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.
ARTC is wholly owned by the Australian Government represented by two Shareholder Ministers, the Minister for Finance and the Minister for Infrastructure, Transport and Regional Development.
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 Minister for Finance
- 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
ARTC was established under an 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.
