Corporate governance in Finance focuses on providing a streamlined decision-making framework to encourage responsiveness to Government, while ensuring the Department's sustainability and accountability.

Our core organisational values underpin Finance's corporate governance framework:

• our Ministers are our customers;
  
  
• performance driven;
  
  
• responsive, adaptable and open to change;
  
  
• absolute integrity and the highest ethical standards.

Finance's organisational values and behaviours, which were introduced in 1997 and are detailed in Chapter 2, are augmented by the provisions of the Public Service Act 1999. Together these work in concert to provide a sound basis for Finance's corporate governance framework.

SENIOR MANAGEMENT COMMITTEES AND THEIR ROLES

Management Board

The Management Board is Finance's peak decision-making body. It is chaired by the Departmental Secretary, and all General Managers are members. The Board establishes strategic directions and manages the Department's overall performance. It meets weekly, and holds a quarterly off-site meeting to discuss longer-term strategic issues.

Management Board:

• Peter Boxall (Chair)
• Stephen Bartos
• Phil Bowen
• Alastair Hodgson
• Jan Mason
• Dominic Staun (Chief Financial Officer)
• Lembit Suur
• Diana Wright

Audit Committee

The Audit Committee reviews, monitors and recommends improvements to internal control and financial reporting processes, and oversees Finance's internal and external audit processes. It provides independent advice to the Secretary and Management Board on matters pertaining to Finance's accountability and financial responsibility.

In 2000–01, the Audit Committee worked towards strengthening the corporate governance arrangements in Finance. This included significantly restructuring the arrangements for internal audit services at Finance, working closely with the ANAO (Finance's external auditors), overseeing the development of a risk-based Internal Audit Plan and the related conduct of risk-focussed audits and reviews, and managing improvements in the internal audit recommendation and reporting mechanisms. These developments position the Audit Committee well to continue to assist Finance in the areas of internal control and corporate governance in the future.

The new Internal Audit Plan was approved by Management Board on 28 February 2001. The Internal Audit Unit works actively with management to assist in identifying potential risks.

Audit Committee:

• Phillip Prior (Chair)
• Phil Bowen
• Judy Costello
• Jim Kropp (Independent Member)
• Dominic Staun (Chief Financial Officer)

Remuneration Committee

Finance established a Remuneration Committee in August 1999. This Committee reviews new Australian Workplace Agreements (AWAs) and variations to existing remuneration arrangements (including those under the Certified Agreement and AWAs). It also considers other remuneration and employment issues, such as superannuation and executive vehicles. The Departmental Secretary chairs the Committee, and its membership includes two General Managers, and the General Managers of the Corporate and Financial Management Groups as ex-officio members.

Remuneration Committee:

• Peter Boxall (Chair)
• Stephen Bartos
• Phil Bowen
• Dominic Staun (Chief Financial Officer)
• Lembit Suur

Leadership Development Committee

In August 2000 the Management Board established a Leadership Development Committee (LDC), to ensure Finance maintains its focus on leadership development, learning and growing. The LDC meets once a month and is chaired by the Departmental Secretary.

The Committee is responsible for the Department's Future Leaders Programme, which is delivered in partnership with PricewaterhouseCoopers (PwC). Further information on this programme is provided in Chapter 7.

Leadership Development Committee:

• Peter Boxall (Chair)
• Christine Farrell (PwC)
• Roger Fisher
• Jim Kerwin
• Barbara Sullivan
• Lembit Suur

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