Water and Sewerage Corporation Act 2012
12Shareholders' letter of expectation
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12 Shareholders' letter of expectation
(1) As soon as practicable after the day on which the Corporation is incorporated, the members of the Corporation are to provide the shareholders' letter of expectation to the Board.
(2) The shareholders' letter of expectation is to specify –
(a) the strategic priorities of the Corporation; and
(b) the high-level expectations of members for the performance of the business of the Corporation and any subsidiary of the Corporation.
(3) The shareholders' letter of expectation of the Corporation is not to be inconsistent with this Act, the regulations or the constitution of the Corporation.
(4) The members of the Corporation may at their own discretion, or on the application of the Board, initiate the process contained within the constitution of the Corporation to –
(a) amend the shareholders' letter of expectation; or
(b) revoke the shareholders' letter of expectation and substitute another shareholders' letter of expectation.
(5) Before or while preparing a shareholders' letter of expectation or an amendment to a shareholders' letter of expectation, the members of the Corporation are to consult with the Board.