17Functions of the Board

17 Functions of the Board

(1) The functions of the Board are: (a) to decide strategies and policies to be followed by the Corporation; and (b) to ensure the proper, efficient and effective performance of the Corporation’s functions; and (c) any other functions conferred on the Board by this Act. (2) The Board has the power to do all things necessary or convenient to be done for or in connection with the performance of its functions. (3) Anything done in the name of, or on behalf of, the Corporation by the Board, or with the authority of the Board, is taken to have been done by the Corporation. (3A) In performing its functions, the Board must have regard to: (a) the desirability of transforming Australia’s industry and economy by: (i) growing or improving Australia’s industrial capability; or (ii) improving Australian industry’s ability to pursue value‑adding opportunities; or (iii) supporting a long‑term improvement in Australia’s economic diversity; and (b) the desirability of attracting private sector finance or investments into the priority areas of the Australian economy; and (c) Australia’s greenhouse gas emissions reduction targets and the desirability of supporting decarbonisation; and (d) the desirability of creating secure jobs and a skilled and adaptable workforce; and (e) the desirability of enhancing Australia’s resilience against supply chain vulnerabilities; and (f) the desirability of encouraging the commercialisation of Australian innovation and technology. (4) In performing its functions, the Board must have regard to the desirability of encouraging and improving economic participation by historically underrepresented groups, including: (a) women; and (b) First Nations Australians; and (c) people with a disability; and (d) people of culturally and linguistically diverse backgrounds. (5) Subsections (3A) and (4) do not: (a) limit the matters to which the Board may have regard; or (b) by implication, limit the matters with respect to which the Board may be directed under subsection 71(1).