Corporate form
WSA Co is:
- an unlisted public company limited by shares incorporated under the Corporations Act, and
- a Commonwealth Company for the purposes of the PGPA Act.
WSA Co is wholly owned by the Australian Government represented by two Shareholder Ministers, the Minister for Finance and the Minister for Population, Cities and Urban Infrastructure .
Enabling legislation
There is no separate enabling legislation for WSA Co.
Constituent documents
WSA Co has adopted a constitution, the key features of which include:
- a statement of objects
- a limitation on the powers of WSA Co by reference to relevant legislation and Australian Government Policy
- powers and obligations bestowed on officers of the company, including the obligation for Directors to act in good faith in the best interests of the Commonwealth
- obligations for the issuance of shares and payment of dividends to the Commonwealth
- a corporate indemnity for Directors and
- procedures for appointment, remuneration and termination, and powers of the Chief Executive Officer.
WSA Co and its wholly-owned subsidiaries are subject to a Commercial Freedoms Framework.
WSA Co is party to an Equity Subscription Agreement with the Commonwealth, which formalises the intention of the Commonwealth to provide equity to the company for the purpose of developing and operating Western Sydney Airport.
Capital structure
WSA Co has fully paid ordinary shares in issue, all of which are owned by the Commonwealth.
The company does not presently have any financial borrowing.
