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ARTICLE · 30 SEPTEMBER 2013

The Public Governance, Performance and Accountability Act: implications for CAC bodies

Clayton Utz
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CAC entities should review their governance to ensure they are ready for the commencement of the PGPA Act obligations.

AustraliaGovernment, Public Sector
Alexandra Wedutenko
Alexandra Wedutenko
Eileen Murphy
Eileen Murphy
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Key Points:

CAC entities will need to begin reviewing their own governance to ensure they are ready for the 1 July 2014 commencement of the PGPA Act obligations.

A new regime establishing a uniform set of duties for Commonwealth entities, including CAC authorities, will be in force from 1 July 2014.

The Public Governance, Performance and Accountability Act 2013 (Cth) (PGPA Act) will replace the Financial Management and Accountability Act 1997 (Cth) (FMA Act) and Commonwealth Authorities and Companies Act 1997 (Cth) (CAC Act) with a principles-based regime.

For CAC Act authorities and their accountability authorities, this will mean new general duties and a need to review their own governance. CAC Act companies directors will continue to be bound by the directors' duties referenced in the Corporations Act 2001 (Cth) as well as other reporting duties in the PGPA.

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