is a body corporate with perpetual succession; and

must have a seal; and

may acquire, hold and dispose of real and personal property; and

may sue and be sued in its corporate name.

Seal

take judicial notice of the imprint of the seal of the Board appearing on a document; and

presume that the document was duly sealed.

a Chair;

6 other members.

substantial experience or expertise; and

professional credibility and significant standing;

in at least one of the following fields:

investing in financial assets;

the management of investments in financial assets;

corporate governance.

an employee of the Commonwealth; or

an employee of a statutory authority of the Commonwealth; or

an employee of a Commonwealth company; or

the holder of a full-time office under a law of the Commonwealth.

the Board member:

becomes bankrupt; or

applies to take the benefit of any law for the relief of bankrupt or insolvent debtors; or

compounds with his or her creditors; or

makes an assignment of his or her remuneration for the benefit of his or her creditors; or

the Board member is absent, except on leave of absence, from 3 consecutive meetings of the Board; or

the Board member contravenes section 56, 57, 58, 59, 60, 61 or 62; or

the Board member fails, without reasonable excuse, to comply with section 68, 69 or 71; or

the responsible Ministers are satisfied that the performance of the Board member has been unsatisfactory for a significant period.

during a vacancy in the office of Chair, whether or not an appointment has previously been made to the office; or

during any period, or during all periods, when the Chair is absent from duty or Australia, or is, for any reason, unable to perform the duties of the office.

Acting Board member (other than the Chair)

during a vacancy in the office of a Board member (other than the Chair), whether or not an appointment has previously been made to the office; or

during any period, or during all periods, when a Board member (other than the Chair) is absent from duty or Australia, or is, for any reason, unable to perform the duties of the office.

Qualifications

the Chair; or

a Board member (other than the Chair);

unless the person is eligible for appointment as a Board member.

may convene a meeting at any time; and

must convene a meeting within 30 days after receiving a written request from another Board member.

a Board member nominated by the Chair is to preside; or

if no Board member is so nominated—the Board members present are to elect one of their number to preside.

section 71 prevents one or more Board members from participating in the deliberations, or decisions, of the Board with respect to a particular matter; and

as a result, there is no longer a quorum present; and

there are in attendance at least 3 other Board members who would be counted in determining whether a quorum is present;

those other Board members constitute a quorum for the purpose of any deliberation or decision at that meeting with respect to that matter.

the Board has determined:

that resolutions may be passed in accordance with this section; and

the method by which Board members are to indicate agreement with a resolution proposed to be passed in accordance with this section; and

without meeting, a majority of the Board members indicate agreement with the resolution in accordance with the method determined by the Board; and

the majority would have constituted a quorum at a meeting of the Board; and

either:

all the Board members were informed of the resolution; or

reasonable efforts were made to inform all the Board members of the resolution.

prepare a report about one or more specified matters relating to the performance of the Board’s functions under this Act; and

give copies of the report to the nominated Minister within the period specified in the notice.

Information

prepare a document setting out specified information relating to the performance of the Board’s functions under this Act; and

give copies of the document to the nominated Minister within the period specified in the notice.

Compliance

a report under subsection (1); or

a document under subsection (2).

Reports and documents

(aa) the Future Drought Fund Act 2019; and

(b) the DisabilityCare Australia Fund Act 2013; and

(ba) the Disaster Ready Fund Act 2019; and

(bb) the Housing Australia Future Fund Act 2023; and

(c) the Medical Research Future Fund Act 2015; and

(d) the Aboriginal and Torres Strait Islander Land and Sea Future Fund Act 2018.

to prepare a periodic investment report for each reporting day; and

(b) to make the report available on the internet throughout the period (the publication period) ascertained in accordance with the reporting rules.

relates to the investments held by or on behalf of the Board (whether under this Act or any other Act) as at the end of the reporting day; and

sets out such information as is specified in the reporting rules.

beginning at the start of a reporting day; and

ending at the start of the next reporting day;

must be at least 6 months.

send the draft reporting rules or amendments to the Board; and

invite the Board to make a submission to the nominated Minister on the draft reporting rules or amendments, as the case may be, within a time limit specified by the nominated Minister; and

consider any submission that is received from the Board within that time limit.

the nominated Minister makes or amends reporting rules; and

the Board made a submission to the nominated Minister on a draft of the reporting rules or amendments, as the case may be, within the time limit specified by the nominated Minister;

the submission is to be tabled in each House of the Parliament with the reporting rules or amendments, as the case may be.

were a Board member in the Board’s circumstances; and

occupied the office held by, and had the same responsibilities within the Board as, the Board member.

Business judgment rule

makes the judgment in good faith for a proper purpose; and

does not have a material personal interest in the subject matter of the judgment; and

informs himself or herself about the subject matter of the judgment to the extent he or she reasonably believes to be appropriate; and

rationally believes that the judgment is in the best interests of performing the functions of the Board.

The Board member’s belief that the judgment is in the best interests of performing the functions of the Board is a rational one unless the belief is one that no reasonable person in his or her position would hold.

another provision of this Act; or

(aa) the Future Drought Fund Act 2019; or

(c) the DisabilityCare Australia Fund Act 2013; or

(ca) the Disaster Ready Fund Act 2019; or

(cb) the Housing Australia Future Fund Act 2023; or

(d) the Medical Research Future Fund Act 2015; or

(e) the Aboriginal and Torres Strait Islander Land and Sea Future Fund Act 2018;

requires the Board member to do.

another provision of this Act; or

(aaa) the Future Drought Fund Act 2019; or

(ab) the DisabilityCare Australia Fund Act 2013; or

(aba) the Disaster Ready Fund Act 2019; or

(abb) the Housing Australia Future Fund Act 2023; or

(ac) the Medical Research Future Fund Act 2015; or

(ad) the Aboriginal and Torres Strait Islander Land and Sea Future Fund Act 2018; or

(b) the Public Governance, Performance and Accountability Act 2013; or

(c) rules or any other legislative instrument made under the Public Governance, Performance and Accountability Act 2013;

requires the Chair to do.

the person is required to give assistance under subsection (1); and

the person does not comply with the requirement.

it appears to the Finance Minister that someone other than the person required to assist may have contravened the civil penalty provision; and

the Finance Minister suspects or believes that the person required to assist can give information relevant to the application.

conduct involving a wilful breach of duty in relation to the Board; or

a contravention of section 58 or 59.

This subsection applies to a premium whether it is paid directly or through an interposed entity.

subsection 56(1) (care and diligence);

section 57 (good faith);

section 58 (use of position);

section 59 (use of information).

the Finance Minister is an authorised applicant; and

the Federal Court of Australia and each Supreme Court of a State or Territory is a relevant court.

the court is satisfied that the person has contravened the civil penalty provision; and

the contravention:

materially prejudices the interests of the Board; or

materially prejudices the ability of the Board to pay its creditors; or

is serious.

paragraph 92(1)(a) and subsection 92(2) to the extent that it relates to that paragraph (which deal with ancillary contraventions of civil penalty provisions);

section 94 (which deals with state of mind);

section 96 (which deals with exceptions etc. to civil penalty provisions—burden of proof).

the person has contravened a civil penalty provision in this Act; and

the damage resulted from the contravention.

The order must specify the amount of the compensation.

Damage includes profits

the Finance Minister;

some other person authorised in writing by the Finance Minister under this paragraph to make the application;

the Board.

any of the following apply:

(i) a court orders the Board member to pay a pecuniary penalty under Regulatory Powers (Standard Provisions) Act 2014 for contravening a civil penalty provision in this Act;section 82 of the

a court orders the Board member to compensate the Board under section 67B of this Act;

the relevant court is otherwise satisfied that a Board member has contravened a civil penalty provision in this Act; and

the court is satisfied that the disqualification is justified.

the Finance Minister;

some other person authorised in writing by the Finance Minister, under this paragraph, to make the application.

An authorisation for the purposes of paragraph (b) may relate to applications in relation to specified contraventions, or to all contraventions, of civil penalty provisions.

the person’s conduct as a Board member; and

any other matters that the court considers appropriate.

Offence for contravening disqualification order

such a disqualification is in force against the person; and

the person holds a disqualifiable position.

a condition or restriction is imposed under subsection (2) in relation to a person; and

the person contravenes the condition or restriction.

proceedings referred to in subsection (5) are brought against the person; and

in the proceedings it appears to the court that:

the person has or may have contravened a civil penalty provision, or the person is or may be liable in relation to the negligence, default or breach, but the person has acted honestly; and

having regard to all the circumstances of the case, the person ought fairly to be excused for the contravention, negligence, default or breach.

a reference in that subsection to the court is a reference to the judge; and

the relief that may be granted includes withdrawing the case in whole or in part from the jury and directing judgment to be entered for the defendant on such terms as to costs as the judge thinks appropriate.

are:

proceedings in relation to a contravention of a civil penalty provision in this Act (including proceedings for a compensation order under section 67B); or

civil proceedings for negligence, default, breach of trust or breach of duty in a person’s capacity as a Board member or a member of staff of the Agency; and

do not include proceedings for an offence against this Act (except to the extent that the proceedings relate to the question of whether the court should make an order under section 67B).

the interest relates to a contract that insures, or would insure, the Board member against liabilities the Board member incurs as a Board member (but only if the contract does not make the Board the insurer); or

all the following conditions are satisfied:

the Board member has already given notice of the nature and extent of the interest and its relation to the affairs of the Board under subsection (1);

if a person who was not a Board member at the time when the notice under subsection (1) was given is appointed as a Board member—the notice is given to that person;

the nature or extent of the interest has not materially increased above that disclosed in the notice; or

the Board member has given a standing notice of the nature and extent of the interest under section 69 and the notice is still effective in relation to the interest.

give details of:

the nature and extent of the interest; and

the relation of the interest to the affairs of the Board; and

be given at a Board meeting as soon as practicable after the Board member becomes aware of his or her interest in the matter.

The details must be recorded in the minutes of the meeting.

Effect of contravention by Board member

give details of the nature and extent of the interest; and

be given:

at a Board meeting (either orally or in writing); or

to the other Board members individually in writing.

The standing notice is given under subparagraph (b)(ii) when it has been given to every Board member.

Standing notice must be tabled at meeting if given to Board members individually

takes effect as soon as it is given; and

ceases to have effect if a person who was not a Board member at the time when the notice was given is appointed as a Board member.

A standing notice that ceases to have effect under paragraph (b) commences to have effect again if it is given to the person referred to in that paragraph.

Effect of material increase in nature or extent of interest

be present while the matter is being considered at the meeting; or

vote on the matter;

unless:

subsection (2) or (3) allows the Board member to be present; or

the interest does not need to be disclosed under section 68.

Participation with approval of other Board members

identifies the Board member, the nature and extent of the Board member’s interest in the matter and its relation to the affairs of the Board; and

states that those Board members are satisfied that the interest should not disqualify the Board member from voting or being present.

Participation with Ministerial approval

this section; or

a condition attached to a declaration or order made by the responsible Ministers under section 72;

does not affect the validity of any resolution.

the number of Board members entitled to be present and vote on the matter would be less than the quorum for a Board meeting if the Board member were not allowed to vote on the matter at the meeting; and

the matter needs to be dealt with urgently, or if there is some other compelling reason for the matter being dealt with at the Board meeting.

apply to all or only some of the Board members; or

specify conditions that the Board or Board member must comply with.

the Chair; and

the staff of the Future Fund Management Agency.

the Agency is a listed entity; and

the Chair is the accountable authority of the Agency; and

the following persons are officials of the Agency:

the Chair;

the staff of the Future Fund Management Agency;

consultants engaged under subsection 78(1);

persons whose services are made available to the Agency under subsection 78(3); and

the purposes of the Agency include the functions of the Agency referred to in section 75.

to make such arrangements as are necessary to give effect to the decisions of the Board;

to provide administrative services to the Board;

to provide information to the Board;

to advise the Board about the performance of any of the Board’s functions;

to make resources and facilities (including meeting facilities, communication facilities, secretariat services and clerical assistance) available to the Board;

such other functions as are conferred on the Agency by this Act;

to do anything incidental to or conducive to the performance of any of the above functions.

the Chair and the staff of the Agency together constitute a Statutory Agency; and

the Chair is the Head of that Statutory Agency.

(a) by officers and employees of Agencies (within the meaning of the Public Service Act 1999); or

by officers and employees of authorities of the Commonwealth; or

by employees of Commonwealth companies;

whose services are made available to the Agency in connection with the performance of any of its functions.

the Board and the Agency were a single Commonwealth entity; and

the Chair were the accountable authority of that single Commonwealth entity; and

an annual report given to the Minister under section 46 of that Act were an annual report for that single Commonwealth entity; and

the nominated Minister were the responsible Minister; and

if the Agency is a listed entity for the purposes of that Act—the Agency were not a Commonwealth entity in its own right.

Division 3 of Part 2-3 (which deals with performance of Commonwealth entities);

Division 4 of Part 2-3 (which deals with financial reporting and auditing for Commonwealth entities), except section 44;

Division 5 of Part 2-3 (which deals with audit committees for Commonwealth entities);

Division 6 of Part 2-3 (which deals with annual reports for Commonwealth entities).

a single set of accounts and records for both the Board and the Agency; and

a single set of annual financial statements in relation to both the Board and the Agency; and

auditing of the single set of annual financial statements; and

a single audit committee for both the Board and the Agency.

the performance of the investments of the Fund; and

the total amount debited from the Fund Account for the purpose mentioned in paragraph 2(1)(f) of Schedule 2; and

the total amount debited from the Fund Account for the purpose mentioned in paragraph 2(2)(d) of Schedule 2; and

the total amount debited from the Fund Account for the purpose mentioned in paragraph 2(2)(e) of Schedule 2; and

the total amount debited from the Fund Account for the purpose mentioned in paragraph 2(2)(f) of Schedule 2; and

the total amount debited from the Fund Account for the purpose mentioned in paragraph 2(2)(g) of Schedule 2;

during the period.

Future Drought Fund

(1AA) A report under subsection (1) for a period must include a report of the following during the period:

the performance of the investments of the Future Drought Fund;

(b) the total amount debited from the Future Drought Fund Special Account for the purpose mentioned in paragraph 16(d) of the Future Drought Fund Act 2019;

(c) the total amount debited from the Future Drought Fund Special Account for the purpose mentioned in paragraph 17(d) of the Future Drought Fund Act 2019;

(d) the total amount debited from the Future Drought Fund Special Account for the purpose mentioned in paragraph 17(e) of the Future Drought Fund Act 2019;

(e) the total amount debited from the Future Drought Fund Special Account for the purpose mentioned in paragraph 17(f) of the Future Drought Fund Act 2019.

DisabilityCare Australia Fund

the performance of the investments of the DisabilityCare Australia Fund; and

(b) the total amount debited from the DisabilityCare Australia Fund Special Account for the purpose mentioned in paragraph 15(d) of the DisabilityCare Australia Fund Act 2013; and

(c) the total amount debited from the DisabilityCare Australia Fund Special Account for the purpose mentioned in paragraph 16(d) of the DisabilityCare Australia Fund Act 2013; and

(d) the total amount debited from the DisabilityCare Australia Fund Special Account for the purpose mentioned in paragraph 16(e) of the DisabilityCare Australia Fund Act 2013; and

(e) the total amount debited from the DisabilityCare Australia Fund Special Account for the purpose mentioned in paragraph 16(f) of the DisabilityCare Australia Fund Act 2013;

during the financial year.

Disaster Ready Fund

(1DA) A report under subsection (1) for a period must include a report of the following during the period:

the performance of the investments of the Disaster Ready Fund;

(b) the total amount debited from the Disaster Ready Fund Special Account for the purpose mentioned in paragraph 15(d) of the Disaster Ready Fund Act 2019;

(c) the total amount debited from the Disaster Ready Fund Special Account for the purpose mentioned in paragraph 16(d) of the Disaster Ready Fund Act 2019;

(d) the total amount debited from the Disaster Ready Fund Special Account for the purpose mentioned in paragraph 16(e) of the Disaster Ready Fund Act 2019;

(e) the total amount debited from the Disaster Ready Fund Special Account for the purpose mentioned in paragraph 16(f) of the Disaster Ready Fund Act 2019.

Housing Australia Future Fund

(1DB) A report under subsection (1) for a period must include a report of the following during the period:

the performance of the investments of the Housing Australia Future Fund;

(b) the total amount debited from the Housing Australia Future Fund Special Account for the purpose mentioned in paragraph 13(d) of the Housing Australia Future Fund Act 2023;

(c) the total amount debited from the Housing Australia Future Fund Special Account for the purpose mentioned in paragraph 14(d) of the Housing Australia Future Fund Act 2023;

(d) the total amount debited from the Housing Australia Future Fund Special Account for the purpose mentioned in paragraph 14(e) of the Housing Australia Future Fund Act 2023;

(e) the total amount debited from the Housing Australia Future Fund Special Account for the purpose mentioned in paragraph 14(f) of the Housing Australia Future Fund Act 2023.

Medical Research Future Fund

the performance of the investments of the Medical Research Future Fund;

(b) the total amount debited from the Medical Research Future Fund Special Account for the purpose mentioned in paragraph 18(d) of the Medical Research Future Fund Act 2015;

(c) the total amount debited from the Medical Research Future Fund Special Account for the purpose mentioned in paragraph 19(d) of the Medical Research Future Fund Act 2015;

(d) the total amount debited from the Medical Research Future Fund Special Account for the purpose mentioned in paragraph 19(e) of the Medical Research Future Fund Act 2015;

(e) the total amount debited from the Medical Research Future Fund Special Account for the purpose mentioned in paragraph 19(f) of the Medical Research Future Fund Act 2015.

Aboriginal and Torres Strait Islander Land and Sea Future Fund

the performance of the investments of the Aboriginal and Torres Strait Islander Land and Sea Future Fund;

(b) the total amount debited from the Aboriginal and Torres Strait Islander Land and Sea Future Fund Special Account for the purpose mentioned in paragraph 15(d) of the Aboriginal and Torres Strait Islander Land and Sea Future Fund Act 2018;

(c) the total amount debited from the Aboriginal and Torres Strait Islander Land and Sea Future Fund Special Account for the purpose mentioned in paragraph 16(d) of the Aboriginal and Torres Strait Islander Land and Sea Future Fund Act 2018;

(d) the total amount debited from the Aboriginal and Torres Strait Islander Land and Sea Future Fund Special Account for the purpose mentioned in paragraph 16(e) of the Aboriginal and Torres Strait Islander Land and Sea Future Fund Act 2018;

(e) the total amount debited from the Aboriginal and Torres Strait Islander Land and Sea Future Fund Special Account for the purpose mentioned in paragraph 16(f) of the Aboriginal and Torres Strait Islander Land and Sea Future Fund Act 2018.

Benchmarks

the Drought Minister;

the Health Minister;

(daa) the Emergency Management Minister;

the Housing Minister;

the Social Services Minister;

the Veterans’ Affairs Minister;

the Indigenous Affairs Minister;

(ea) the National Disability Insurance Minister.