Chris Ellison (WA, Liberal Party, Minister for Justice and Customs) Share this | Hansard source

I table the explanatory memorandum relating to the bill and move:

That this bill be now read a second time.

I seek leave to have the second reading speech incorporated in Hansard.

Leave granted.

The speech read as follows—

EXPORT FINANCE AND INSURANCE CORPORATION AMENDMENT BILL 2006

This bill amends the Export Finance and Insurance Corporation Act 1991 by making changes to the governance arrangements of EFIC. These changes will result in its current board management structure reflecting more closely the board corporate governance model set out in the Review of Corporate Governance of Statutory Authorities and Office Holders conducted by Mr John Uhrig.

EFIC is Australia’s export credit agency. EFIC’s mandate is to profitably support the growth of Australian businesses internationally, particularly in the ‘market gap’ where private sector capacity is insufficient or unavailable.

This bill forms part of the implementation of the Government’s response to Mr John Uhrig’s Review of Corporate Governance of Statutory Authorities and Office Holders . The Government has been reviewing all statutory agencies in the context of Mr Uhrig’s recommendations, to ensure that we have the most effective accountability and governance structures across the whole of government.

The Government has assessed EFIC’s existing governance structure against the recommendations and principles of the Uhrig Review and identified that the board template is suitable on the basis that EFIC operates primarily as a commercial organisation and (except in relation to national interest transactions) its board has a high degree of power to act.

The changes are of an operational and enabling nature. The amendments do not impact EFIC’s functions, nor EFIC’s delivery of export facilitation services to Australian business. EFIC will continue to be focussed on assisting Australian businesses to enter and develop export markets.

On behalf of the Government, I would like to thank the current and previous EFIC boards. I am grateful for their extensive expertise and commitment in supporting the growth of Australian businesses internationally and I am confident that the board will continue their good work.

Ordered that further consideration of this bill be adjourned to the first day of the next period of sittings, in accordance with standing order 111.