Commonwealth
Government Business Enterprises

 

ARTC

https://www.artc.com.au/

Corporate form

ARTC is:

  • an unlisted public company limited by shares incorporated under the Corporations Act and
  • a Commonwealth Company for the purposes of the PGPA Act.

Enabling legislation

There is no separate enabling legislation for ARTC.

Constituent documents

ARTC has adopted a constitution, the key features of which include:

  • a statement of objects
  • the Company must not operate freight or passenger trains for reward
  • an obligation that ARTC must comply with the GBE Guidelines and general policies of the Commonwealth that are subject to a General Policy Order issued by the Finance Minister
  • a requirement that ARTC must, by no later than 15 April and October in each year (or such other date as resolved by ARTC members), make a recommendation to the members in respect of the payment of a dividend
  • a requirement that any capitalisation of reserves or profits requires the consent of the Shareholder Ministers
  • a corporate indemnity for Directors and Secretaries and
  • ability for ARTC to obtain insurance in respect of its Directors and Secretary.

ARTC and its wholly-owned subsidiaries are subject to a Commercial Freedoms Framework.

Capital structure

ARTC only has fully paid ordinary shares on issue, all of which are owned by the Commonwealth.

ARTC has debt in issue in the form of:

  • corporate bonds and
  • syndicated revolving committed facilities.

Unique industry regulatory features

The ARTC was established under the Intergovernmental Agreement between the Commonwealth of Australia and the State Governments of New South Wales, Victoria, Queensland, Western Australia and South Australia.   The two key features of the Intergovernmental Agreement were to establish the ARTC and aim to provide efficient and seamless access to the interstate rail network.