Funds SA was established in July 1995 under the Superannuation Funds Management Corporation of South Australia Act 1995 (the Act), as the successor to the South Australian Superannuation Fund Investment Trust (SASFIT). In 2005, the Act was amended to expand the functions of Funds SA beyond the investment and management of public sector superannuation funds. Since then, Funds SA has been authorised to invest funds for approved authorities.
A copy of the Funds SA Act and Regulations can be found here.
Funds SA is an instrumentality of the Crown and reports to the South Australian Parliament annually. Funds SA falls under the responsibility of the Treasurer and is governed by a Board of Directors.
Funds SA Australian Business Number (ABN): 74 140 346 751
The Board is directly responsible for the management of Funds SA. Under the Act, a Board of Directors is established as the governing body, and a Chief Executive Officer is responsible to the Board for the day-to-day management of the Corporation.
The Board consists of non-executive directors, including the Chairman. The Chief Executive Officer is not a member of the Board.
Two Board committees assist the Board in fulfilling its corporate governance responsibilities; the Audit and Risk Committee; and the Human Resources Committee. Each comprise selected members of the Board, supported by management:
the Audit & Risk Committee (ARC) – the role of the ARC is to review and monitor the effectiveness of the systems and processes established by Funds SA Management to assist the Board in fulfilling Funds SA’s financial reporting responsibilities, and its responsibilities in respect of risk oversight and management, and systems of internal control. The ARC Charter is approved by the Board.
the Human Resources Committee (HRC) – the role of the HRC is to assist the Board by reviewing, reporting on and making recommendations (as required) on human resource related matters (including workers’ health and safety), remuneration and establishing a plan of continuity and development of Funds SA’s Management. The HRC Charter is approved by the Board.
The procedure for Board selection and appointment is detailed within Part 3 of the Act.