Australian Capital Territory Numbered Acts

TERRITORY OWNED CORPORATIONS AMENDMENT ACT 2004 (NO. 53 OF 2004) - SECT 8

substitute

7     Main objectives of corporations

    (1)     The main objectives of a Territory owned corporation or subsidiary are—

        (a)     to operate at least as efficiently as any comparable business; and

        (b)     to maximise the sustainable return to the Territory on its investment in the corporation or subsidiary in accordance with the performance targets in the latest statement of corporate intent of the corporation; and

        (c)     to show a sense of social responsibility by having regard to the interests of the community in which it operates, and by trying to accommodate or encourage those interests; and

        (d)     if its activities affect the environment—to operate in accordance with the object of ecologically sustainable development.

    (2)     The main objectives of the company are of equal importance.

    (3)     In this section:

"ecologically sustainable development" means the effective integration of environmental and economic considerations in decision-making processes achievable through implementation of the following principles:

        (a)     the precautionary principle;

        (b)     the inter-generational equity principle;

        (c)     conservation of biological diversity and ecological integrity;

        (d)     improved valuation and pricing of environmental resources.

"inter-generational equity principle "means that the present generation should ensure that the health, diversity and productivity of the environment is maintained or enhanced for the benefit of future generations.

"precautionary principle "means that, if there is a threat of serious or irreversible environmental damage, a lack of full scientific certainty should not be used as a reason for postponing measures to prevent environmental degradation.