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.
Figure 20: Board committee memberships 2018–19
|
Board Members |
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 2018–19 there were nine Board meetings and a further (five plus three) eight Board Committee meetings.
Figure 21: Board member meeting attendance 2018–19
|
Board Members |
Board |
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* |
3 |
3* |
|
Leeanne Bond |
9 |
9 |
3 |
5* |
3 |
3 |
|
Philip Coffey |
9 |
9 |
5 |
5 |
1 |
3* |
|
Laura Reed |
8 |
9 |
5 |
5 |
0 |
3* |
|
Andrea Slattery |
9 |
9 |
4 |
5* |
3 |
3 |
|
Samantha Tough |
9 |
9 |
4 |
5* |
3 |
3 |
|
Nicola Wakefield Evans |
9 |
9 |
4 |
5 |
0 |
3* |
* 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.
Figure 22: Remuneration tribunal determinations 2018–19
|
Determinations: Remuneration and allowances |
Date of effect |
Ceased |
Notes |
|---|---|---|---|
|
Remuneration Tribunal (Remuneration and Allowances for Holders of Part-time Public Office) Determination 2018 (as amended from time to time) |
1-Jul-18 |
30-Jun-19 |
No change to Board member remuneration during the period |
|
Remuneration Tribunal Determination 2017/15: Official Travel by Office Holders (as amended from time to time) |
27-Aug-17 |
26-Aug-18 |
|
|
Remuneration Tribunal (Official Travel) Determination 2018 (as amended from time to time) |
26-Aug-18 |
(still in force) |
Under the Determinations: Remuneration and Allowances, Board members were remunerated annually (rather than per day or by meeting).
Figure 23: Remuneration rates 2018–19
|
Office |
Annual remuneration |
|---|---|
|
Chair |
$108,680 |
|
Board member |
$54,340 |
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 staff declare material personal interests that relate to the affairs of the CEFC. The Executive and staff 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 staff for items such as travel expenses on a reimbursement basis.
Figure 24: Indemnities and insurance premiums for Officers 2018–19
|
Indemnity/insurance |
Officers included |
Period of coverage |
Premium/fees paid |
|---|---|---|---|
|
Comcover indemnity for Directors and Officers |
All Board members and Officers |
1 July 2018 to 30 June 2019 |
$168,644 |
|
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 2018 to 30 June 2019 |
$47,228 |
|
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
Staff members, 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.
Visit
https://www.transparency.gov.au/annual-reports/clean-energy-finance-corporation/reporting-year/2018-2019-33