Board development and review Related-entity transactions New Board members undertake a formal In accordance with the requirements prescribed induction to their role, including a meeting with by section 17BE of the Public Governance, the Chair and CEO. They receive an induction Performance and Accountability Rule and the manual that includes the Board Operating Department of Finance’s Resource Management Guidelines, which inform the conduct of Board Guide No. 136 Annual reports for corporate – members and describe their responsibilities and Commonwealth entities, relatedentity duties under legislation. transactions during 2016–17 are disclosed in Appendix C. members are briefed on relevant topics at meetings as appropriate, and are required to undertake ongoing professional development Indemnity and insurance relevant to, and in line with, the Commission’s The Commission holds directors’ and officers’ needs. The Commission supports Board liability insurance cover through Comcover, the members to pursue these activities. Australian Government’s self-managed fund. Ethical standards As part of its annual insurance renewal process, the Commission reviewed its insurance coverage The Commission’s Board Operating Guidelines in 2016–17 to ensure the coverage was still provide a Board Charter that outlines the appropriate for its operations. function, duties and responsibilities of the Board, and a code of conduct that defines the standard During the year, no indemnity-related claims of conduct required of Board members and the were made, and the Commission knows of ethics and values they are bound to uphold. The no circumstances likely to lead to such claims Duty to Disclose Interests Policy for Board being made. Many liability limits under the Members requires Board members to recognise, Commission’s Schedule of Cover are standard declare and take reasonable steps to avoid or Australian Government limits, such as $100 appropriately manage any conflict of interest. million in cover for general liability and This includes the duty to disclose material professional indemnity, as well as directors’ personal interests, as required under section 29 and officers’ liability. The Commission’s business of the Public Governance, Performance and interruption indemnity cover is for a period of up Accountability Act. to 24 months. Motor vehicle, third-party property damage and expatriate cover have not been taken out, as they don’t apply to the Commission.
Board development and review New Board members undertake a formal induction to their role, including a meeting with the Chair and CEO. They receive an induction manual that includes the Board Operating Guidelines, which inform the conduct of Board members and describe their responsibilities and duties under legislation. members are briefed on relevant topics at meetings as appropriate, and are required to undertake ongoing professional development relevant to, and in line with, the Commission’s needs. The Commission supports Board members to pursue these activities. Ethical standards The Commission’s Board Operating Guidelines provide a Board Charter that outlines the function, duties and responsibilities of the Board, and a code of conduct that defines the standard of conduct required of Board members and the ethics and values they are bound to uphold. The Duty to Disclose Interests Policy for Board Members requires Board members to recognise, declare and take reasonable steps to avoid or appropriately manage any conflict of interest. This includes the duty to disclose material personal interests, as required under section 29 of the Public Governance, Performance and Accountability Act. Related-entity transactions In accordance with the requirements prescribed by section 17BE of the Public Governance, Performance and Accountability Rule and the Department of Finance’s Resource Management Guide No. 136 – Annual reports for corporate Commonwealth entities, relatedentity transactions during 2016–17 are disclosed in Appendix C. Indemnity and insurance The Commission holds directors’ and officers’ liability insurance cover through Comcover, the Australian Government’s self-managed fund. As part of its annual insurance renewal process, the Commission reviewed its insurance coverage in 2016–17 to ensure the coverage was still appropriate for its operations. During the year, no indemnity-related claims were made, and the Commission knows of no circumstances likely to lead to such claims being made. Many liability limits under the Commission’s Schedule of Cover are standard Australian Government limits, such as $100 million in cover for general liability and professional indemnity, as well as directors’ and officers’ liability. The Commission’s business interruption indemnity cover is for a period of up to 24 months. Motor vehicle, third-party property damage and expatriate cover have not been taken out, as they don’t apply to the Commission.
Annual-Report-2016-2017_Accessible.docx