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Board and subcommittees

Our Board operates in accordance with the Admin Act and accompanying legislation and as a corporate Commonwealth entity subject to the Public Governance, Performance and Accountability Act 2013 (PGPA Act). The Board is accountable to the responsible federal minister, who appoints the directors.

The performance of the Board, subcommittees and independent advisers is regularly reviewed. In 2019–20 the performance review process was facilitated by the Remuneration Committee, utilising a 360-degree assessment approach. The results of this review are being used to inform and further define the education schedule for the Board.

Coal LSL Board of Directors meeting attendance 2019–20 Coal LSL Board of Directors meeting attendance 2019–20

The Board maintains a high level of corporate governance through its subcommittees. The subcommittees of the Board meet regularly during the year in line with Governance responsibilities.

Audit, Risk Management and Compliance Committee (ARCC)

The ARCC’s main functions include oversight of: financial reporting; performance reporting; system of risk management; system of internal control; accounting policies; business policies and practices; compliance with applicable laws and regulations; governance issues for Coal LSL.

The ARCC's Terms of Reference is available on the Coal LSL website.

Members of the ARCC include not less than two Board Directors and an Independent Chair. Membership of this committee for 2019–20 included:

  • Independent Chair (July 2019 to June 2020): Mr Martin Matthews, Partner, PKF Australia Accountants and Business Advisers
  • Board Director (July 2019 to March 2020): Ms Christina Langby
  • Board Director (July 2019 to June 2020): Ms Anne Donnellan
  • Board Director (March 2020 to June 2020): Mr Scott Faragher.

Coal LSL Audit, Risk Management and Compliance Committee meeting attendance 2019–20 Coal LSL Audit, Risk Management and Compliance Committee meeting attendance 2019–20
Refer to Part 1, Board of Directors of this report for information on director qualifications, knowledge, skills and experience. Refer to Part 5, section 1.7 Executive remuneration for information on remuneration of Coal LSL Directors and, specifically, ARCC members.

Investment Committee (IC)

The IC provides a forum for discussion on investment strategy, policy, initiatives and market insights. Its key objectives include ongoing assessment of Fund performance against objectives and the investment strategy, and overseeing the appointment, performance and termination of investment managers, asset consultants and the master custodian.

Members of the IC include not less than two Board directors and an Independent Chair with expert investment skills. The Independent Chair of the IC for 2019–20 was Dr Jon Glass.

Technical Compliance Committee (TCC)

The TCC provides a forum for directors to consider and evaluate applications for recognition of service under the transitional provisions of the legislation Act, and eligibility of employees as defined under the Administration Act.

Members of the TCC include not less than two Board directors and at least one other member. In 2020 Mr Brad Neven was welcomed as an adviser to the committee.

Remuneration Committee (RC)

The RC provides a forum for directors to discuss the framework and policy for remuneration, conditions of employment, appointment and review of the Chief Executive Officer and independent advisers to the Board.

Members of the RC include not less than two Board directors and at least one other member. The Chair of the RC for 2019–20 was external adviser Mr Martin Aicken.