Shareholding Ministers’ role

88 Shareholding Ministers’ role

(1)

The role of the shareholding Ministers is to oversee and manage the Crown’s interests in, and relationship with, a Crown entity company and to exercise any statutory responsibilities given to the shareholding Ministers, including functions and powers—

(a)

to appoint and remove members by shareholder resolution in accordance with the Companies Act 1993; and

(b)

to review the operations and performance of the company under subpart 3 of Part 3; and

(c)

to request information from the entity under subpart 3 of Part 3, whether for a review or otherwise; and

(d)

to participate in the process of setting the company’s strategic direction and performance expectations and monitoring the company’s performance under Part 4; and

(e)

to do other things under this Act or another Act or the company’s constitution.

(2)

The shareholding Ministers may give directions to the company only if expressly authorised to do so by this Act or another Act.

(3)

This section does not limit another Minister’s relationship with the Crown entity company under any other authority.

(4)

Despite section 28 of the State Sector Act 1988, the shareholding Ministers may not delegate any power under this Act except as provided in subsection (5).

(5)

The shareholding Ministers may delegate the power in section 133 to request information to the chief executive of a monitor (who may subdelegate this delegation to an employee of the monitor or to an individual working for the monitor as a contractor in relation to a function, duty, or power of the monitor).

Section 88(1)(d): replaced, on 1 July 2014, by section 45 of the Crown Entities Amendment Act 2013 (2013 No 51).

Section 88(4): inserted, on 18 July 2013, by section 16 of the Crown Entities Amendment Act 2013 (2013 No 51).

Section 88(5): inserted, on 18 July 2013, by section 16 of the Crown Entities Amendment Act 2013 (2013 No 51).