State Must Maintain Control of SEC and SEC Banned from Investing in Fossil Fuel Facilities
Constitution Amendment (SEC) Bill 2023
Legislative Assembly
Legislative Council
Assent
Topics
board appointments climate change controlling interest corporate governance environmental protection fossil fuels government oversight public sector state ownership
Introduced by: The Hon Ingrid Stitt MLC (ALP); Lily D'Ambrosio MP (ALP)
Links to official parliament websites
Effects of this bill
If this bill passes, it means that:
The State must always maintain a controlling interest in the SEC, which means the State must control the SEC board and hold more than 50 per cent of the voting power.
The SEC is prohibited from owning, operating, or investing in fossil fuel facilities, and any contract or agreement to do so is void.
Any transfer of shares that results in the State losing its controlling interest in the SEC is void.
The Parliament is prohibited from repealing or altering specific constitutional sections regarding the SEC.
The Governor cannot present a Bill for Royal Assent that alters section 103 of the Constitution Act 1975 unless it passes by a three-fifths majority in both the Assembly and the Council.