The Chairman of Australian Pipeline Trust today announced that the Board
of Australian Pipeline Limited proposes to undertake changes to the
governance arrangements which apply to Australian Pipeline Limited in its
capacity as responsible entity of APA.
An extract from Mr Bennett’s address to the Annual Unitholders’
Information Meeting held today in Sydney is set out below.
Currently, APA unitholders do not have any vote in the election of the
directors of Australian Pipeline Limited. The proposed changes will
result in unitholders effectively electing the directors of Australian
Pipeline Limited (other than the two directors nominated by Australian
Gas Light Company and the one director nominated by Petronas). The
Australian Gas Light Company has agreed to procure the necessary changes
to APL’s Constitution.
These changes are intended to bring the governance arrangements for
Australian Pipeline Limited and APA up to date with best practice for
managed investment schemes and to enhance the rights of unitholders.
The Board of Australian Pipeline Limited has commenced discussions with
its shareholders to determine the changes required to the Constitution
necessary to give effect to these principles.