Foreign Investment Review Board This is a nonstatutorily mandated report providing information on the operation of Australia’s foreign investment review arrangements during 200708. It covers the role of the Foreign Investment Review Board (the Board or FIRB) and daytoday administration of these arrangements by the Treasury. Functions of the Board The FIRB is a nonstatutory body established in 1976 to advise the Treasurer on the Government’s foreign investment policy (the policy) and its administration. As such, the Board’s functions are advisory only. Responsibility for making decisions on foreign investment proposals and for the policy rests with the Treasurer. The Treasury’s Foreign Investment and Trade Policy Division (the Division) advises Treasury ministers on foreign investment matters and provides secretariat services to the Board. The role of the Board, including through its secretariat, is to: examine proposed investments in Australia that are subject to the policy and supporting legislation, and to make recommendations to the Treasurer on these proposals; advise the Treasurer and other Treasury portfolio ministers on the operation of the policy and the Foreign Acquisitions and Takeovers Act 1975 (the FATA), and on proposed investments that are subject to each; foster an awareness and understanding, both in Australia and abroad, of the policy and the FATA; provide guidance to foreign persons and their representatives/agents on the policy and the FATA; and monitor and ensure compliance with the policy and the FATA. Information on the operation of the FATA is provided in Chapter 3 and in Australia’s Foreign Investment Policy provided at Appendix A to this report. A copy of the FATA and the regulations made under it are provided at Appendices D and E respectively. Board membership During 200708, the Board comprised three parttime members and a fulltime Executive Member.
Foreign Investment Review Board This is a nonstatutorily mandated report providing information on the operation of Australia’s foreign investment review arrangements during 200708. It covers the role of the Foreign Investment Review Board (the Board or FIRB) and daytoday administration of these arrangements by the Treasury. Functions of the Board The FIRB is a nonstatutory body established in 1976 to advise the Treasurer on the Government’s foreign investment policy (the policy) and its administration. As such, the Board’s functions are advisory only. Responsibility for making decisions on foreign investment proposals and for the policy rests with the Treasurer. The Treasury’s Foreign Investment and Trade Policy Division (the Division) advises Treasury ministers on foreign investment matters and provides secretariat services to the Board. The role of the Board, including through its secretariat, is to: examine proposed investments in Australia that are subject to the policy and supporting legislation, and to make recommendations to the Treasurer on these proposals; advise the Treasurer and other Treasury portfolio ministers on the operation of the policy and the Foreign Acquisitions and Takeovers Act 1975 (the FATA), and on proposed investments that are subject to each; foster an awareness and understanding, both in Australia and abroad, of the policy and the FATA; provide guidance to foreign persons and their representatives/agents on the policy and the FATA; and monitor and ensure compliance with the policy and the FATA. Information on the operation of the FATA is provided in Chapter 3 and in Australia’s Foreign Investment Policy provided at Appendix A to this report. A copy of the FATA and the regulations made under it are provided at Appendices D and E respectively. Board membership During 200708, the Board comprised three parttime members and a fulltime Executive Member.
FIRB-Annual-Report-2007-08_Chapter_1.docx