Stated purpose:
A private members bill intending to amend the Aboriginal and Torres Strait Islander Act 2005 to clarify the purpose of the Aboriginal and Torres Strait Islander Land Account. The amendments to the Act:
provide for excess returns from Land Account Investments to be equally shared between the Account and the Indigenous Land Corporation (ILC)
provide that the minister may have regard to advice provided by the ILC about its financial requirements
provide for parliamentary review of any proposed changes to the ILC and the Land Account
provide for the establishment of a Nomination Committee to take recommendations about appointments to the ILC Board
require the ILC Board to establish a Risk and Audit Management Committee
limit the tenure and reappointments of directors
require the chair and directors to disclose all pecuniary interests, and
require the ILC Board to determine a code of conduct.
For further information, see the Explanatory Memorandum.