40Consultation with Portfolio Minister and Treasurer

40 Consultation with Portfolio Minister and Treasurer

(1)  In the course of preparing a draft corporate plan, the Board must consult –

(a) [Section 40 Subsection (1) amended by No. 42 of 2002, s. 27, Applied:27 Nov 2002] [Section 40 Subsection (1) amended by No. 42 of 2002, s. 27, Applied:27 Nov 2002] in relation to the interests of the State as a whole and the long term objectives of the Government Business Enterprise and its subsidiaries, jointly with the Portfolio Minister and Treasurer; and

(b) [Section 40 Subsection (1) amended by No. 42 of 2002, Sched. 1, Applied:27 Nov 2002] in relation to the financial performance objectives of the Government Business Enterprise and its subsidiaries, jointly with the Portfolio Minister and the Treasurer.

(2)  [Section 40 Subsection (2) amended by No. 42 of 2002, s. 27, Applied:27 Nov 2002] The Portfolio Minister and Treasurer, jointly, may give a direction to the Board–

(a) in relation to a long term objective of the Government Business Enterprise and its subsidiaries; or

(b) [Section 40 Subsection (2) amended by No. 42 of 2002, s. 27, Applied:27 Nov 2002] if the Portfolio Minister and Treasurer consider the draft corporate plan to be inconsistent with the ministerial charter, in relation to that inconsistency.

(3)  [Section 40 Subsection (3) amended by No. 42 of 2002, Sched. 1, Applied:27 Nov 2002] The Portfolio Minister and the Treasurer jointly may give a direction to the Board in relation to the financial performance objectives of the Government Business Enterprise and its subsidiaries.

(4)  [Section 40 Subsection (4) substituted by No. 42 of 2002, s. 27, Applied:27 Nov 2002] Subject to subsection (5) , the Board must comply with a direction given under this section if it is in writing and is signed by both the Portfolio Minister and Treasurer.