SIVs should collaborate with key stakeholders in areas of mutual relevance.
SIVs work closely with a range of stakeholders including private sector, governments, industry, regulators and project sponsors to fulfil their objectives. Whilst the principles in this section are designed to support SIVs in collaborating with each-other and relevant public sector entities, they may also be useful to consider in the context of broader collaborations.
SIVs are expected to collaborate and cooperate with other SIVs and relevant public sector entities to pursue common objectives aligned to their legislative frameworks, where it is legally permissible, practical and appropriate.
Collaboration is most effective when driven by mutual benefit and shared objectives. SIVs are to determine which collaborations to participate in with reference to internal assessments, ongoing priorities and compliance with governing instruments. Any collaboration should also balance commercial sensitivities, confidentiality and secrecy requirements, intellectual property, and fiduciary duties where relevant.
Forms of collaboration
Collaboration can take many forms and can be formal or informal. Collaboration between SIVs may look like:
- coordinating to maximise policy outcomes: coordination can drive positive outcomes for the Government and the public, including identifying opportunities for co-investment and for synergies between policy outcomes.
- sharing knowledge and informed decision making:
- sharing specific expertise that SIVs have gained from operating in different markets and geographical locations can help other SIVs be better informed to finance projects that achieve greater policy and commercial outcomes.
- sharing investment information, to the extent possible while balancing commercial sensitivities and confidentiality and secrecy requirements, provides SIVs in overlapping sectors awareness about the extent of Commonwealth assistance that is being provided.
- sharing better practice on organisational matters such as governance, human resources, performance measures and enabling services across SIVs.
- mitigating risk: at the whole-of-government level, coordinated investments between SIVs can lessen concentration risk and ensure that the Government does not inadvertently acquire a significant or controlling interest in an entity.
When collaborating, SIVs may consider:
- engaging early when the potential idea, interest or need for a collaborative approach is being considered
- identifying common objectives and shared goals to align efforts
- defining clear roles and responsibilities and governance mechanisms, such as developing a formalised agreement like a statement of intent or memorandum of understanding
- establishing clear and consistent communication channels with appropriate stakeholders to share expertise
- establishing appropriate protocols for sharing information that satisfy relevant compliance (including confidentiality and secrecy) requirements
- alignment with Australian Government priorities or supporting capability uplift of government entities.
Legal compliance
Integrate legal compliance into collaboration.
SIVs are to ensure that collaborative endeavours align with legislative and regulatory frameworks and the SIV’s governing instruments - this includes complying with the Competition and Consumer Act 2010 where applicable. When collaborating, SIVs are to identify and manage legal, regulatory and compliance risks with appropriate controls.
SIVs are encouraged to engage legal expertise as required as the nature of each collaborative circumstance may be unique.
