Queensland Rail (QR) is a Queensland Government Owned Corporation (GOC) under the Government Owned Corporations Act 1993.  The Board formally adopted the Corporate Governance Guidelines for GOCs on 7 February 2005.  

The Guidelines summarise the expectations of Shareholding Ministers in relation to the corporate governance of all Queensland government owned corporations established under the Government Owned Corporations Act 1993 (GOC Act). They are intended to provide a framework for GOCs to develop, implement, review and report upon their corporate governance arrangements.