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Board operations

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.

Board committee memberships 2019–20
Board Member 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 2019–20 there were nine Board meetings and a further (five plus five) 10 Board Committee meetings.

Board member meeting attendance 2019–20

Board member

Board meeting 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* 5 5*
Leeanne Bond 9 9 4 5* 4 5
Philip Coffey 9 9 5 5 2 5*
Laura Reed 8 9 5 5 0 5*
Andrea Slattery 9 9 5 5* 5 5
Samantha Tough 9 9 3 5* 5 5
Nicola Wakefield Evans 9 9 5 5 0 5*

* 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.

Remuneration tribunal determinations 2019–20
Determinations:
Remuneration and Allowances
Date of effect Ceased Notes
Remuneration Tribunal (Remuneration and Allowances for Holders of Part-time Public Office) Determination 2019 (as amended from time to time) 1 July 2019 30 June 2020 No change to Board member remuneration during the period
Remuneration Tribunal (Official Travel) Determination 2018 (as amended from time to time) 17 August 2018 16 August 2019  
Remuneration Tribunal (Official Travel) Determination 2019 (as amended from time to time) 16 August 2019 Remains in effect  

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

Board remuneration 2019–20
Office Annual remuneration
Chair $110,860
Board member $55,430

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 employees declare material personal interests that relate to the affairs of the CEFC. The Executive and employees 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 employees for items such as travel expenses on a reimbursement basis.

Indemnities and insurance premiums for officers 2019–20
Indemnity/insurance Officers included Period of coverage Premium/fees paid
Comcover indemnity for Directors and Officers All Board members and Officers 1 July 2019 to 30 June 2020 $188,747
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 2019 to 30 June 2020 $37,730
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

Employees, 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.