- Our Organisation
- Governance
Our Organisation
Governance
As a corporate Commonwealth entity, NAIF is subject to the requirements of the PGPA Act in relation to corporate governance, reporting and accountability.
NAIF was established on 1 July 2016 as a corporate Commonwealth entity under the Northern Australia Infrastructure Facility Act 2016 (NAIF Act). The NAIF’s operations are governed by The NAIF Act and the Northern Australia Infrastructure Facility Investment Mandate Direction 2021 (Investment Mandate) and overseen by an independent Board.
The Commonwealth Ministers responsible for NAIF are the Minister for Northern Australia and the Minister for Finance. The Department of Infrastructure, Transport, Regional Development, Communications and the Arts supports the Ministers in this role. The duties of the Minister in relation to NAIF are set out in the NAIF Act. These include the Minister appointing our Board and providing direction to the organisation about the performance of its functions through the Investment Mandate which is jointly provided with the Minister for Finance. NAIF is required to take all reasonable steps to comply with the Investment Mandate.
Our Board
Our Board is responsible for setting our strategic direction, determining the corporate governance structures, setting the risk appetite, and making Investment Decisions. The Board Charter sets out its roles and responsibilities which builds off the Board’s legislative accountable authority.
Board Audit and Risk Committee
The Board constituted the Board Audit and Risk Committee (BARC), to advise the Board on financial and performance reporting, systems of risk management and oversight, and systems of internal control.
People and Remuneration Committee
The Board established a People and Remuneration Committee (PRemCo) effective 1 July 2019 which operates under a People and Remuneration Committee Charter. The PRemCo provides strategic advisory oversight of our people, remuneration policies and strategies.
Strategic and Corporate Planning
We have developed strategic documents that align with the commonwealth performance framework. The Strategic Plan sets out our purpose, the key activities we will undertake to achieve our purpose and the results we expect to deliver.
Governance Policies
We have a comprehensive suite of governance policies that are appropriate for our size and functions. This tailored governance framework incorporates statutory responsibilities under the NAIF Act, Investment Mandate, PGPA Act and other relevant legislation.
We adhere to Australian best practice government governance principles, and relevant Australian best practice governance for commercial financiers as required by section 18(1) of the Investment Mandate.
NAIF maintains a program of periodic review of material changes to core governance policies, as part of the annual policy review schedule.
Independent Review
Our operations are independently reviewed to provide stakeholders with confidence in NAIF’s internal processes and externally reported information.
We appoint an independent internal auditor who has a rolling three-year Strategic Workplan. In formulating the plan, the key drivers are: our core business, key organisational risks, priorities established by NAIF’s BARC and Executive, and our business environment.
The Australian National Audit Office (ANAO) is our external auditor. The ANAO provides an audit opinion on our compliance with the Australian Accounting Standards and the PGPA Rule 2015. The opinion accompanies our Financial Statements within each year's Annual Report.
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