Chapter 5
Conclusions and Recommendations
5.1 The Committee has examined the Wool International
Privatisation Bill 1999, and recommends that the Bill
should be enacted subject to the following comments and
recommendation.
Draft Constitution for Woolstock Australia
5.2 As the Committee has highlighted in Chapter 4, it is
desirable - and indeed essential - that all stakeholders in
WSA have an opportunity to examine the draft WSA
constitution, and advise the Minister of comments they may
have on its provisions before the Minister finally approves
the constitution, as required by the Bill, prior to
conversion of WI.
5.3 The Committee, having itself examined the draft
constitution, and having pursued a number of matters
regarding the constitution with officers of OASITO and its
advisers, considers the constitution is satisfactory. The
organisations and shareholders groups consulted by the WI
interim advisory board (mentioned at para. 4.45) should at
least be invited to comment on the draft.
5.4 Once this process is complete, the Committee considers
that the Minister should, as soon as convenient, approve the
constitution so as to allow conversion of WSA to take place.
TrusteeCo
5.5 As noted in Chapter 4, the Committee considers that,
the proposal in the Bill for establishment of a trustee (in
this case TrusteeCo) to represent the interests of certain
equity holders is both practical and necessary.
5.6 The Committee considers that TrusteeCo should be an
independent and experienced trustee registered under
relevant, applicable trustee legislation and independent of
the board of WSA.
5.7 Accordingly, the Committee recommends that
appropriate amendment be made to the Bill and/or to the
Constitution of Woolstock Australia to ensure such an
appointment.
Recommendations
- The Committee recommends to the Senate that the
Wool International Privatisation Bill 1999 be
enacted.
- The Committee recommends that appropriate
amendment be made to the Bill and/or to the
constitution of WoolStock Australia to ensure that
the management of the Trust be by an independent and
experienced trustee registered under relevant,
applicable trustee legislation and is independent of
the board of Woolstock Australia.
Senator Winston Crane
Committee Chairman
25 May 1999