Page 3649 - Week 11 - Thursday, 16 November 2006
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surrounding entertainment and sponsorship programs were examined in detail. The Board provided Shareholders, the Chief Minister’s Department, Treasury and the Auditor-General with a number of briefings on these matters from February 2006.
(6) The Rhodium Board has advised that the Voting Shareholders and Rhodium directors were not invited and did not attend any corporate entertainment events during this period. Rhodium advises that a number of ACT Government clients, such as agency fleet managers, attended some events although exact details of attendance were not maintained.
Rhodium Asset Solutions Ltd
(Question No 1358)
Mr Stefaniak asked the Chief Minister, upon notice, on 19 October 2006 (redirected to the Treasurer):
(1) How and when was the Board of Rhodium chosen;
(2) Were applications for the position of Board member sought;
(3) What factors were taken into account in selecting the Board;
(4) How was the Board of Rhodium to be kept accountable to the shareholders acting on behalf of the people of the ACT;
(5) How much money was the Board of Rhodium paid for their duties.
Mr Stanhope: The answer to the member’s question is as follows:
(1) The Board was first appointed on 19 November 2004 and comprised three directors selected by the Voting Shareholders from 8 interested candidates provided by ACT Treasury. The Board was extended to include a fourth director on 11 April 2005. All Board appointments were referred to the Standing Committee on Public Accounts.
(2) Ten candidates were contacted to confirm their interest and invited to submit their curriculum vitaes in support of their nomination.
(3) The directors were selected on the basis that ideally the Board should collectively possess appropriate experience and qualifications in business management, financial management, accounting and law.
(4) Rhodium is subject to the requirements of the Corporations Act 2001 and the Territory-owned Corporations Act 1990.
(5) The four directors of the Rhodium Board are collectively paid $91,100 per annum. The Chair receives $37,900, the Deputy Chair $21,000 and the remaining two directors each receive $16,100.
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