The Australian Sports Foundation is governed by a Memorandum and Articles of Association, the current version of which was adopted by resolution of the members on 20 April 1998.
Article 6.1 provides the power of appointment of directors to the Minister administering the Australian Sports Commission Act 1989 (Cth). The Board currently comprises six non‑executive members with terms of appointment not exceeding five years. The Board oversees and approves the operational and strategic activities of the Sports Foundation and meets four times a year.
The Sports Foundation has established a subsidiary company, ASF Community Sports Fund Pty Ltd, which is controlled by the Sports Foundation Company, as it shares common Directors. The purpose of this entity is to act as the Trustee Company for the Australian Sports Foundation Charitable Fund (ASFCF). ASFCF is registered with the Australian Charities and Not For Profits Commission, and is a Deductible Gift Recipient (DGR).
The Chief Executive Officer and management of the Sports Foundation oversee the operation of all entities within the group, reporting to the respective Boards.
FINANCE, AUDIT AND RISK COMMITTEES
Each entity has a Finance Audit and Risk Committee, comprising a Chair, who is also a Board member, and at least two independent members.
The Board chair nominates members to these Committees in accordance with appropriate governance principles, including requirements of the PGPA Act. These Committees meet regularly with the Chief Executive Officer and Financial Controller and oversee the finance and risk activities and policy matters of the Sports Foundation Group.
The Committees do not have decision making authority, which is vested in the respective Boards.
The Chair of the Finance, Audit and Risk Committee reports the activities of the Committee to the relevant Board each time it meets.
EDUCATION AND PERFORMANCE REVIEW
The Sports Foundation Group maintains a high standard of corporate governance practices to ensure there are appropriate levels of disclosure and accountability. All Board and Finance Audit and Risk Committee members are appropriately qualified, and are subject to performance reviews by the Chair of the Board or Chair of the Committee annually.
ETHICS AND RISK MANAGEMENT POLICIES
Sports Foundation Group maintains appropriate ethics and risk management policies to assist in the administration of the activities and practices and these are subject to regular review.
PRIVACY AND DATA MANAGEMENT
For the majority of the 2018–19 reporting period, the Hon. Bridget McKenzie was the Minister responsible for Sport. Senator the Honourable Richard Colbeck was appointed Minister for Sport with effect from 26 May 2019.