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02 Governance

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.

Figure 20: Board committee memberships 2018–19
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.

Figure 21: Board member meeting attendance 2018–19
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.

Figure 22: Remuneration tribunal determinations 2018–19
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).

Figure 23: Remuneration rates 2018–19
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.

Figure 24: Indemnities and insurance premiums for Officers 2018–19
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.

 

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