NBN company constitution revealed
The Federal Government has appointed three high-ranking public servants as directors of its newly formed National Broadband Network company and established a constitution governing its operations, according to its company registration documents published by ZDNet.com.au today.
You can download the complete NBN company constitution here (PDF) and the company's registration documents here (PDF).
The company's Australian Company Number, confirmed this afternoon by Communications Minister Stephen Conroy's office, is 136 533 741, the only identification it as yet carries, since no name has yet been specified. Its recorded share capital is $100,000, although only 10 shares at $1 each have been issued as yet, to which the government has subscribed.
The company's constitution says it has to have a minimum of three directors, but can't have more than seven directors.
The initial directors of the company are all government employees from three different federal departments: James Cameron, first assistant secretary, regional strategy digital economy and research for the Department of Broadband Communications and the Digital Economy; David Martine, general manager financial systems division in the Department of Treasury; and David Yarra, chief audit executive within the Department of Finance and Deregulation.
The secretary for the company is Norman Holcroft, who is the corporate secretary of the Australian Government Solicitor.
The Communications and Finance ministers can at any time appoint new or replacement directors. Given written notice, they can remove directors from office without compensation. The ministers also determine the directors' remuneration and whether or not shares in the company can be issued.
Recently the government said it would engage a search firm to look for a new chief executive offer for the firm, who has not yet been appointed. Although there had been a lot of interest within the industry in the position, the remuneration would only be reasonable, according to Communications Minister Stephen Conroy.
Also not yet set is where the company will be based. NSW, Victoria and Queensland have all put in bids for the company to be located within their boundaries.
The industry will at some stage be able to take up to 49 per cent share in the company, according to Kevin Rudd speaking on 7 April, but the constitution does not specify this limit.
The first state to benefit from the company's goal, "to roll-out, operate and maintain a national broadband network", will be Tasmania, for which the roll-out is slated to begin from July.