Ensuring we have sufficient access to capital to allow the CEFC to continue supporting Australian businesses is important and in 2019–20 our objective was to continue to develop, demonstrate and implement the CEFC capability in the areas of asset recycling and capital management. To this end, we completed asset recycling activities through selling down investments that recycled more than $150 million of capital and in so doing, realised gains and reduced our overall risk exposure.
As a financial services business, our ability to deliver on our purpose is dependent on our people and our systems. Our objective in 2019–20 was to continue to build culture by embedding the refreshed values into key people processes, supported by the instigation of the CEO Values Award and regular recognition of employee ‘values moments’ as a mechanism to promote behaviours that are consistent with our values. In addition, we identified the need to assess and acquire the diversity of capabilities and skills needed to enable the CEFC to transition into new sectors and technologies. In response we recruited a Head of Hydrogen as part of the new Clean Futures Team and drawing on expertise via secondees from ARENA and increased engagement with UNSW Energy Labs.
The final area of focus in 2019–20 related to our continued improvement in enterprise information management systems and ongoing investment in key infrastructure to support the business. A number of new electronic workflows were deployed (e.g. Decisions and Actions, Execution Checklist, Consents and Waivers, etc) creating significant efficiencies and productivity improvements for the Corporate Secretariat, Portfolio Management, Investment and Clean Futures Teams. In addition to launching our first intranet, data and analytics via PowerBI dashboards and reporting became available. These are now in the common data platform and have been deployed across a number of functional areas.