11AMembers' statement of expectations

11A Members' statement of expectations

[Section 11A Inserted by No. 9 of 2018, s. 15, Applied:10 Sep 2018]

(1)  The members of a company are to provide the board of directors with a statement of expectations.

(2)  The statement of expectations is to specify –

(a) the expectations of the members in relation to the strategic priorities of the company; and

(b) the policy expectations of the members for the performance of the company and its subsidiaries.

(3)  The members of a company, at any time, may at their own discretion or on the application of the board of directors –

(a) amend the statement of expectations; or

(b) revoke the statement of expectations and substitute another statement of expectations.

(4)  Before or while preparing a statement of expectations or an amendment to a statement of expectations, the members of a company are to consult with the board of directors.

(5)  A statement of expectations and an amendment to a statement of expectations are to be in writing and signed by each member.

(6)  A statement of expectations, or an amendment to a statement of expectations, takes effect on a day specified in it, being a day not earlier than the day on which the statement or amendment is provided to the company.

(7)  The Minister must cause a copy of the statement of expectations, or of an amendment to a statement of expectations, to be laid before each House of Parliament within 10 sitting-days after the statement or amendment has been signed as required by subsection (5) .