RMGs are guidance documents. The purpose of an RMG is to support PGPA Act entities and companies in meeting the requirements of the PGPA framework. As guides, RMGs explain the legislation and policy requirements in plain English. RMGs support accountable authorities and officials to apply the intent of the framework. It is an official’s responsibility to ensure that Finance guidance is monitored regularly for updates, including changes in policy/requirements.
RMG-127 has been published to support Specialist Investment Vehicles and the portfolio departments that oversee them. For any questions on the release of this guidance, please contact SIVs Strategy.
Audience
This guide is relevant to all Specialist Investment Vehicles (SIVs) and the portfolio departments that oversee them.
SIVs are typically corporate Commonwealth entities (CCEs) established by enabling legislation which defines the entity’s functions, as well as the roles and responsibilities of the board as the accountable authority.
Occasionally, specific government programs managed by non-corporate Commonwealth entities (NCEs) may also be classified as SIVs. For these programs, the following guidance on Cooperation and Collaboration, certain aspects of Planning and Reporting, and Risk Governance and Management, should be considered by the NCE's accountable authority when establishing arrangements for the program.
As of 1 July 2024, there are 7 CCEs classified as SIVs:
- Australian Renewable Energy Agency
- Clean Energy Finance Corporation
- Export Finance Australia
- Housing Australia
- National Reconstruction Fund Corporation
- Northern Australia Infrastructure Facility
- Regional Investment Corporation.
There is also 1 SIV within the Department of Foreign Affairs and Trade:
- Australian Infrastructure Financing Facility for the Pacific.
Key points
As CCEs and parts of NCEs, SIVs have obligations under the Public Governance, Performance and Accountability Act 2013 (PGPA Act), the Public Governance, Performance and Accountability Rule 2014 (PGPA Rule) and supported by accompanying guidance. This guide provides information to support those Commonwealth entities classified as SIVs on:
- board and corporate governance
- cooperation and collaboration
- planning and reporting
- risk governance and management.
Government’s strategic interests for its SIVs
The Australian Government has the following strategic interests for its SIVs:
- a strong interest in how the SIVs meet their Government-set policy and commercial objectives, including socio-economic and policy outcomes and financial returns
- full, open and timely reporting and accountability arrangements that facilitate active oversight by the responsible minister(s) and the Finance Minister
- board independence and autonomy within government-mandated directions that is balanced with regular performance reporting to the responsible minister(s) and the Finance Minister
- appropriately skilled, transparent boards that uphold the highest standards of openness, integrity and governance and are accountable to the responsible minister(s) and the Finance Minister for SIV performance.
Resources
Related resources links to relevant guidance and the PGPA Act and PGPA Rule are available in the right-hand menu.
