The Board has built upon the statutory framework and Government policies by providing charters which specify Board and Board Committee responsibilities, and further adopted Codes of Ethics and Conduct, a system of written delegations of authority, and corporate policies and procedures to provide a complete ethical decision-making framework for the Corporation.
From this basis, the Board and Executive have together further extended and built out a robust set of investment policies, risk management policies accompanying procedures, and an internal support structure which assists in meeting the high standards required of the CEFC as a public authority.
Collectively, this interlocking system of:
documented policies and procedures
clear reporting lines and responsibilities
a well-developed corporate ethos
properly inducted and trained people
creates a streamlined system of both internal and external oversight, checks and balances that gives the CEFC Board the confidence that the Corporation’s governance is Australian best practice and appropriate for an organisation of its type and maturity.
The latest improvement in this process was the selection and appointment of an Internal Auditor to provide further assurance to the Board of the Corporation’s integrity.