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The CEFC operates under the CEFC Act, as well as other governing legislation, including the PGPA Act. Under the CEFC Act, the CEFC has two responsible Ministers. The responsible Ministers jointly appoint the CEFC Board, which appoints the Chief Executive Officer, a statutory officer. The CEFC Executive and staff are employed under terms and conditions determined by the Board.
The Board adopts private sector principles of good corporategovernance in providing oversight and direction to the Executive. Two Board committees contribute to effective governance:
- Audit and Risk Committee:
advises and assists the Board in financial governance, financial performance, audit, annual reporting, compliance and all aspects of risk management
- People and Culture Committee:
advises and assists the Board in workforce planning, performance evaluation and monitoring, as well as remuneration and succession planning for the Executive.
The Board has further adopted a Code of Conduct and Ethics and corporate policies and procedures to establish appropriate controls and to provide a sound decision-making framework for the CEFC. This framework includes a robust set of Investment Policies, a Risk Management Framework, a Risk Appetite Statement and underlying guidelines.
The CEO has responsibility for the day-to-day management of the CEFC, assisted by the Executive and four committees:
- Executive Investment Committee:
reviews all investment proposals (with the exception of those of the Clean Energy Innovation Fund)
- Joint Investment Committee:
operated in conjunction with the Australian Renewable Energy Agency (ARENA), reviews all investment proposals relating to, and the performance of, the Clean Energy Innovation Fund
- Asset Management Committee:
oversees the management and performance of the investment portfolio
- Executive Risk Committee:
oversees performance and risk management for the Corporation’s investments and for the Corporation itself.