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Crown Entities Act 2004

Establishment and governance of Crown entities - Statutory entities - Collective duties of board

51: Entity must operate in financially responsible manner

You could also call this:

"A government organisation must manage its money and belongings carefully."

The board of a statutory entity must make sure it operates in a financially responsible manner. You need to think about how the entity manages its money and things it owns or owes. The board must ensure the entity prudently manages its assets and liabilities, and tries to make sure it will be financially viable in the long term and acts as a successful going concern.

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Part 2Establishment and governance of Crown entities
Statutory entities: Collective duties of board

51Entity must operate in financially responsible manner

  1. The board of a statutory entity must ensure that the entity operates in a financially responsible manner and, for this purpose, that it—

  2. prudently manages its assets and liabilities; and
    1. endeavours to ensure—
      1. its long-term financial viability; and
        1. that it acts as a successful going concern.