Senator BOLKUS (Minister for Consumer Affairs)(10.08)—I table an erratum page to the Australian Industry Development Corporation Amendment Bill and move:
That the Bills be now read a second time.
I seek leave to have the second reading speeches incorporated in Hansard.
Leave granted.
The speeches read as follows-
TELECOMMUNICATIONS AMENDMENT BILL 1988
The Telecommunications Amendment Bill is part of the first stage of legislative amendments to implement the Government's reform package for Telecom, as announced in the ministerial statement of 25 May 1988-``Reshaping the Transport and Communications Government Business Enterprises''.
The reforms to Government Business Enterprises are central to the Government's micro-economic reform agenda for restructure of the public sector. In the present difficult and fiercely competitive international trading environment public sector efficiency is especially important. Many public business enterprises-particularly those in the Transport and Communications portfolio-produce not only final goods and services for the consumer, but also provide intermediate inputs for the rest of the economy, and thus influence the nation's overall cost structures.
In 1975, the Whitlam Labor Government took the bold step of creating from the Post-Master General's Department the two major public enterprises, Telecom and Australia Post. Time has proven the correctness of that decision. Australia has a technically advanced and highly reliable telephone service. The telephone network has continued to expand and now well over ninety per cent of Australian households have a telephone service.
However, the increasing importance of telecommunications to our economy necessitates further building on the achievements to-date. Consequently, the Government has decided to continue the process of commercialisation by adopting a reform package which will put Telecom on a sounder commercial footing. Key elements in these reforms are that the Australian Telecommunications Commission will become the Australian Telecommunications Corporation, with a Board of directors, and with a new financial structure and new accountability mechanisms. A myriad of unnecessary Government controls over day-to-day management decision making will be removed.
In future the Government will be less involved in scrutinising the day-to-day activities of Telecom. Instead, it will focus on planning, through corporate plans and financial targets, and accountability for results with strategic aspects monitored on an on-going basis. The emphasis in future will be on the bottom line, on how successfully the goals and targets are met.
The Government aims, through this approach, to establish a clearer distinction between the ownership of the enterprise, the Board and management.
The reform process requires extensive legislative and administrative changes. Legislation will be implemented in two stages. This Amendment Bill represents the first stage. It provides for the change of name to Corporation and the establishment of the Board, new employment provisions, and removal of day-to-day controls.
A second Bill (proposed for passage in the Autumn sittings 1989, and to operate from 1 July 1989) will remake the Telecommunications Act 1975 as the Australian Telecommunications Corporation Act 1989, redefine the objectives, functions and powers of the Corporation, and provide for the corporate planning and financial accountability measures. The second Bill will be a companion to a further Bill to provide for new regulatory arrangements for the telecommunications industry in Australia as announced in the ministerial statement of 25 May, ``Australian telecommunications services: a new framework''.
The Bill before the Senate provides for the constitution of the Board, including a Chairperson, Deputy Chairperson and Managing Director and up to six other Directors. Board members are to be appointed by the Governor-General and will be subject to dismissal for on-going under-performance (in addition to current grounds such as misbehaviour, mental illness etc.), in line with the emphasis on accountability for results.
The Managing Director will be appointed by the portfolio Minister after receiving a recommendation from the Board. Terms and conditions of employment for the Managing Director will be a matter for the Board. The Board will consult with the Remuneration Tribunal about the remuneration package for the Managing Director in line with the amendment of the Remuneration Tribunals Act introduced in the Government Business Enterprises (Miscellaneous Reforms) Bill (Part V). The Board's most important function will be to formulate policy directions for the Corporation, in accordance with the Act and any directions from the Minister. The Managing Director will have the responsibility, under the Board, for managing the affairs of the Corporation.
The change from Commission to Corporation does not change the status of Telecom as a statutory corporation and rights under contract are not affected. The Telecom Board will be a new and separate corporate entity and the Bill takes account of the need for continuation of such matters as delegations. All the provisions dealing with the change of name and the Board will come into operation from a date to be proclaimed, likely to be 1 January 1989.
Employment provision in the current Act will be replaced by simpler provisions which make the Board responsible for determining terms and conditions of employment. Telecom is currently consulting staff associations on how existing terms and conditions will be dealt with in awards or by the Board. As this process could take some time, the new employment provisions will be subject to a special proclamation date. The Government will not proclaim these changes until it is satisfied that the interests of Telecom employees are protected and existing terms and conditions are preserved on change-over.
The Government expects Telecom to make satisfactory arrangements, including issuing Board determinations as necessary, to ensure that no current staff member loses any entitlement, classification or other term and condition of employment on transfer to the Corporation. Also, the Government has taken the additional step of including within the Bill provisions for continuity of employment for all current staff.
The Bill allows for day-to-day Government controls to be minimised in line with the enhanced responsibilities of the Board. There will be appropriate mechanisms to allow the Minister to exercise strategic oversight, through the corporate plan and financial targets. These are currently being developed and will be provided for in the second stage legislation, once necessary asset revaluations are completed to provide for the new financial structure on which targets will be based. Telecom will be free to engage, on its own authority, in such standard business practices as entering into contracts, partnerships, joint ventures, and normal business investment arrangements. In some cases, such as establishing subsidiary companies, the Board will be required to notify the Minister in writing before business activities are expanded. Subject to overall Loan Council scrutiny, Telecom will not be required to obtain Ministerial approval to the Terms and conditions of individual borrowings.
As part of the regulatory measures announced in the Government's statement ``Australian telecommunications: a new regulatory framework'' the private sector will be permitted to carry out maintenance work of PABX from 1 January 1989, in addition to the installation of PABXs currently allowed. The Telecommunications (Interception) Act currently exempts Telecom employees who would otherwise be guilty of interception because of conversations overheard during the course of their work. The Bill extends this exemption to private sector employees lawfully engaged in installation and maintenance of PABX equipment. The provision making it an offence to divulge any information obtained already applies generally to all persons exempted.
Finally, the Bill does not involve any additional expenditure by the Commonwealth or, of itself, additional revenue for the Commonwealth. However, improvements in the performance of Telecom that result from the implementation of the reform package, of which this Bill is a part, will benefit the shareholders and all users of Telecom's services. I commend this Bill to the Senate.
POSTAL SERVICES AMENDMENT BILL 1988
The Postal Services Amendment Bill is part of the first stage of legislative amendments to implement the Government's reform package for Australia Post, as announced in the ministerial statement of 25 May 1988-``Reshaping the Transport and Communications Government Business Enterprises''.
The reforms to Government Business Enterprises are central to the Government's micro-economic reform agenda for restructure of the public sector. In the present difficult and fiercely competitive international trading environment public sector efficiency is especially important. Many public business enterprises-particularly those in the Transport and Communications portfolio-produce not only final goods and services for the consumer, but also provide intermediate inputs for the rest of the economy, and thus influence the nation's overall cost structures.
In 1975, the Whitlam Labor Government took the bold step of creating from the Post Master General's Department the two major public enterprises, Telecom and Australia Post. Time has proven the correctness of that decision. For example, in the 11 years before 1975, the postal operations of the Post Master General's department consistently showed a loss. Since 1975, Post has made a profit in every year but one.
However, the increasing importance of postal services to our economy necessitates further building on the achievements to-date. Consequently, the Government has decided to continue the process of commercialisation by adopting a reform package which will put Australia Post on a sounder commercial footing. Key elements in these reforms are that the Australian Postal Commission will become the Australian Postal Corporation, with a Board of directors, and with a new financial structure and new accountability mechanisms. A myriad of unnecessary Government controls over day-to-day management decision making will be removed.
In future the Government will be less involved in scrutinising the day-to-day activities of Australia Post. Instead, it will focus on planning, through corporate plans and financial targets, and accountability for results with strategic aspects monitored on an on-going basis. The emphasis in future will be on the bottom line, on how successfully the goals and targets are met.
The Government aims, through this approach, to establish a clearer distinction between the ownership of the enterprise, the Board and management.
The reform process requires extensive legislative and administrative changes. Legislation will be implemented in two stages. This Amendment Bill represents the first stage. It provides for the change of name to Corporation and the establishment of the Board, new employment provisions, and removal of day-to-day controls.
A second Bill (proposed for passage in the autumn sittings 1989, and to operate from 1 July 1989) will remake the Postal Services Act 1975 as the Australian Postal Corporation Act 1989, redefine the objectives, functions and powers of the Corporation, and provide for the corporate planning and financial accountability measures.
The Bill before the Senate provides for the constitution of the Board, including a Chairperson, Deputy Chairperson and Managing Director and up to six other Directors. Board members are to be appointed by the Governor-General and will be subject to dismissal for on-going under-performance (in addition to current grounds such as misbehaviour, mental illness etc.), in line with the emphasis on accountability for results.
The Managing Director will be appointed by the portfolio Minister after receiving a recommendation from the Board. Terms and conditions of employment for the Managing Director will be a matter for the Board. The Board will consult with the Remuneration Tribunal about the remuneration package for the Managing Director in line with the amendment of the Remuneration Tribunals Act introduced in the Government Business Enterprises (Miscellaneous Reforms) Bill (Part V). The Board's most important function will be to formulate policy directions for the Corporation, in accordance with the Act and any directions from the Minister. The Managing Director will have the responsibility, under the Board, for managing the affairs of the Corporation.
The change from Commission to Corporation does not change the status of Australia Post as a statutory corporation and rights under contract are not affected. The Australia Post Board will be a new and separate corporate entity and the Bill takes account of the need for continuation of such matters as delegations. All the provisions dealing with the change of name and the Board will come into operation from a date to be proclaimed, likely to be 1 January 1989.
Employment provisions in the current Act will be replaced by simpler provisions which make the Board responsible for determining terms and conditions of employment. Australia Post is currently consulting staff associations on how existing terms and conditions will be dealt with in awards or by the Board. As this process could take some time, the new employment provisions will be subject to a special proclamation date. The Government will not proclaim these changes until it is satisfied that the interests of Australia Post employees are protected and existing terms and conditions are preserved on change-over.
The Government expects Australia Post to make satisfactory arrangements, including issuing Board determinations as necessary, to ensure that no current staff member loses any entitlement, classification or other term and condition of employment on transfer to the Corporation. Also, the Government has taken the additional step of including within the Bill provisions for continuity of employment for all current staff.
The Bill allows for day-to-day Government controls to be minimised in line with the enhanced responsibilities of the Board. There will be appropriate mechanisms to allow the Minister to exercise strategic oversight, through the corporate plan and financial targets. These are currently being developed and will be provided for in the second stage legislation, once necessary asset revaluations are completed to provide for the new financial structure on which targets will be based. Australia Post will be free to engage, on its own authority, in such standard business practices as entering into contracts, partnerships, joint ventures, and normal business investment arrangements. In some cases, such as establishing subsidiary companies, the Board will be required to notify the Minister in writing before business activities are expanded. Subject to overall Loan Council scrutiny, Australia Post will not be required to obtain Ministerial approval to the terms and conditions of individual borrowings.
The Bill also includes amendments to allow Australia Post to develop its properties commercially. In many cities throughout Australia the Post Office is located in the heart of town. These sites are prime real estate but the existing constraint on Australia Post's powers have inhibited their commercial development.
In line with Australia Post's assuming responsibility for the telegram service, the Bill recognises that Australia Post's electronic mail services are equivalent to the traditional telegrams that they will replace.
Lettergrams, like telegrams, will be able to be ordered by telephone or across a Post Office counter and Australia Post will undertake their delivery.
Transition to these new arrangements is expected to be completed by March next year.
Finally, the Bill does not involve any additional expenditure by the Commonwealth or, of itself, additional revenue for the Commonwealth. However, improvements in the performance of Australia Post that result from the implementation of the reform package, of which this Bill is a part, will benefit the shareholders and all users of Australia Post's services. I commend this Bill to the Senate.
GOVERNMENT BUSINESS ENTERPRISES (MISCELLANEOUS REFORMS) BILL 1988
Introduction
The Government Business Enterprises (Miscellaneous Reforms) Bill 1988 gives effect to the first of what will be a wide-ranging series of measures to reform Government business enterprises.
These measures reflect the Government's continuing commitment to improving the efficiency of the Federal public sector.
That commitment was enunciated in the Labor Party's 1983 policy statement, Labor and Quality of Government.
It was reflected in the Government's December 1983 Policy Paper ``Reforming the Australian Public Service'' and again in the ``Policy Guidelines for Commonwealth Statutory Authorities and Government Business Enterprises'' tabled by the Minister for Finance in October 1987.
The policy guidelines established processes for better defining and expressing the objectives which enterprises serve and against which their performance could be evaluated. They also acknowledged the need to reduce the extent of Government controls over their operations.
The thrust of the guidelines is to devolve responsibility-to let managers manage-with appropriate accountability for results.
The Treasurer, in the 1988 May economic statement, referred to this Government's pursuit of wide-ranging policies directed at improving the operation of domestic markets and the efficiency with which resources are used. As part of this, the Government is conducting fundamental reviews of the principal government business enterprises.
The first results of this task were seen in the statement by the Minister for Transport and Communications on 25 May 1988, ``Reshaping the Transport and Communications Government Business Enterprises''. Under the proposals spelt out in the Minister's statement, the emphasis will be placed on planning and accountability for results.
Enterprises will be expected to plan in advance their major financial and operational goals and the measures required to achieve them, including the achievement of community service obligations; to work towards pre-set financial targets; and to report on success in meeting those targets and other previously identified performance indicators.
Integral to the new arrangements is the clear delineation of responsibilities between the Government as owner/shareholder, the enterprise board and enterprise management.
The board and management will be largely free of government day-to-day controls to achieve the goals and targets set and agreed to by the Government.
The reviews of individual enterprises are continuing.
Key Elements
I turn now to the Bill itself.
Full details of the Bill are provided in the explanatory memorandum. Here I wish to refer to its most significant features.
The Bill establishes new arrangements for the appointment and remuneration of the chief executives of the Australian Shipping Commission, the Snowy Mountains Engineering Corporation and the Commonwealth Banking Corporation. Other enterprises will be covered by similar arrangements as their reform proposals are brought forward.
Each chief executive is to be appointed by the relevant portfolio Minister after receiving a recommendation from the enterprise board. Consistent with the heightened emphasis on organisational performance and accountability, and commercial practice, chief executives will not have any security of tenure.
Enterprise boards will determine the terms and conditions of appointment of chief executives. Separate administrative provision will be made requiring boards to consult the Remuneration Tribunal in the course of developing remuneration arrangements, and to advise the Tribunal of the arrangements which they make.
The Bill amends the Remuneration Tribunals Act 1973 to enable the Remuneration Tribunal to provide advice to the boards of enterprises. The tribunal will no longer make determinations in respect of the chief executives of the authorities covered by these arrangements.
As boards will be responsible for determining remuneration, the Bill provides that each authority will be required to incorporate, in its financial statements, a report on the remuneration of the chief executive consistent with the obligations placed on listed corporations by the Companies Act 1981.
The Government's intention is that boards should not be encumbered by Public Service terms and conditions of employment in establishing the remuneration arrangements of chief executives. To this end, the Bill provides that the Long Service Leave (Commonwealth Employees) Act 1976 will not apply to the chief executives of these authorities or other enterprises to be covered by these arrangements. Other legislation relating to the terms and conditions of employment of these offices will be amended accordingly.
Boards will also be able to establish remuneration arrangements for senior executives consistent with the arrangements for chief executives.
These remuneration arrangements will also apply to the chief executives of the Reserve Bank.
There are no considerations for the Budget arising from these proposals.
Conclusion
This Bill is an important initiative in the overall process of the reform of Government business enterprises.
By enabling boards to recruit managers of high calibre and reward them appropriately, it furthers the Government's commitment to improving the efficiency of these enterprises whilst maintaining standards of public accountability.
I commend this Bill to the Senate and present the explanatory memorandum to this Bill.
SUPERANNUATION AMENDMENT BILL 1988
The purpose of this Bill is to amend the Superannuation Act 1976 to provide a new supervisory mechanism for the provision of superannuation benefits to Commonwealth sector employees, in addition to that already available. These changes constitute an integral part of this Government's reforms of Government business enterprises. They will allow certain enterprises to determine their own future superannuation arrangements within guidelines issued by the Minister for Finance.
This contrasts with the current provisions of the Act. At present, in all instances, the detailed written approval of the Minister for Finance must be obtained before superannuation benefits can be provided to statutory office-holders, employees of statutory authorities and certain Commonwealth-owned companies or Commonwealth-funded bodies.
Initially the guidelines approach will apply to Qantas, Australian Airlines, the Australian National Line and Aussat. It will enable these enterprises to play a key role in the further development of this nation guided in their actions in relation to superannuation by commercial considerations. It is envisaged that in the future, enterprises such as Telecom, Australia Post, the Overseas Telecommunications Commission and the Snowy Mountains Engineering Corporation will also be able to make their own superannuation arrangements within appropriate guidelines.
These changes are an important component of the reform packages, announced in the May economic statement, that will make Government enterprises more accountable for their own performance. Managers of these enterprises will be forced to measure up. At the same time, this Government has not overlooked the public interest in these changes and honourable senators will note how the provisions of the Bill relating to contraventions provide a sufficient deterrent to managers who might seek to exploit unduly their new freedoms.
Further, it is intended that enterprises operating under guidelines will be required to publicly report their actions in relation to superannuation as part of their annual reports. This requirement will further enhance the public accountability of the management of Government business enterprises.
This Bill also seeks to correct a deficiency in the former provisions. The Act will now fully implement the decision of both this Government and its predecessor, that the Superannuation Act 1976 should be the exclusive source of legal authority on superannuation for Commonwealth sector employees. This approach needs to be modified when the Minister relaxes his control under the guidelines approach. The Bill allows the Industrial Relations Commission to conciliate and arbitrate on their superannuation arrangements. This is consistent with the commercial environment in which the authorities subject to the guidelines are expected to operate.
There will be no direct financial effects resulting from this Bill.
However, to the extent that these amendments facilitate improvements in the rate of return of Government business enterprises, there should be increases in revenue to the Government in the form of increased dividends from these enterprises.
I present the Explanatory Memorandum to the Bill and I commend the Bill to the Senate.
AUSTRALIAN INDUSTRY DEVELOPMENT
CORPORATION AMENDMENT BILL 1988
This Government came to office committed to transforming the Australian Industry Development Corporation (AIDC) into an effective instrument of industry policy after the previous Government had left the Corporation to languish.
AIDC was moved to the Industry portfolio and in late 1983 the AIDC Act was amended to expand the role of the Corporation. The amendments enabled it to provide finance for the restructuring and revitalisation of industry and for high technology and other growth industries in order to improve the international competitiveness of Australian industry.
AIDC responded well, the focus of its investment activities altered significantly, the Corporation engaged in an intense process of self-examination and it emerged revitalised and reorganised with the board and staff determined to make a significant contribution to the Government's industry policy objectives.
AIDC's ability to provide both loan and equity capital across the spectrum of new and old industries is a key characteristic which differentiates it from other financial institutions. AIDC is now making a solid contribution not only in its day to day business activities but also to the heavy engineering plan, raw materials processing under the textiles, clothing and footwear package and the anti-malaria joint venture.
As a consequence, the Corporation has experienced a period of very strong asset growth, of over 250 per cent, in the four years to 30 June 1987. However, its capital base has emerged as a factor that could jeopardise AIDC's future contribution to industry development especially in terms of its equity investment program, which is essential if it is to make its full contribution to industry policy objectives. At present AIDC has paid up capital of $100 million and $93.6 million in accumulated reserves. However, budgetary circ*mstances have ensured that additional capital contributions have been the exception rather than the rule. A provision introduced in 1983 requiring the Corporation to pay a dividend of 50 per cent of net profit after tax has also slowed the growth of reserves.
In line with prudent commercial practice AIDC apportions capital to the various components of its business, appropriate to the risk/return profile of each class of business. This is essential in order to maintain AIDC's credit standing. However, this places a constraint on the level of capital intensive equity investments although they are highly desirable from a policy viewpoint.
Confronted with the capital problem, the Government examined a number of options:
(a) continue as at present; or
(b) provide a substantial capital instalment from the Budget; or
(c) raise equity capital from the private sector.
In evaluating these options it was important to maintain AIDC as an effective financial instrument of industry policy. For this reason option (a) was unacceptable. It would have undermined the progress achieved by AIDC over the last five years returning it to the situation it confronted before this Government came to office. It would also have had a disastrous impact on the morale of the Corporation and its ability to retain key staff. AIDC's loan portfolio would have soon ceased to grow and the investment strategy would increasingly have been determined by the need for short term profitability. New investment in the more innovative and useful areas, particularly equity investments, would have had to be abandoned.
Given the public interest roles expected of AIDC, which remain the raison d'etre for its continued presence in the public sector, it would be preferable if the whole of the required capital could be found from the Budget-option (b). However, the budgetary realities facing the Government inevitably mean that the Government would not have been able to provide the capital required.
The third option, involving raising capital from the private sector, could have been implemented in a number of ways. Capital could have been raised in the Corporation itself either by issuing voting or non-voting shares. A listed unit trust holding non-voting shares in the Corporation could have also been established. However, these approaches would have either raised insufficient capital or would have altered the essential focus of AIDC's activities.
The Government therefore has decided to allow AIDC to establish a listed subsidiary company to conduct most of its loan and investment business with up to 30 per cent of the equity to be offered to the public. It is expected that initially up to 20 per cent of equity will be offered for some $50 million.
AIDC remains a statutory corporation 100 per cent owned by the Commonwealth. The Corporation will retain its developmental charter and continue to be subject to general policy guidance from the Government.
The subsidiary's objectives will also be directed towards and will cover AIDC's statutory charter. Directors of AIDC will compose the majority of the subsidiary's board. Under the reorganisation the bulk of the business of the Corporation will be transferred to the new wholly owned subsidiary.
Assets and liabilities associated with the national interest activities of AIDC will remain with the Corporation. It is intended that AIDC will also remain as the borrower for the group. In return for the transfer of assets and liabilities the subsidiary will issue shares to the Corporation.
The subsidiary will then, at a time determined by market conditions, issue shares to the public and be listed.
The transfer of the assets and liabilities is to be tax revenue neutral. No tax or stamp duty, State or Commonwealth, is to be paid in respect of the transfer. The subsidiary is also to be placed in the same tax position as the Corporation in respect of the transferred assets and liabilities.
It would be inappropriate for any taxes or charges to be levied in respect of the transfer, given that the activities of the subsidiary will be those previously carried out by AIDC. In any event the cost in terms of taxes and charges normally associated with such a transfer would have been so large as to defeat the whole purpose of the reorganisation.
Throughout the reorganisation and the raising of share capital from the public appropriate ministerial control will be maintained. I will:
against criteria set out in the Bill, nominate the subsidiary to which the Corporation will transfer its business;
specify the assets, instruments and liabilities not being transferred, all other assets, instruments and liabilities being transferred to the subsidiary;
fix the day the reorganisation takes place;
determine the net value of the transferred business;
determine the total nominal value of shares issued to the Corporation; and
have the power to issue directions in relation to the first share issue to the public; the market will determine the price of the shares for any subsequent issues.
The rights of those staff members transferring from AIDC to the subsidiary have been fully protected under this Bill.
The establishment of the listed subsidiary should not be construed as a partial privatisation of AIDC, but rather it is an opportunity for the public to share in the national development objectives of AIDC. No Commonwealth assets will be sold off and the Corporation will remain 100 per cent owned by the Commonwealth.
No single private person or associated group will be permitted to hold more than 10 per cent of the subsidiary's voting equity. This condition and others will ensure the continuing effectiveness of AIDC and the subsidiary in meeting industry policy objectives. These objectives will remain unchanged as will the strict commercial approach to its business that has been a hallmark of the Corporation over past years.
In contrast to privatisation measures in Britain, the additional capital raised from the public by the subsidiary will remain with, and contribute directly to, the growth and financial performance of the AIDC Group and not flow to consolidated revenue.
To further assist AIDC the Government has also decided to forgo the 1987/88 dividend which would normally be due to be paid by 31 December 1988.
The Bill also amends the mechanism by which future dividend payments to the Commonwealth will be determined, bringing AIDC into line with other Government business enterprises.
Instead of paying 50 per cent of net profit after tax each year, AIDC will recommend a dividend to the Minister for Industry, Technology and Commerce, who may approve the recommendation or direct the Corporation to pay a higher or lower dividend.
Similarly, the remuneration of AIDC's chief executive will be determined by the board in consultation with the Remuneration Tribunal.
I will also now appoint the chief executive of the Corporation on the recommendation of the board.
The Bill increases the capital payable to the Corporation from $150 million to $200 million, of which $100 million has been paid up. The forgone 1987/88 dividend will be counted towards the paid in capital of the Corporation.
The unpaid capital will be available, subject to appropriation, to enable the Corporation to discharge its obligations.
However, it is intended to be available only if the Corporation has exhausted all other options in discharging its obligations.
The Bill also contains other consequential and minor amendments that will assist both AIDC and the subsidiary in performing their functions.
I present the Explanatory Memorandum to this Bill.
Debate (on motion by Senator Reid) adjourned.
