Office of the Registrar of Indigenous Corporations & the Corporations (Aboriginal and Torres Strait Islander) Act 2006
The Corporations (Aboriginal and Torres Strait Islander) Act 2006 (Cth) (CATSI Act) is a law of the Australian federal government that establishes a legal framework for the incorporation and governance of Aboriginal and Torres Strait Islander corporations in Australia.
The Act sets out the rules and procedures for the incorporation, registration, and governance of Aboriginal and Torres Strait Islander corporations. It also provides for the appointment of directors, the holding of meetings, and the preparation and audit of financial statements. The Act also establishes the Office of the Registrar of Indigenous Corporations (ORIC), which is responsible for the administration and regulation of Aboriginal and Torres Strait Islander corporations.
The Act is intended to support the self-determination of Aboriginal and Torres Strait Islander Australians and to encourage the development of Aboriginal and Torres Strait Islander businesses and enterprises. It provides a legal framework for Aboriginal and Torres Strait Islander corporations to operate in a transparent and accountable manner, and it ensures that the rights and interests of Indigenous stakeholders are protected.
The CATSI Act provides special measures to suit the needs of Aboriginal and Torres Strait Islander people. Some features unique to the CATSI Act include:
an Indigeneity requirement – a majority of both members and directors must be Aboriginal or Torres Strait Islander people, providing protection for Indigenous ownership and control of the corporation
specialised regulatory powers and assistance—such as appointing examiners and special administrators
More information is available from www.oric.gov.au.
Corporate governance refers to the system of rules, practices, and processes by which a company is directed and controlled. It involves balancing the interests of a company's many stakeholders, such as shareholders, management, customers, suppliers, financiers, government, and the community. Good corporate governance is essential for the long-term success of a company and is a key factor in attracting investment, as it helps to ensure that a company is well-managed and accountable to its stakeholders.
Effective corporate governance involves establishing clear roles and responsibilities for the board of directors, management, and employees, as well as implementing systems and processes to ensure that the company is transparent, accountable, and responsive to the needs of its stakeholders. It also involves establishing ethical guidelines and standards of conduct for all employees and ensuring that the company's activities are aligned with its values and mission.
Good corporate governance is essential for the long-term sustainability of a company and helps to build trust and confidence in the company's operations. It is also essential for the protection of the rights of shareholders and other stakeholders, as it helps to ensure that the company is managed in a fair and responsible manner.
Ngadpuk Aboriginal Corporation’s Goal
Ngadpuk Aboriginal Corporation’s goal is to establish and maintain effective systems and processes for the governance and management of Ngadpuk Aboriginal Corporation that are consistent with the values and cultural traditions of Aboriginal and Torres Trait Islander Australians, that ensures transparency, accountability, and responsiveness to the needs of our stakeholders.
This goal reflects the importance of good corporate governance for the long-term sustainability and success of Ngadpuk Aboriginal Corporation, as well as the need to ensure that the corporation's operations are aligned with its values and mission, and are respectful of Aboriginal and Torres Trait Islander culture and traditions. It also highlights the importance of transparency and accountability in the corporation's management and decision-making processes, and the need to be responsive to the needs of stakeholders.
By setting this goal and working towards it, Ngadpuk Aboriginal Corporation can ensure that it is well-managed and accountable to its stakeholders, and can build trust and confidence in its operations. This, in turn, can help to support the economic, social, and cultural development of Aboriginal and Torres Trait Islander Australians and promote self-determination.
Applicable Documents:
Further information about Ngadpuk Aboriginal Corporation can be found on the ORIC public register