An exposure draft of the revised Government Business Enterprises (GBE) Guidelines has been released by the Minister for Finance and Deregulation, Senator Penny Wong.

 

The Government is reviewing the Guidelines as part of its Better Government Agenda to modernise the management and oversight of government businesses. The GBE Guidelines have been in place since 1997.

 

The aim of the revised Guidelines is to reflect best practice in corporate governance and will help ensure that the Government, as shareholder, is receiving value for money as well as achieving policy outcomes.

 

The revised Guidelines will also aim to increase the representation of women on boards.  In the future, appointments to GBE boards – including Australia Post, NBN Co and Medibank – will have regard to the Government’s target of 40 per cent representation, with the objective of meeting this target by 2015.

 

The exposure draft proposes a number of reforms, including the review of:

  • GBE mandates;
  • ethical standards;
  • board appointment processes and performance monitoring;
  • financial governance; and
  • reporting requirements. 

The revised Guidelines will also provide greater clarity and certainty to GBEs in discharging their obligations to the Commonwealth as owner.

 

The GBE Guidelines form part of the overall governance framework under which GBEs operate. They complement the Commonwealth Authorities and Companies Act 1997 while outlining the relationship to the Commonwealth as a shareholder in GBEs.

 

The exposure draft is available on the Department of Finance and Deregulation website.

 

Comments on the exposure draft can be emailed to This email address is being protected from spambots. You need JavaScript enabled to view it. before 30 June 2011.