What is QTC?
QTC is established by the Queensland Treasury Corporation Act 1988 (QTC Act) as a ‘corporation sole’.
What is a corporation sole?
A ‘corporation sole’ is a corporation (a company) that consists solely of a nominated office holder. In QTC’s case, the Under Treasurer of Queensland is the nominated office holder. (The more usual type of corporation has at least two members and those members are appointed personally)
Delegation to the Board
The Under Treasurer delegated their powers under the QTC Act to two Boards:
- 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 Long Term Asset Advisory Board, which advises in relation to certain superannuation and other long-term assets that were transferred to QTC from Queensland Treasury in 2008.
Unlike most companies, QTC is not established under the Corporations Act, but is instead established by the QTC Act. QTC is not subject to the Corporations Act because the QTC Act specifically states 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 Arrangement 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 basis of qualifications, experience, skills, strategic ability, and commitment to contribute to QTC’s performance and achievement of its corporate objectives.