Public Governance, Performance and Accountability Act 2013
A Commonwealth company is a Corporations Act company that the Commonwealth controls. However, it does not include a company that is a subsidiary of: (a) a Commonwealth company; or (b) a corporate Commonwealth entity; or (c) the Future Fund Board of Guardians.
89(2)
The Commonwealth controls a company if, and only if, it: (a) controls the composition of the company ' s board; or (b) is in a position to cast, or control the casting of, more than one-half of the maximum number of votes that might be cast at a general meeting of the company; or (c) holds more than one-half of the issued share capital of the company (excluding any part of that issued share capital that carries no right to participate beyond a specified amount in a distribution of either profits or capital).
89(3)
Without limiting paragraph (2)(a) , the Commonwealth is taken to control the composition of a company ' s board if the Commonwealth can appoint or remove all, or the majority, of the directors of the company.
89(4)
For the purposes of subsection (3) , the Commonwealth is taken to have power to appoint a person as a director of a company if: (a) the person cannot be appointed as a director of the company without the exercise by the Commonwealth of such a power in the person ' s favour; or (b) the person ' s appointment as a director of the company follows necessarily from the person being:
(i) an Agency Head; or
(ii) a statutory office holder.
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