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People and Relationships

This section describes a range of employment and post employment benefits provided to our people and our relationships with other key people.

3.1 Key Management Personnel Remuneration

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Fund directly or indirectly, including any Trustee (whether executive or otherwise) of that Fund. The Fund has determined the key management personnel to be the Trustees.

Under Part 2, Section 11 (1) of the Services Trust Funds Act 1947, Trustees are not entitled to receive from the Fund any remuneration for any work done by them in relation to the administration of the Fund. Under Part 2, Section 14 of the Services Trust Funds Act 1947, a person who is a Trustee or a dependant of a Trustee shall not receive any benefits from the Fund.

The Trustees received no remuneration or loans during the period.

The following persons were Trustees during the reporting period:

Rear Admiral BS Wolski, AM, RAN (Appointed 15 July 2014, Resigned 07 April 2019)

Commodore SL Glassock, RAN (Appointed 08 April 2019)

Captain PR Dowton, CSC, RAN (Appointed: 01 June 2017)

Commander CM Ween, RAN (Appointed: 01 March 2018)

Commander SL Harris, RAN (Appointed: 29 February 2016)

Commander AF Kemp, CSC, RAN (Appointed: 01 July 2018)

Lieutenant Luke Reynoldson, RAN (Appointed: 01 July 2018)

Warrant Officer K Sellars (Appointed: 01 March 2018)

Key management personnel remuneration excludes the remuneration and other benefits of the Portfolio Minister. The Portfolio Minister’s remuneration and other benefits are set by the Remuneration Tribunal and are not paid by the Fund.

3.2 Related Party Disclosures

The Fund is an Australian Government controlled entity. Related parties to the Fund are Trustees, Key Management Personnel including the Executive, and other Australian Government entities.

Transactions with related parties:

Significant transactions with related parties can include:

  • the payments of grants or loans;
  • purchases of goods and services;
  • asset purchases, sales transfers or leases;
  • debts forgiven; and
  • guarantees.

Giving consideration to relationships with related parties, and transactions entered into during the reporting period by the Fund, it has been determined that there are no related party transactions to be separately disclosed.

3.3 Resources provided “Free of Charge” to the Fund

During the year, the following resources were provided free of charge by the Department of Defence:

  • Use of ADF personnel;
  • Office accommodation with computer, telephone and postage support; and
  • Use of the ADF pay system to recover loan repayments from serving RAN members.

The value of ADF personal services provided has been recognised as employee benefits expense (Note 1.1a) and resources received free of charged (Note 1.2d).

All other resources cannot be reliably measured and have not been recognised in the
financial statements.