Kay Hull (Riverina, National Party) Share this | Link to this | Hansard source

I give notice that at the next sitting I shall present a bill for an act to amend the Snowy Hydro Corporatisation Act 1997. For related purposes I would like to signal that the amendment will go along the following lines:

After section 7(3), insert:

(3A) In the event of the Snowy Hydro Company being listed on the Australian Stock Exchange, the following provisions shall be, or shall be taken to be, included in the company constitution:

No individual, corporation or other entity shall be entitled to hold more than 10% of the shares in the company;

The head office of Snowy Hydro Ltd must remain in Australia;

Snowy Hydro Ltd must maintain a substantial business and operational presence in Australia;

Two-thirds of the Directors of the Board of Snowy Hydro Ltd and the Chair of any meeting of the Board and shareholders must be Australian citizens; and,

Snowy Hydro Ltd must remain incorporated in Australia.

Notwithstanding anything in the Corporations Act 2001 or any other Act or law, these provisions of the constitution shall have effect and shall not be alterable except by Act of the Parliament.

I give notice of my bill and hope that I will be able to get some sort of support from the House.