I will now deal with the amendments circulated by the Jacqui Lambie Network.
Jacqui Lambie Network's circulated amendments—
(1) Clause 63, page 39 (after line 9), at the end of subclause (3), add:
Note: Subsection (3) does not prevent a Corporation body from financing a constitutional corporation that engages in the activities mentioned in paragraphs (a) to (c) unless the investment would directly fund these activities.
(1) Clause 71, page 43 (after line 11), after paragraph (2)(a), insert:
(aa) the Strategic Direction of the Corporation bodies (if one is in effect); and
(2) Page 46 (after line 13), after clause 74 insert:
74A Strategic Direction
(1) The Board must, every 5 years, prepare a Strategic Direction to be complied with by the Corporation bodies in relation to the Investment Mandate.
(2) The Board must ensure that the Strategic Direction:
(a) is consistent with the Investment Mandate; and
(b) includes priority areas for investment by Corporation bodies; and
(c) is suitable to operate for a period of 5 years.
(3) The Board must submit the first Strategic Direction to the nominated Minister within 60 days after the first direction under subsection 71(1) is given to the Board.
(4) The Board must, before the end of the period to which a Strategic Direction relates, prepare a Strategic Direction for the 5-year period immediately following the current period and submit it to the nominated Minister.
(5) The nominated Minister must, within 14 days after each Strategic Direction or revised Strategic Direction is submitted, decide to either:
(a) approve the Strategic Direction; or
(b) request an amendment to the Strategic Direction.
(6) If the nominated Minister requests an amendment to a Strategic Direction or revised Strategic Direction, the Board must implement the amendment as soon as practicable and resubmit the Strategic Direction to the nominated Minister in accordance with subsection (5).
(7) If the nominated Minister does not approve, or request an amendment to, the Strategic Direction or a revised Strategic Direction within 14 days, then at the end of that period the nominated Minister is taken to have approved the Strategic Direction.
(8) A Strategic Direction comes into effect at the start of the day after the day the nominated Minister approves the Strategic Direction and ceases to have effect on the earlier of:
(a) the end of the day the nominated Minister approves another Strategic Direction; and
(b) the end of the day after the end of the period of 5 years after the Strategic Direction comes into effect.
Variation of the Strategic Direction
(9) If there is a change in the Investment Mandate, the Board must review the Strategic Direction and may revise the Strategic Direction.
(10) A revised Strategic Direction must be submitted as soon as practicable to the nominated Minister for decision in accordance with subsection (5).
Performance of investment functions
(11) A Corporation body must not perform an investment function mentioned in section 63 unless a Strategic Direction is in effect.
(12) A Corporation body must comply with the Strategic Direction.
(13) A failure to comply with the Strategic Direction does not affect the validity of any transaction.
Tabli ng and publishing
(14) The nominated Minister must cause a copy of each Strategic Direction to be tabled in each House of the Parliament within 15 sitting days of that House after the Strategic Direction is approved.
(15) The Board must cause each Strategic Direction to be published on the Corporation's website as soon as practicable after the Strategic Direction is approved.
(1) Clause 18, page 16 (line 5), omit paragraph (b), substitute:
(b) at least 6, and no more than 8, other members.
(2) Clause 19, page 16 (after line 24), after paragraph 19(2)(k), insert:
(ka) the commercialisation of innovative research;
(3) Clause 19, page 16 (after line 25), after subclause (2), insert:
(2A) In appointing members, the Ministers must ensure that the Board members collectively have an appropriate balance of experience or expertise, professional credibility and significant standing in the fields mentioned in subsection (2).
I request that the amendments on sheets 1884 and 1885 be put separately.
In response to the request by Senator Cash, I intend to put two questions. The first question is that the amendment on sheet 1884 be agreed to.
I'll now put the second question: that the amendments on sheet 1885 be agreed to.
The next question is that the amendments on sheet 1886 be agreed to.
Question agreed to.
I will now deal with the amendments circulated by Senator David Pocock.
Senator David Pocock's circulated amendments—
SHEET 1840 REVISED
(1) Clause 82, page 50 (line 20), at the end of paragraph (1)(a), add:
and (iv) the name of the constitutional corporation;
(2) Clause 82, page 50 (line 28), at the end of paragraph (1)(b), add:
and (iv) the name of the entity or individual;
(3) Clause 82, page 51 (line 2), at the end of paragraph (1)(c), add:
and (iv) the name of the entity;
(4) Clause 82, page 51 (line 6), at the end of paragraph (1)(d), add:
and (iii) the State or Territory to which the financial accommodation was provided;
(1) Clause 21, page 17 (lines 6 and 7), omit "5 years", substitute "4 years".
(2) Clause 91, page 57 (lines 2 and 3), omit "within 5 years after the commencement of this section", substitute "by 31 December 2026".
I request that the amendments on sheet 1840 revised and sheet 1909 be separated.
The question before the chair is that the amendments on sheet 1840 revised be agreed to.
Date and time: 8:33 PM on 2023-03-28
Senator Pocock's vote: Abstained
Total number of "aye" votes: 28
Total number of "no" votes: 34
Total number of abstentions: 14
Related bill: National Reconstruction Fund Corporation Bill 2023
Adapted from information made available by theyvoteforyou.org.au