Board operations

Committee membership

All CEFC Board members are non-executive members. Board members, with the exception of the current Board Chair, serve on one of the Board Committees, either as a Committee Chair or Member. Committee meetings are open to all Board members to attend, with only Committee Members having voting rights.

Board Members	Audit and Risk Committee	People and Culture Committee
Leeanne Bond		Member
Philip Coffey	Member
Laura Reed	Chair
Andrea Slattery		Member
Samantha Tough		Chair
Nicola Wakefield Evans	Member

Meeting attendance

In 2018–19 there were nine Board meetings and a further (five plus three) eight Board Committee meetings.

Board Members	Board		Audit and Risk Committee		People and Culture Committee
	Attended	Eligible to attend	Attended	Eligible to attend	Attended	Eligible to attend
Steven Skala AO	9	9	5	5*	3	3*
Leeanne Bond	9	9	3	5*	3	3
Philip Coffey	9	9	5	5	1	3*
Laura Reed	8	9	5	5	0	3*
Andrea Slattery	9	9	4	5*	3	3
Samantha Tough	9	9	4	5*	3	3
Nicola Wakefield Evans	9	9	4	5	0	3*

• Attendance optional for non-committee members.

Remuneration and allowances

Under the CEFC Act and the Remuneration Tribunal Act 1973, remuneration and travel allowances for Board members are determined independently by the Australian Government Remuneration Tribunal.

Determinations: Remuneration and allowances	Date of effect	Ceased	Notes
Remuneration Tribunal (Remuneration and Allowances for Holders of Part-time Public Office) Determination 2018 (as amended from time to time)	1 July 2018	30 June 2019	No change to Board member remuneration during the period
Remuneration Tribunal Determination 2017/15: Official Travel by Office Holders (as amended from time to time)	27 August 2017	26 August 2018
Remuneration Tribunal (Official Travel) Determination 2018 (as amended from time to time)	26 August 2018	(still in force)

Under the Determinations: Remuneration and Allowances, Board members were remunerated annually (rather than per day or by meeting).

Office	Annual remuneration
Chair	$108,680
Board member	$54,340

In addition, superannuation is payable on these amounts at the rate of 9.5 per cent in accordance with the Superannuation Guarantee Charge Act 1992. Actual amounts paid to Board members during the reporting period are disclosed in Note 5.2 in the Financial Statements.

Related entity transactions

The CEFC considers matters regarding potential conflicts and related entity transactions in accordance with the CEFC Act and the PGPA Act. The CEFC has policies and procedures in place to manage these matters. This includes the requirement that members of the Board, Executive and staff declare material personal interests that relate to the affairs of the CEFC. The Executive and staff must comply with a personal trading policy which prohibits trading in entities with which the CEFC may be doing business and/or hold non-public material price-sensitive information. Declarations of any new material personal interests are a standing agenda item at each Board and Investment Committee meeting.

The Audit and Risk Committee reviews all related entity transactions disclosed in accordance with the relevant accounting standards at Note 5.3 within the Financial Statements.

Indemnities and insurance premiums for Officers

The CEFC has provided certain indemnities and insurances to ‘Officers’ of the Corporation, including Board members and senior managers. The CEFC also indemnifies staff for items such as travel expenses on a reimbursement basis.

Indemnity/insurance	Officers included	Period of coverage	Premium/fees paid
Comcover indemnity for Directors and Officers	All Board members and Officers	1 July 2018 to 30 June 2019	$168,644
Deed of Access, Indemnity and Insurance	All Board members, the CEFC Executive and staff appointed by the CEFC to an external board	Date of execution until seven years after ceasing to be either: Director or Officer of the CEFC or appointed by the CEFC to an external board.	Nil: indemnity only
Supplementary Directors’ and Officers’ non-indemnifiable loss insurance	All Board members and Officers	14 June 2013 to 14 June 2021	$590,665
Comcare Workers’ Compensation Insurance	All Board members and Officers	1 July 2018 to 30 June 2019	$47,228
Indemnification for reasonable travel and expenses	All Directors, Officers and staff	Ongoing	Nil: indemnity only

Comcover and Comcare insurance

Insurances provided by Comcover and Comcare have general application that includes Board members and CEFC staff as per the ordinary insurances required of Commonwealth entities.

Travel and expense reimbursement

Staff members, the Executive and the Board are indemnified and reimbursed for reasonable travel and work-related expenses incurred in the performance of their duties, based on verified claims and in accordance with relevant CEFC policies.