02 Governance, Structure & People ABOUT THE BOARD

CEFC ANNUAL REPORT / 2014–15

ABOUT THE BOARD

The Corporation is governed by a Board consisting of a Chair and between four and six other Members, each appointed by the Responsible Ministers to act on a part time basis.

The Board has adopted a charter which sets out its roles and responsibilities. In addition, the Board had two separately chartered Committees during the financial year as follows:

  1. Audit and Risk Committee – which supervises financial governance, financial performance, audit, annual reporting, compliance and risk management.

  2. Remuneration and Human Resources (HR) Committee – which supervises workforce staffing, performance evaluation and monitoring, as well as remuneration and succession planning for the CEFC Executive.

Board Committee membership

Each of the Board Members, other than the Chair, serves on one of the Board Committees, either as a Committee Chair or Member. Committee meetings are open to all Board Members to attend, but only Committee Members have voting rights.

Committee memberships of the Board Members throughout the 2014–2015 year are outlined in Figure 23.

Figure 23: Board Committee Memberships 2014–15

Board Member Remuneration & Human Resources Committee Audit & Risk Committee
Jillian Broadbent AO
Paul Binsted   Committee Chair
Michael Carapiet Committee Chair (to 21/08/2015); Committee Member (21/08/2015-)  
Ian Moore   Committee Member
Anna Skarbek Committee Member  
Andrew Stock Committee Member (to 21/08/2015); Committee Chair (21/08/2015-)  
Martijn Wilder AM   Committee Member

    

Figure 24: Board Member attendance at meetings 2014–15

  Board Meetings Remuneration & Human Resources Committee Meetings Audit & Risk Committee Meetings
Board Member No. Attended No. Eligible to Attend No. Attended No. Eligible to Attend No. Attended No. Eligible to Attend
Jillian Broadbent AO 12 12        
Paul Binsted 11 12     5 5
Michael Carapiet 10 12 5 5    
Ian Moore 10 12     3 5
Anna Skarbek 11 12 5 5    
Andrew Stock 11 12 5 5    
Martijn Wilder AM 11 12     4 5

Meeting attendance by Board Members

In 2014–15 there were 12 Board meetings and a further 10 Board Committee meetings.

Figure 24 outlines the attendance record of each member of the CEFC Board at the 12 Board and 10 Board Committee meetings held during 2014–15. Please note that for Committees, only attendance of actual Members of each Committee is recorded in this figure (although all Board members are entitled to attend any meeting of a Committee).

Board Member remuneration and allowances

Under the CEFC Act and the Remuneration Tribunal Act 1974, remuneration for Board members is determined independently by the Australian Government Remuneration Tribunal. Throughout 2014–15, the following Remuneration Tribunal Determinations were in effect and are reflected in the Figure 25.

Under both determinations, Board members were remunerated annually (rather than per day or by meeting) as outlined in Figure 26. The amount did not change in 2014–15.

In addition, superannuation is payable on these amounts at the rate of 9.5 per cent in accordance with the Superannuation Guarantee Charge Act 1992. Actual amounts paid to each Board member during the reporting period are specified in Note 11 in the Financial Statements.

Travel allowance is also payable under the Remuneration Tribunal determinations and these are set by a separate Remuneration Tribunal Determination 2013/16 – Official Travel by Office Holders (as amended). Interpretation of the 2013/16 Determination was affected by other Policies of the Australian Government.

Board Member professional development and performance evaluation

During the reporting period, legislation to abolish the CEFC was before the Parliament and, in the circumstances, the CEFC Board chose not to undertake a formal performance review.

In the 2014–15 year, the Board identified a need for deeper understanding of developments in the clean energy technology sector and conducted technology ‘deep- dive’ sessions examining solar thermal and hydrogen technologies. A further ‘deep-dive’ session considered electricity and gas pricing forecasts. During the year the Board also kept itself informed of legislative developments, with a particular focus on the Renewable Energy Target and the Emissions Reduction Fund.

Figure 25: Remuneration Tribunal determinations for Board Member remuneration 2014–15

Determination Title

Date of Effect

Remuneration Tribunal Determination 2014/08 – Remuneration and Allowances for Holders of Part-Time Public Office

From 1 July 2015 to 11 May 2015

Remuneration Tribunal Determination 2015/08 – Remuneration and Allowances for Holders of Part-Time Public Office

From 11 May 2015

 

Figure 26: Rates of Board Member remuneration 2014–15

Office

Annual Remuneration

Chair

$102,400

Board Member

$51,200