting draft annual performance statement and related information 1 77. Adopting annual performance statement 1 78. Varying annual performance statement 1 79. Continuation of annual performance statement 1 Part 7 — Accountability and control Division 1 — Reporting 80. Terms used 1 81. Annual reports must be given to Portfolio Minister and Treasurer 1 82. Interim reports must be given to Portfolio Minister and Treasurer 1 83. Copies of certain reports must be laid before Parliament 1 84. Copies of certain reports must be made publicly available 1 85. Deletion of commercially sensitive information from copies of reports 1 Division 2 — Consultation and provision of information 86. Terms used 1 87. Consultation 1 88. Right to request, obtain and retain information 1 89. Duty to comply with information request 1 90. Minister must be kept informed 1 91. Notice of financial difficulty 1 92. Legal professional privilege preserved 1 Division 3 — Matters requiring approval Subdivision 1 — Preliminary 93. Term used: relevant entity 1 94. Approvals and declarations 1 Subdivision 2 — Disposal of significant assets 95. Terms used 1 96. Restriction on disposal of significant asset 1 97. Consultation regarding disposal of significant asset 1 98. Disposal orders 1 Subdivision 3 — Significant transactions 99. Terms used 1 100. Term used: significant transaction 1 101. Restriction on effecting significant transactions 1 102. Consultation regarding significant transactions 1 103. Approval of significant transactions 1 104. Excluded transactions 1 Subdivision 4 — Significant initiatives 105. Term used: significant initiative 1 106. Consultation regarding significant initiatives 1 Division 4 — Ministerial directions 107. GTEs not generally subject to direction by Government 1 108. Ministerial directions 1 109. Limitation on directions under section 108 1 110. When directions take effect 1 Division 5 — Policy orders 111. Policy orders 1 112. When policy orders cease to apply 1 Division 6 — Subsidiaries Subdivision 1 — Formation, acquisition and control of subsidiaries 113. Restriction on forming or acquiring subsidiary 1 114. Consultation regarding formation or acquisition of subsidiary 1 115. Control of subsidiary 1 116. Provisions affecting the Corporations Act 1 Subdivision 2 — Remuneration and expenses of directors and CEOs of wholly owned subsidiaries 117. Terms used 1 118. Remuneration of directors 1 119. Same remuneration for directors of subsidiary 1 120. Expenses of directors 1 121. Remuneration of chief executive officers 1 Division 7 — Protection from liability 122. No liability for certain acts and omissions: disclosure of information and documents 1 123. No liability for certain acts and omissions: compliance with Ministerial directions 1 Part 8 — Financial provisions Division 1 — Preliminary 124. Terms used 1 125. Delegation by Treasurer 1 Division 2 — Bank and other accounts 126. Terms used 1 127. Primary account of GTE 1 128. Other bank accounts of GTE 1 129. Operation of accounts 1 Division 3 — Investment 130. Application of Financial Management Act 2006 Part 3 Division 3 1 131. Investment of funds 1 Division 4 — Borrowing and guarantees 132. Borrowing powers 1 133. Borrowing limits 1 134. Breach of borrowing limits 1 135. Guarantee by Treasurer 1 136. Charges for guarantee 1 Division 5 — Risk management 137. Hedging transactions 1 Division 6 — Dividends 138. Solvency requirement 1 139. Dividend formula 1 140. Final dividend 1 141. Interim and special dividends 1 Division 7 — Financial administration and audit 142. Terms used 1 143. Obligation to keep financial records 1 144. Preparation of annual financial reports and directors' reports 1 145. Audit of annual financial report 1 146. Preparation of interim reports 1 147. Application of Financial Management Act 2006 sections 81 and 82 1 148. Treasurer's GTE instructions 1 149. Regulations concerning financial administration and audit 1 Division 8 — Local government rates exemption 150. Exemption from local government rates 1 151. Payment in lieu of local government rates 1 Part 9 — General provisions Division 1 — Protection of persons dealing with GTEs 152. Person dealing with GTE may make assumptions 1 153. Third party may make assumptions 1 154. Assumptions that may be made 1 155. Exception to sections 152 and 153 1 Division 2 — Formalities 156. Execution of documents 1 157. Contract formalities 1 Part 10 — Miscellaneous 158. Making certain things publicly available 1 159. Laying documents before Parliament not sitting 1 160. Regulations 1 Part 11 — Transitional provisions Division 1 — Preliminary 161. Terms used 1 162. New provisions that correspond to old provisions 1 Division 2 — Application of Interpretation Act 1984 163. Application of Interpretation Act 1984 1 Division 3 — General transitional provisions 164. Completion of things commenced before commencement day 1 165. Continuing effect of things done before commencement day 1 166. Relationship of this Division to other transitional provisions 1 Division 4 — Specific transitional provisions 167. Boards of directors 1 168. Chief executive officers 1 169. Designation of executive officers 1 170. Indemnities, exemptions and insurance for certain liabilities of directors and others 1 171. Statement of expectations 1 172. Annual performance statement 1 173. Bank and other accounts 1 174. Hedging transactions 1 175. Dividends 1 176. Financial administration and audit 1 177. Local government rates 1 Division 5 — Transitional regulations 178. Transitional regulations 1 Part 12 — Consequential amendments Division 1 — Electricity Corporations Act 2005 amended 179. Act amended 1 180. Section 3 amended 1 181. Section 3A inserted 1 3A. Relationship to GTE Act 1 182. Part 2 Division 2 deleted 1 183. Part 2 Division 3 Subdivision 1 deleted 1 184. Part 2 Division 3 Subdivision 2 heading replaced 1 Subdivision 2 — Power to engage and manage staff 185. Section 20 deleted 1 186. Section 21 amended 1 187. Part 2 Division 3 Subdivision 5 heading replaced 1 Subdivision 5 — Superannuation 188. Part 2 Division 4 heading replaced 1 Division 4 — Staff codes of conduct 189. Sections 27 to 30 deleted 1 190. Section 33 amended 1 191. Section 53 amended 1 192. Section 54 amended 1 193. Section 55 deleted 1 194. Section 56 deleted 1 195. Section 58 deleted 1 196. Section 59 amended 1 197. Section 60 amended 1 198. Section 61 replaced 1 61. Limitation of corporation's duty to act on commercial principles 1 199. Section 63 amended 1 200. Sections 64 to 70 deleted 1 201. Section 71 amended 1 202. Part 3 Division 4 deleted 1 203. Part 5 heading replaced 1 Part 5 — Ministerial directions 204. Part 5 Divisions 1 to 3 deleted 1 205. Part 5 Division 4 heading deleted 1 206. Sections 110 to 113 replaced 1 111. Directions that cannot be given under GTE Act s. 108 1 207. Part 5 Divisions 5 and 6 deleted 1 208. Part 6 deleted 1 209. Sections 134 to 136 replaced 1 134. Laying documents before Parliament not sitting 1 210. Section 138 amended 1 211. Schedules 1 to 4 deleted 1 Division 2 — Gold Corporation Act 1987 amended 212. Act amended 1 213. Various references to Salaries and Allowances Act 1975 s. 7C amended 1 Division 3 — Perth Market (Disposal) Act 2015 amended 214. Act amended 1 215. Section 28 amended 1 Division 4 — Pilbara Port Assets (Disposal) Act 2016 amended 216. Act amended 1 217. Section 27 amended 1 Division 5 — Port Authorities Act 1999 amended 218. Act amended 1 219. Section 3 amended 1 220. Section 3A inserted 1 3A. Relationship to GTE Act 1 221. Part 2 Division 2 heading replaced 1 Division 2 — Community consultation committees 222. Sections 7 to 13 deleted 1 223. Section 14A amended 1 224. Sections 14, 15A, 15B and 15 deleted 1 225. Section 17 amended 1 226. Section 20 deleted 1 227. Section 23 amended 1 228. Part 4 Division 1 heading deleted 1 229. Section 31 replaced 1 31. Relationship to Environmental Protection Act 1986 1 230. Section 32 amended 1 231. Sections 33, 34A and 34 deleted 1 232. Section 35 amended 1 233. Sections 39 to 43 deleted 1 234. Section 44 amended 1 235. Part 4 Division 2 deleted 1 236. Part 5 deleted 1 237. Part 6 heading deleted 1 238. Part 6 Divisions 1 to 5 deleted 1 239. Part 6 Division 6 heading deleted 1 240. Sections 133 to 135 replaced 1 133. Laying documents before Parliament not sitting 1 241. Section 139 amended 1 242. Part 12 deleted 1 243. Schedules 2 to 5 deleted 1 Division 6 — Racing and Wagering Western Australia Act 2003 amended 244. Act amended 1 245. Section 21A amended 1 246. Section 21B amended 1 Division 7 — Salaries and Allowances Act 1975 amended 247. Act amended 1 248. Section 4 amended 1 249. Section 7C replaced 1 7BA. Term used: Government entity 1 7C. Determinations as to remuneration of executive officers of Government entities 1 7D. Determinations as to remuneration of directors of certain Government entities 1 7E. Determinations as to allowance for directors of certain GTEs: audit and risk committee members 1 250. Section 8 amended 1 251. Section 10 amended 1 252. Section 10A amended 1 253. Schedule 2 amended 1 Division 8 — Statutory Corporations (Liability of Directors) Act 1996 amended 254. Act amended 1 255. Section 4 amended 1 256. Schedule 1 amended 1 Division 9 — Water Corporations Act 1995 amended 257. Act amended 1 258. Section 3 amended 1 259. Section 3A inserted 1 3A. Relationship to GTE Act 1 260. Section 7A amended 1 261. Part 2 Division 2 replaced 1 Division 2 — Regional water corporation board members 7. Appointing board member: special provision for regional water corporations 1 262. Sections 13, 14A, 14B and 14 deleted 1 263. Section 16 amended 1 264. Section 18 deleted 1 265. Part 2 Division 4 heading replaced 1 Division 4 — Staff codes of conduct 266. Sections 20 to 23 deleted 1 267. Section 26 amended 1 268. Sections 28A and 28 deleted 1 269. Section 29 amended 1 270. Sections 30 to 34 deleted 1 271. Section 35 amended 1 272. Part 3 Division 3 deleted 1 273. Parts 4 and 5 deleted 1 274. Sections 87 to 89 replaced 1 87. Laying documents before Parliament not sitting 1 275. Section 91 amended 1 276. Schedules 1 to 4 deleted 1 Division 10 — Western Australian Land Authority Act 1992 amended 277. Act amended 1 278. Section 4 amended 1 279. Section 4A inserted 1 4A. Relationship to GTE Act 1 280. Sections 6 to 8B deleted 1 281. Sections 10, 11A and 11B deleted 1 282. Section 12 amended 1 283. Section 14 amended 1 284. Section 14A deleted 1 285. Section 14D amended 1 286. Section 16A deleted 1 287. Section 16C deleted 1 288. Section 17 amended 1 289. Sections 17A to 17C deleted 1 290. Section 19 deleted 1 291. Section 22 deleted 1 292. Section 23 amended 1 293. Sections 23A to 23D deleted 1 294. Parts 3A and 5 deleted 1 295. Sections 45, 45AA and 45A replaced 1 45. Laying documents before Parliament not sitting 1 296. Section 47 amended 1 297. Schedules 1 and 1A deleted 1 298. Schedule 2 amended 1 299. Schedules 3 and 3A deleted 1 Division 11 — Western Australian Treasury Corporation Act 1986 amended 300. Act amended 1 301. Section 8AA amended 1 302. Section 8AB amended 1 303. Section 9 amended 1 Schedule 1 — Effect of provisions to be included in constitution or governing instrument of subsidiary of GTE 1. Disposal of shares or interests 1 2. Board or governing body 1 3. Issue and transfer of shares or interests restricted 1 4. Subsidiary must not have subsidiaries 1 5. Subsidiary to furnish information to GTE 1 Notes Compilation table 1 Uncommenced provisions table 1 Defined terms Western Australia Government Trading Enterprises Act 2023 An Act — * to provide for the purpose and governance of, strategic planning by, and accountability and control of, certain government trading enterprises; and * to amend certain Acts consequentially; and * for related purposes.