13Members' statement of expectations

13 Members' statement of expectations

[Section 13 Repealed by No. 50 of 2008, Sched. 2, Applied:01 Jul 2010]

(1)  The members of the Company are to provide the board of directors with a statement of expectations.

(2)  The statement of expectations is to specify –

(a) the expectations of the members of the Company in relation to the strategic priorities of the Company; and

(b) the policy expectations of the members of the Company for the performance of the Company and its subsidiaries.

(3)  The members of the Company, at any time, may at their own discretion or on the application of the board of directors –

(a) amend the statement of expectations; or

(b) revoke the statement of expectations and substitute another statement of expectations.

(4)  Before or while preparing a statement of expectations or an amendment to a statement of expectations, the members of the Company are to consult with the board of directors.

(5)  A statement of expectations and an amendment to a statement of expectations are to be in writing and signed by each member.

(6)  A statement of expectations, or an amendment to a statement of expectations, takes effect on a day specified in it, being a day not earlier than the day on which the statement or amendment is provided to the Company.

(7)  The Minister must cause a copy of the statement of expectations, or of an amendment to a statement of expectations, to be laid before each House of Parliament within 10-sitting days after the statement or amendment has been signed as required by subsection (5) .