11.0 Government Owned Corporations
Queensland presently has 22 GOCs which conduct activities and provide services in a commercially-oriented manner. Sectors in which GOCs operate include energy, transport, funds management, gaming, fresh produce marketing and water resources.
The objectives of corporatisation are to improve Queensland's overall economic performance and the ability of the Government to achieve social objectives by improving the efficiency and effectiveness of GOCs and improving the accountability of GOCs.
The intent of corporatisation is to achieve "the best of both worlds", ie. to provide the appropriate organisational structures and incentive frameworks for these important businesses to operate to their full commercial potential while, at the same time, maintaining public ownership and control.
GOCs are established under the Government Owned Corporations Act 1993 (external link) (GOC Act). There are two types of GOCs: statutory and company. A GOC is a Government entity which is established as a body corporate under an Act (statutory GOC) or under the Corporations Act 2001 (external link) (company GOC) and declared by regulation to be a GOC.
The GOC Act provides for GOCs to have two shareholding Ministers - the GOC Minister (the Treasurer) and the portfolio Minister (for example, in the case of transport GOCs, the Minister for Transport and Minister for Main Roads). Certain powers to be jointly exercised are conferred on the shareholding Ministers.
The GOC Act - and, in the case of company GOCs, the Corporations Act 2001 (external link) - details the legal obligations of GOC board members. The purpose of the current section of this document is not to explain these in any great detail but, rather, to outline certain basic information in relation to each of these matters. This is not intended in any way to provide legal interpretation of the GOC Act or the Corporations Act 2001.
Last reviewed: 17 July, 2009
Last updated: 22 July, 2009
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