Legislative Assembly for the ACT: 2010 Week 05 Hansard (Thursday, 6 May 2010) . . Page.. 1956 ..
accordance with current accounting and legal requirements. It is also evident that, in the absence of any specific legal requirement, the commonwealth’s Privacy Act prevents the disclosure of the remuneration for an individual without their prior consent.
It is interesting to note that virtually every government-owned business in Australia is currently adhering to similar levels of disclosure. In the ACT, commonwealth, New South Wales, Northern Territory, Queensland and Tasmania the remuneration of key management personnel of government companies is reported as an aggregate amount under various categories of benefits. Names of personnel are not matched to any income.
This reporting practice satisfies the Australian accounting standard AASB124 and the Corporations Act 2001, chapter 2M, part 2M.3, financial reporting, and part 2M.5, accounting and auditing standards.
In South Australia and Victoria, the remuneration of key management personnel of government companies is reported in income bands. Names are not provided. Each income band only identifies the number of personnel falling within the relevant income band.
It has, however, been drawn to my attention that there is one notable exception to the general level of remuneration disclosure by most government businesses, and this concerns the Water Corporation of Western Australia that is required by its enabling legislation to report on a similar basis to publicly listed companies under the Corporations Act. The Water Corporation Act 1995 stipulates that the Water Corporation must disclose the remuneration of each director and each of the five named officers receiving the highest remuneration.
I accept that it seems to be an anomaly that government businesses are not obliged to provide the same level of disclosure as publicly listed companies, given that they are in essence dealing with public monies. There is also a general premise that government businesses are expected to operate on a similar basis to their private sector counterparts. Therefore, I undertake to bring to the Assembly draft legislation to facilitate improved disclosure of executive remuneration relating to territory-owned corporations.
Motion by Ms Gallagher proposed:
That the Assembly do now adjourn.
ACT Planning and Land Authority—workplace injury
MR BARR (Molonglo—Minister for Education and Training, Minister for Planning, Minister for Tourism, Sport and Recreation and Minister for Gaming and Racing) (6.38): In question time on 18 March 2010, Mr Doszpot asked me a question in relation to an incident in Scullin. Members will be aware that I undertook to come