Future Fund Management Agency
The Future Fund Board of Guardians is supported by the Future Fund Management Agency, which is an Australian Government agency subject to the Public Governance, Performance and Accountability Act 2014 .
The Agency is part of the Finance portfolio.
The Chair of the Future Fund Board of Guardians is also the Chief Executive of the Future Fund Management Agency. In practice, however, the operations of the Agency are overseen by the Managing Director/President.
While the Board defines the investment strategy for the Future Fund and Nation-building Funds, the Agency is responsible for the operational activities associated with the Funds’ investments.
That is, the Board decides how the Funds are to be invested, while the Agency, through external investment managers, ensures that the Funds are allocated consistent with those decisions.
The Agency also has various ancillary responsibilities such as the provision of administrative services to the Board.
As the nominated Ministers, the Minister for Finance and the Treasurer have presented the Board with a Statement of Expectations [ PDF] that articulates the Government’s expectations with respect to the Board’s operations and standards of corporate governance. In response, the Board and Future Fund Management Agency have provided a framework for meeting the Government’s expectations in the Statement of Intent[ PDF].
For financial reporting purposes, the Board and Agency are treated as if they are a single agency.
Last updated: 18 July 2016