Section 28 - Energy Security Corporation Act 2024 - Compliance with Investment Mandate

28Compliance with Investment Mandate

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28 Compliance with Investment Mandate

(1) The Board must take all reasonable steps to ensure the Corporation complies with the Investment Mandate.

(2) If the Board becomes aware the Corporation has failed to comply with the Investment Mandate, the Board must, as soon as practicable after becoming aware of the failure, give the Minister a written notice—

(a) informing the Minister of the failure to comply with the Investment Mandate, and

(b) setting out the action the Board proposes to take to ensure the Corporation complies with the Investment Mandate.

(3) If the Minister is satisfied the Corporation has failed to comply with the Investment Mandate, the Minister may give the Board a written direction (a direction for failure to comply) to—

(a) give the Minister a written explanation for the failure, within the period specified in the direction, and

(b) take action specified in the direction, within a specified period, to ensure the Corporation complies with the Investment Mandate.

(4) Subsection (3) applies whether or not the Minister is given notice under subsection (2) of a failure to comply with the Investment Mandate.

(5) The Board must comply with a direction for failure to comply.

(6) A failure by the Board to comply with either of the following does not affect the validity of any transaction—

(a) the Investment Mandate,

(b) a direction for failure to comply.