Funds SA embeds strong corporate governance practices throughout the organisation, including through implementation of various board and management committees. Effective decision-making policies and frameworks provide clear directions on roles, responsibilities, and ethical conduct, ensuring that governance is not only a matter of compliance but one of organisational culture.
Board Committees
Funds SA Board
Under the Superannuation Funds Management Corporation of South Australia Act 1995 (SA) (Funds SA Act), Funds SA’s Board of Directors (Funds SA Board) is established as the governing body of Funds SA, and Funds SA’s CEO is responsible to the Board for the day-to-day management of Funds SA.
Funds SA’s Board consists of non-executive directors, including the Chair.
Audit and Risk Committee
Funds SA’s Audit and Risk Committee (ARC) is a subcommittee of the Funds SA Board, established as required by section 27(2) of the Superannuation Funds Management Corporation of South Australia Act 1995 (SA) (Funds SA Act). The role of the ARC is to review and monitor the effectiveness of the systems and processes established by management which will assist the Funds SA Board in fulfilling its responsibilities in respect of financial reporting, audit and Funds SA’s systems of internal control.
Human Resources Committee
Funds SA’s Human Resources Committee is a subcommittee of the Funds SA Board that has been established under section 33 of the Funds SA Act. Its role is to assist the Board by reviewing, reporting on and making recommendations on human resource-related matters including workers’ health and safety, remuneration, and the establishment of a plan for continuity and development of Funds SA’s management.
Operational Committees
Operational Risk and Compliance Committee
Funds SA’s Operational Risk and Compliance Committee (ORCC) is a management committee who reports to the Funds SA Chief Executive Officer. The ORCC is responsible for ensuring effective operational risk management and compliance systems and processes.
Asset Valuation and Unit Pricing Committee
Funds SA’s Asset Valuation and Unit Pricing Committee is a management committee that reports to the Funds SA Chief Executive Officer. The objectives of the Committee are to ensure that asset valuations and related policies are appropriate, reflect fair value, and comply with industry standards and regulations.
Cyber Security Committee
Funds SA’s Cyber Security Committee (CSC) is a standing management committee that reports to the Funds SA Chief Executive Officer. The primary purpose of the CSC is to act as the co-ordinator and adviser in relation to all cyber security aspects of Funds SA’s cyber security program, including management of all cyber security risks and controls. The CSC also oversees compliance with relevant IT and cyber security standards and frameworks.
Investment Committee
Funds SA’s Investment Committee reviews and monitors the investment portfolio’s positioning, performance, liquidity and risks, in addition to providing advice to Funds SA’s Chief Investment Officer.