The Commonwealth Agreement lists these requirements for the Governance of the CRC, in terms of the Board and Board structure:
- The Recipient must through the CRC Board ensure the CRC is managed and governed under the CRC Title and ensure that the Activities are at all times carried out in accordance with this Agreement. At all times the Recipient must through the CRC Board operate to the same fiduciary and good governance standards that apply to incorporated bodies under Australian law.
- The Recipient must ensure that:
- the Chairperson of the CRC Board is independent of each Essential Participant and Other Participants, and the management of the CRC and is free of any business or other relationship that could materially interfere, or could reasonably be perceived to materially interfere with, the exercise of their unfettered and independent judgement
- the CRC Board is comprised of a majority of members, independent of the Research Participants
- the Chairperson and Chief Executive Officer are not the same individual.