Foreign Acquisitions and Takeovers Act 1975
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7(1)
A person is an independent director of an entity if:
(a) the person is:
(i) a director of the entity; or
(ii) for a unit trust - a director of a trustee of the entity; and
(b) the entity is listed for quotation in the official list of a stock exchange (whether or not in Australia); and
(c) the director meets the criteria of that stock exchange for a director to be independent (whether or not the criteria are binding).
Note: If the stock exchange does not have criteria for a director to be independent, a director of an entity listed for quotation in the official list of the stock exchange is not an independent director.
Entities whose securities are stapled
7(2)
A person is an independent director of an entity (the first entity ) if:
(a) the person is a director of the first entity and another entity; and
(b) the securities in the first entity can only be transferred together with securities in the other entity; and
(c) the first entity is not listed for quotation in the official list of a stock exchange, but the other entity is (whether or not in Australia); and
(d) the director meets the criteria of that stock exchange for a director to be independent (whether or not the criteria are binding).
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