What is QTC?
QTC is established by the Queensland Treasury Corporation Act 1988 (QTC Act) as a ‘corporation sole’.
A corporation sole is a corporation that consists of a single nominated office holder. The Under Treasurer of Queensland is QTC’s nominated office holder.
Delegation to the Board
The Under Treasurer delegated QTC’s powers under the QTC Act to:
- the Queensland Treasury Corporation Capital Markets Board, which manages all of QTC’s affairs other than those relating to certain superannuation and other long-term assets, and
- the State Investment Advisory Board, which advises in relation to certain superannuation and other long-term assets.
Unlike most companies, QTC is not established under the Corporations Act, but is instead established by the QTC Act. The QTC Act includes a statement that QTC is excluded from the whole of the Corporations Act.
Is QTC a statutory body?
Some legislation, such as the Financial Accountability Act, includes QTC in its definition of a statutory body. However other legislation, such as the Statutory Bodies Financial Arrangements Act, does not. Therefore, whether QTC is a statutory body depends on the scope and purpose of the legislation that defines what constitutes a statutory body.
The responsibility for the day-to-day operation and administration of QTC is delegated by the Board to the Chief Executive and the Executive Management Team. The Chief Executive is appointed by the Board. Executives are appointed by the Chief Executive. As with the Board, appointments are made on the basis of qualifications, experience, skills, strategic ability, and commitment to contribute to QTC’s performance and achievement of its corporate objectives.