sch.4-sec.88Role of board

### sch.4-sec.88 Role of board The role of a prescribed GOC subsidiary’s board includes the following matters— responsibility for the subsidiary’s commercial policy and management; ensuring that, as far as possible, the subsidiary achieves, and acts in accordance with, the statement of corporate intent of each of its shareholding GOCs to the extent the statement is about the subsidiary and carries out the objectives outlined in the statement of corporate intent to the extent the objectives are about the subsidiary ; accounting to the subsidiary’s shareholding GOCs for its performance as required by the applied provisions and other laws applying to the subsidiary ; ensuring that the subsidiary otherwise performs its functions in a proper, effective and efficient way. sch 4 pt 2 ch 3 pt 5 s 88 ins 1998 No. 21 s 3 sch 1 amd 2007 No. 10 ss 61(8), 62 sch; 2009 No. 9 s 116 - (a) responsibility for the subsidiary’s commercial policy and management; - (b) ensuring that, as far as possible, the subsidiary achieves, and acts in accordance with, the statement of corporate intent of each of its shareholding GOCs to the extent the statement is about the subsidiary and carries out the objectives outlined in the statement of corporate intent to the extent the objectives are about the subsidiary ; - (c) accounting to the subsidiary’s shareholding GOCs for its performance as required by the applied provisions and other laws applying to the subsidiary ; - (d) ensuring that the subsidiary otherwise performs its functions in a proper, effective and efficient way.