South Australian Current Acts

SUPERANNUATION FUNDS MANAGEMENT CORPORATION OF SOUTH AUSTRALIA ACT 1995 - SECT 21

21—Direction of Minister

        (1)         In the performance of its functions, the Corporation is subject to the direction and control of the Minister.

        (2)         A Ministerial direction under this section—

            (a)         must be—

                  (i)         communicated to the Corporation in writing; and

                  (ii)         included in the annual report of the Corporation; and

                  (iii)         published in the Gazette within 7 days after the direction is given; and

            (b)         must not include a direction to the Corporation in relation to an investment decision, dealing with property or the exercise of a voting right.

        (3)         Despite subsection (2)(b), a Ministerial direction may include a direction to the Corporation in relation to divestment of Russian assets.

        (4)         However, any action taken by the Corporation in accordance with a direction under subsection (3) must be taken prudently and consistently with the Corporation's responsibilities to the entities for whom it invests and manages funds.

        (5)         The Corporation must review the operation of subsections (3) and (4) annually (with the first such review to take place not more than 12 months following the commencement of this subsection).

        (6)         A report on a review undertaken for the purposes of subsection (5) must be provided to the Minister and included in the annual report of the Corporation.