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Future Fund Bill 2006

Part 5 The Future Fund Management Agency

Division 1 Introduction

73   Simplified outline

                   The following is a simplified outline of this Part:

•      This Part establishes the Future Fund Management Agency.

•      The Agency is responsible for assisting and advising the Board.



 

Division 2 Establishment and functions of the Future Fund Management Agency

74   Establishment of the Future Fund Management Agency

             (1)  The Future Fund Management Agency is established by this section.

             (2)  The Agency consists of:

                     (a)  the Chair; and

                     (b)  the staff of the Future Fund Management Agency.

Note:          The Future Fund Management Agency does not have a legal identity separate from the Commonwealth.

75   Functions of the Agency

             (1)  The Agency has the following functions:

                     (a)  to make such arrangements as are necessary to give effect to the decisions of the Board;

                     (b)  to provide administrative services to the Board;

                     (c)  to provide information to the Board;

                     (d)  to advise the Board about the performance of any of the Board’s functions;

                     (e)  to make resources and facilities (including meeting facilities, communication facilities, secretariat services and clerical assistance) available to the Board;

                      (f)  such other functions as are conferred on the Agency by this Act;

                     (g)  to do anything incidental to or conducive to the performance of any of the above functions.

             (2)  In performing its functions, the Agency must act in accordance with any policies determined, and any directions given, by the Board.



 

Division 3 Management and staff of the Future Fund Management Agency

76   Duties of the Chair

                   The Chair, under the Minister, is responsible for managing the Agency.

77   Staff of the Agency

             (1)  The staff of the Agency are persons engaged under the Public Service Act 1999 .

             (2)  For the purposes of the Public Service Act 1999 :

                     (a)  the Chair and the staff of the Agency together constitute a Statutory Agency; and

                     (b)  the Chair is the Head of that Statutory Agency.

78   Consultants and persons seconded to the Agency

             (1)  The Chair may, on behalf of the Commonwealth, engage consultants to perform services for the Agency in connection with the performance of any of its functions.

             (2)  The terms and conditions of engagement are as determined in writing by the Chair.

Note:          For variation and revocation, see subsection 33(3) of the Acts Interpretation Act 1901 .

             (3)  The Agency may also be assisted:

                     (a)  by officers and employees of Agencies (within the meaning of the Public Service Act 1999 ); or

                     (b)  by officers and employees of authorities of the Commonwealth; or

                     (c)  by employees of Commonwealth companies;

whose services are made available to the Agency in connection with the performance of any of its functions.

79   Chair not subject to direction by the Board on certain matters

                   To avoid doubt, the Chair is not subject to direction by the Board in relation to the Chair’s performance of functions, or exercise of powers, under:

                     (a)  the Financial Management and Accountability Act 1997 ; or

                     (b)  the Public Service Act 1999 ;

in relation to the Agency.



 

Division 4 Other provisions

80   Application of the Financial Management and Accountability Act 1997

                   To avoid doubt, sections 45, 46, 47, 48, 49, 50 and 57 of the Financial Management and Accountability Act 1997 have effect as if:

                     (a)  the Board and the Future Fund Management Agency were a single Agency; and

                     (b)  the Chair were the Chief Executive of that single Agency; and

                     (c)  an annual report under section 80 of this Act were an annual report of that single Agency; and

                     (d)  in a case where the Future Fund Management Agency is a prescribed Agency for the purposes of that Act—the Future Fund Management Agency were not an Agency in its own right.

Note:          This means that there will be:

(a)           a single fraud control plan for both the Board and the Agency; and

(b)           a single audit committee for both the Board and the Agency; and

(c)           a single set of accounts and records for both the Board and the Agency; and

(d)           a single set of annual financial statements in relation to both the Board and the Agency; and

(e)           a single set of additional financial statements in relation to both the Board and the Agency (if required by the Finance Minister); and

(f)            auditing of the single set of annual financial statements.

81   Annual report

             (1)  The Chair must, as soon as practicable after the end of each financial year, prepare and give to the nominated Minister a report of:

                     (a)  the Agency’s operations; and

                     (b)  the Board’s operations; and

                     (c)  the performance of the investments of the Fund; and

                     (d)  the total amount debited from the Fund Account for the purpose mentioned in paragraph 2(c) of Schedule 2; and

                     (e)  the total amount debited from the Fund Account for the purpose mentioned in paragraph 2(g) of Schedule 2; and

                      (f)  the total amount debited from the Fund Account for the purpose mentioned in paragraph 2(k) of Schedule 2; and

                     (g)  the total amount debited from the Fund Account for the purpose mentioned in paragraph 2(l) of Schedule 2; and

                     (h)  the total amount debited from the Fund Account for the purpose mentioned in paragraph 2(m) of Schedule 2;

during the financial year.

Note:          See also section 34C of the Acts Interpretation Act 1901 .

             (2)  A report under this section must include a benchmark in relation to the amounts referred to in paragraphs (1)(d) to (h).

             (3)  The nominated Minister must cause a copy of each report under this section to be tabled in each House of the Parliament within 15 sitting days of that House after receiving the report.

82   Consultants and advisers to the Board

Consultants

             (1)  The Chair may, on behalf of the Commonwealth, engage consultants to perform services for the Board in connection with the performance of any of its functions.

             (2)  The terms and conditions of engagement are as determined in writing by the Chair.

Note:          For variation and revocation, see subsection 33(3) of the Acts Interpretation Act 1901 .

Advisers

             (3)  The Chair may, on behalf of the Commonwealth, engage persons to provide professional or investment advice to the Board in connection with the performance of any of its functions.

             (4)  The terms and conditions of engagement are as determined in writing by the Chair.

Note:          For variation and revocation, see subsection 33(3) of the Acts Interpretation Act 1901 .