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Legislative Assembly for the ACT: 2001 Week 5 Hansard (3 May) . . Page.. 1480 ..

Bill agreed to in principle.

Reference to Estimates Committee

MR HUMPHRIES (Chief Minister, Minister for Community Affairs and Treasurer) (5.33): Mr Speaker, pursuant to standing order 174, I move:

Question resolved in the affirmative.

Leave of absence

Motion (by Mr Moore ) agreed to:

Motion (by Mr Moore ) agreed to:

Absence of Speaker

The Clerk informed the Assembly that the Speaker would be absent from the Assembly from 15 May to 4 June 2001 inclusive and, in accordance with standing order 6, the Deputy Speaker, Mr Wood, would perform the duties of Speaker during the absence.

Questions without notice

TransACT

MR HUMPHRIES: Mr Speaker, I want to answer a question I took on notice earlier this week. Mr Quinlan asked me about prospective issues of shares to staff, management or directors of TransACT. TransACT Communications Pty Ltd is a private company that is not owned or controlled by the ACT government. Actew Corporation holds 20,063,732 shares, which represent 26.8 per cent of the issued shares in the company.

I am advised that TransACT staff have formed a company and have committed to buy a relatively small shareholding in TransACT, less than one per cent. Consistent with normal practice in the industry, key staff and managers have been granted share options as part of their salary packages. Similarly, directors have been offered the choice of share options or a standard directors fee. I am advised that disclosure of much of this information will be required under the Corporations Law in TransACT's annual report. TransACT's competitors will be required to make equivalent disclosures.

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