Part 12 of the GOC Act deals with the duties and liabilities of directors and other officers. Part 12 is fairly general as the duties and liabilities of directors and officers are also governed by the Corporations Act.
The Corporate Governance Guidelines for GOCs encourages GOCs to establish a code of conduct to apply to directors, the CEO and senior executives, to provide guidance as to the practices necessary to maintain confidence in the GOC's integrity and the responsibility and accountability of individuals for reporting and investigating reports of unethical practices. GOC board members should familiarise themselves with the relevant code of conduct.
The GOC Act recognises that GOCs may have community service obligations and may be subject to directions, notifications or approvals from the shareholding Ministers.1
GOCs should note that any projects proposed to be undertaken outside the state of Queensland require written shareholding Ministers' approval prior to negotiations being entered into and prior to any commercially binding contracts being entered into.
The Office of Government Owned Corporations (OGOC), located within Queensland Treasury, maintains policies and guidelines specific to GOCs and these are available on their website. This guide provides general information only and more detailed information can be obtained from OGOC or from their website.