- an unlisted public company limited by shares incorporated under the Corporations Act and
- a Commonwealth Company for the purposes of the PGPA Act.
nbn is wholly owned by the Australian Government represented by two Shareholder Ministers, the Minister for Finance and the Minister for Communications, Cyber Safety and the Arts.
There is no separate enabling legislation for nbn.
nbn has adopted a constitution, the key features of which include:
- a statement of objects
- a limitation on the powers of nbn to do those things which are necessary or incidental to achievement of the objects and which are consistent with Australian Government Policy
- a provision deeming that Directors are considered to act in good faith and in best interests of nbn (see general duty at Duty to act honestly, in good faith and for a proper purpose) if they act in good faith, in the best interests of the Commonwealth, within the power of nbn and the law and the company remains solvent
- a provision deeming that Directors are considered to act in the best interests of the Commonwealth if they act in accordance with a resolution of the Commonwealth
- the ability of the Commonwealth to pass member resolutions by signed notice, and
- a corporate indemnity for Directors.
nbn is party to an Equity Funding Agreement with the Commonwealth, which formalises the intention of the Commonwealth to provide equity funding to nbn.
nbn only has fully paid ordinary shares in issue, all of which are owned by the Commonwealth.
nbn has flexibility and discretion in operational, technology and network design decisions within the constraints of a public equity funding commitment of $29.5 billion and a Commonwealth loan facility of up to $19.5 billion. The Commonwealth has agreed to extend the tenor of its loan by three years (from 30 June 2021 to 30 June 2024) and to allow nbn to access up to $2 billion of private sector debt.
Unique industry regulatory features
Information on nbn 's regulatory features is available from the Department of Communications and the Arts.