8Control and direction of Minister

8 Control and direction of Minister

8 Control and direction of Minister

(1) The Corporation is subject to the control and direction of the Minister.

(2) However, a direction must not—

(a) require the Corporation to make, or not to make, a particular investment, or

(b) be likely to have the effect of requiring the Corporation to make, or not to make, a particular investment.

(3) A direction may be given to the Corporation by the Minister only with the concurrence of the Treasurer.

(4) If the Board considers compliance with a direction of the Minister, other than the Investment Mandate, is likely to have a significant adverse effect on the exercise of the Corporation’s or Board’s functions, the Board may ask the Minister to review the Minister’s decision to give the direction.

(5) The Minister must, if asked to review a decision to grant a direction, in concurrence with the Treasurer, decide to—

(a) confirm the decision to give the direction and make no change to the content of the direction, or

(b) confirm the decision to give the direction and make changes to the content of the direction, or

(c) revoke the direction.

(6) If a review under subsection (4) does not result in a change to the direction, the Board must include the following in its annual report—

(a) particulars of the direction,

(b) the Board’s opinion of the effect of compliance with the direction.

(7) A direction of the Minister is not stayed and does not otherwise cease to have effect merely because a request has been made by the Corporation for a review of the direction.

(8) If there is an inconsistency between a direction given to the Corporation by the Minister and a direction given by the Board, the Minister’s direction prevails to the extent of the inconsistency.