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 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 |
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.
| 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).
| 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.
| 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:
|
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.
