Key Points:
New processes and considerations will apply to
Commonwealth agencies forming or participating in companies, and
establishing corporate entities, under the new Public Governance,
Performance and Accountability Act 2013.
New requirements apply to Commonwealth agencies that seek to
form or participate in Commonwealth companies, and establish
corporate entities, from 1July 2014. The existing requirements in
relation to the accountability of Commonwealth companies will
continue to apply, with some minor revisions.
The preliminary sections of the Public Governance, Performance
and Accountability Act 2013 (PGPA Act) commenced
on 1July 2013, with the operative provisions expected to commence
on 1July 2014. The Department of Finance and Deregulation is
currently working on the PGPA Rules, which are disallowable
instruments and are expected to commence on 1July 2014.
