Andrew Murray (WA, Australian Democrats) Share this | Hansard source

by leave—I move Democrat amendments (2) and (3) on sheet 4838 revised:

(2)    Clause 38, page 25 (line 18), at the end of subclause (2), add “in accordance with subsection (2A)”.

(3)    Clause 38, page 25 (after line 20), after subclause (2), insert:

     (2A)    The Minister must by writing determine a code of practice for selecting and appointing Board members which sets out general principles on which selection and appointment is to be made, including but not limited to:

             (a)    merit;

             (b)    independent scrutiny of appointments;

             (c)    probity;

             (d)    openness and transparency.

      (2B)    After determining a code of practice under subsection (2A), the Minister must publish the code in the Gazette.

      (2C)    Not later than every fifth anniversary after a code of practice has been determined, the Minister must review the code.

     (2D)    In reviewing a code of practice, the Minister must invite the public to comment on the code.

      (2E)    A code of practice determined under subsection (2A) is a legislative instrument for the purposes of the Legislative Instruments Act 2003.

These amendments can be summarised as requiring a code of practice for the appointment of board members. They are in addition to those matters which are already within the bill itself. Item 38 specifies the membership of the board and item 38(3) says:

A person is not eligible for appointment as a Board member unless the responsible Ministers are satisfied that the person has:

(a) substantial experience or expertise; and

(b) professional credibility and significant standing;

in at least one of the following fields:

(c) investing in financial assets;

(d) the management of investments in financial assets;

(e) corporate governance.

That is all very sensible and obviously ministers would not act—well, one would assume that they would not act—entirely on their own.