Amendments to the Government Owned Corporations Act 1993
Amendments were recently made to the Government Owned Corporations Act 1993 to modernise and enhance the governance framework. The changes make it simpler for government owned corporations (GOCs) to run their businesses, while maintaining a strong corporate governance framework in line with the public’s expectations for accountability.
The introduction of the Corporations Act 2001 and subsequent modifications changed company law substantially since the GOC Act was developed, based on the existing Commonwealth administered company law. The amendments to the GOC Act updated it for current company law requirements and will make all GOCs subject to regulation and oversight by the Australian Securities and Investments Commission. To effect this reform, all statutory GOCs will be converted to company GOCs during the next 12 to 18 months. The Office of Government Owned Corporations is working with statutory GOCs to facilitate the conversion process.
While there will be some changes as a result of conversion to company GOCs, the proposed changes will not affect existing rights or employment conditions for those employed by GOCs.
Last reviewed 18 December 2007
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