12Disclosure of interests

12 Disclosure of interests

(1) If—

(a) a director of an electricity corporation has a direct or indirect pecuniary interest in a matter being considered, or about to be considered, by the board; and

(b) the interest could conflict with the proper performance of the director's duties in relation to the consideration of the matter—

the director, as soon as practicable after the relevant facts come to the director's knowledge, must disclose the nature of the interest at a meeting of the board.

(2) A disclosure under subclause (1) must be recorded in the minutes of the meeting and, unless the Minister or the board otherwise determines, the director—

(a) must not be present during any deliberation of the board in relation to the matter; and

(b) must not take part in any decision of the board in relation to the matter.

(3) For the purpose of the making of a determination by the board under subclause (2) in relation to a director who has made a disclosure under subclause (1), a director who has a direct or indirect pecuniary interest in the matter to which the disclosure relates—

(a) must not be present during any deliberation of the board for the purpose of making the determination; and

(b) must not take part in the making by the board of the determination.

(4) Subclause (1) does not apply in relation to a matter relating to the supply of goods or services to the director if the goods or services are, or are to be, available to members of the public on the same terms and conditions.

Sch. 2 amended by No. 10/1998
s. 10(1)(b), repealed by No. 69/2000 s. 19.

Sch. 3 amended by No. 11/2024 s. 77.