Strengthen the balance sheet 9.13 Opera Australia to revalue property assets OA • 9.14 Use of proceeds of the sale of Opera Australia’s OA • Melbourne property 9.15 Opera Queensland to rebuild its balance sheet Australia Council, • • • Arts Qld 9.16 Minimum level of reserves set at 30 per cent of All companies • costs for each Major Opera Company Chapter 10: Providing strong governance and management Year of implementation Recommendation Key initial number Description responsibility 1 2 3 4 Provide strong governance 10.1 Skills and diversity mix of boards All companies 10.2 Provision of data to each Board of Directors All companies 10.3 Workshops for directors to understand All companies dynamics 10.4 Boards of Directors to establish protocols for All companies managing artistic and financial tensions 10.5 Culture of openness and debate on boards All companies 10.6 Annual board and director evaluations All companies 10.7 Tenure limits on directors All companies 10.8 South Australian Government to consider SOSA Arts SA, SOSA • • being governed by Corporations Law 10.9 Establish mechanisms for dialogue between All companies boards and funding agencies Provide strong management 10.10 Strengthen management accounting All companies • • 10.11 Companies to improve understanding of All companies • • dynamics 10.12 Operating results to be separated from Capital OA Fund results 10.13 Companies to balance strength of artistic and All companies financial management
Strengthen the balance sheet 9.13 Opera Australia to revalue property assets OA • 9.14 Use of proceeds of the sale of Opera Australia’s Melbourne property OA • 9.15 Opera Queensland to rebuild its balance sheet Australia Council, Arts Qld • • • 9.16 Minimum level of reserves set at 30 per cent of costs for each Major Opera Company All companies • Chapter 10: Providing strong governance and management Year of implementation Recommendation number Description Key initial responsibility 1 2 3 4 Provide strong governance 10.1 Skills and diversity mix of boards All companies 10.2 Provision of data to each Board of Directors All companies 10.3 Workshops for directors to understand dynamics All companies 10.4 Boards of Directors to establish protocols for managing artistic and financial tensions All companies 10.5 Culture of openness and debate on boards All companies 10.6 Annual board and director evaluations All companies 10.7 Tenure limits on directors All companies 10.8 South Australian Government to consider SOSA being governed by Corporations Law Arts SA, SOSA • • 10.9 Establish mechanisms for dialogue between boards and funding agencies All companies Provide strong management 10.10 Strengthen management accounting All companies • • 10.11 Companies to improve understanding of dynamics All companies • • 10.12 Operating results to be separated from Capital Fund results OA 10.13 Companies to balance strength of artistic and financial management All companies
national_opera_review_final_report.docx