Foreign Acquisitions and Takeovers Act 1975
7Meaning of independent director
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7 Meaning of independent director
Listed entities (1) A person is an independent director of an entity if: (a) the person is: (i) a director of the entity; or (ii) for a unit trust—a director of a trustee of the entity; and (b) the entity is listed for quotation in the official list of a stock exchange (whether or not in Australia); and (c) the director meets the criteria of that stock exchange for a director to be independent (whether or not the criteria are binding).
Note: If the stock exchange does not have criteria for a director to be independent, a director of an entity listed for quotation in the official list of the stock exchange is not an independent director.
Entities whose securities are stapled (2) A person is an independent director of an entity (the first entity) if: (a) the person is a director of the first entity and another entity; and (b) the securities in the first entity can only be transferred together with securities in the other entity; and (c) the first entity is not listed for quotation in the official list of a stock exchange, but the other entity is (whether or not in Australia); and (d) the director meets the criteria of that stock exchange for a director to be independent (whether or not the criteria are binding).