Planning and reporting

Programs managed by NCEs that are classified as SIVs should refer to the guidance on Notification of material disclosures and Portfolio dashboard reporting as it applies to investments or the investment portfolio under the program (note that a separate corporate plan, annual report or other periodic reporting is not required).

Planning and reporting should be prepared in accordance with the relevant legislative and reporting framework requirements to promote transparency and accountability.

Planning and reporting requirements for SIVs are contained in: 

  • the PGPA Act 
  • the PGPA Rule 
  • enabling legislation where relevant 
  • other applicable legislation and agreements.

Guidance supporting these requirements is detailed in RMG-132 Corporate plans for Commonwealth entities and RMG-136 Annual Reports for corporate Commonwealth entities. This guidance outlines the procedures for corporate planning and annual reporting.

The responsible minister(s) and Finance Minister may request reports, documents and information on the activities of the SIV or any of its subsidiaries at any time, as per section 19(1)(b) of the PGPA Act.

Corporate plans

Draft corporate plans are to be shared with the responsible minister(s) and Finance Minister.

Guidance for preparing corporate plans can be found in RMG-132.  

The board as the accountable authority of a SIV should provide the responsible minister(s) and Finance Minister with a draft corporate plan by 30 June each year. Responsible departments and Finance may seek clarification of the information provided or request certain amendments within 10 business days of the corporate plan being provided. Where amendments are suggested, they are subject to the agreement of the entity’s accountable authority. 

Annual reports

Annual reports should contain additional information stipulated in this guidance.

Guidance for preparing annual reports can be found in RMG-136. 

SIVs should include the following information in annual reports in addition to the requirements set out in RMG-136 and their enabling legislation: 

  • confirmation of CEO performance evaluations 
  • confirmation of succession planning for senior executives. 

The board as the accountable authority of a SIV should provide a draft annual report to the responsible minister(s) and Finance Minister by 30 September to assist with meeting tabling requirements. Responsible departments and Finance may seek clarification of the information provided. 

Periodic reporting

Periodic reporting should be shared concurrently with the responsible minister(s) and Finance Minister.

Where SIVs provide periodic reporting to the responsible minister(s) in line with legislative requirements, this reporting should be provided concurrently to the Finance Minister for information purposes.

Portfolio departments, Finance, responsible minister(s) and the Finance Minister may elect to respond to the Chair with specific comments on periodic reports. 

Notification of material disclosures

Finance and portfolio departments must be notified of any material disclosures as they emerge or are discovered.

Finance and portfolio departments are to be informed of any significant risks or events that may have a material impact on the SIV or impacts beyond the SIV (such as for the Government or other SIVs) as they emerge or as soon as practicable. These include, but are not limited to: 

  • any significant issue that is reportable to the responsible minister(s) and Finance Minister under section 19 of the PGPA Act in accordance with RMG-214 Notification of significant non-compliance with the finance law
  • any newly identified significant reputational risk to the Government or the SIV
  • material aggregated risks, both financial and operational, that could have a material impact on the Government (for example, a material increase in the rate of troubled or failed loans) 
  • significant risks or events that could impact the broader SIV portfolio 
  • material legal proceedings commenced by or against the SIV 
  • financial risks that impact the Government’s prudential management under the Charter of Budget Honesty Act 1998. 

Significant anomalies or changes within the portfolio, particularly where a high level of exposure exists, should also be reported to Finance to support oversight and scoping of any whole-of-government implications. 

Reporting of significant events and anomalies should include an analysis of the severity and any proposed or existing treatments. SIVs, responsible departments and Finance should work together on any process or plan for remediation, where necessary and appropriate. 

Portfolio dashboard reporting

Provide portfolio dashboard reporting to inform the Commonwealth’s risk exposure and performance of SIVs.

A consolidated view of the SIV landscape, including the Commonwealth’s exposure to risk, SIV performance, deployment of capital and liquidity needs is required to ensure the continued accountability and effectiveness of the SIVs portfolio. It also assists with key government policy decisions (including at Budget and MYEFO). To support this, SIVs will provide half yearly reporting to Finance on key commercial and policy metrics. 

Metrics that are not relevant to a particular SIV do not apply. 

Data that will be captured includes: 

Category Metrics captured  Question to be answered 
Composition 

Provides the scope and mix of SIV investment, including total funds committed and deployed. 

 

How is the portfolio exposed (for example, across sectors, types of investments, geographies and counterparties)?
Policy Impact 

Demonstrates policy-related effectiveness of the portfolio including performance against policy goals. 

 

How are SIVs meeting policy objectives? 
Commercial Performance 

Demonstrates risk-weighted commercial performance of the portfolio, including financial performance and risk across the portfolio. 

 

What return is the portfolio achieving? 
Operational Performance 

Demonstrates basic fund management effectiveness and efficiency of the portfolio, including operational effectiveness and efficiency. 

 

How effectively and efficiently is the portfolio being managed? 
Treasury Function/Liquidity 

Provides operational information to assist in understanding capital requirements, including historical and anticipated trajectory of funds in the pipeline. 

  

Are there future capital requirements across the portfolio? 

Half yearly frequency to ensure consistency and comparability 

To develop a portfolio view and ensure that data is captured in a consistent and comparable manner, Finance will provide a standardised template to SIVs no later than 6 weeks after the end of each half year. SIVs will have 2 weeks to return the required data to Finance for aggregation. 

Consistent reporting at an aggregate level is required to effectively manage the Government’s investment in SIVs and inform government decisions that impact the SIV portfolio. 

Finance recognises that the performance of SIVs is the responsibility of the accountable authority and that the nature of the information it collects on individual investments is commercially sensitive. Where appropriate, Finance may publicly release high-level aggregated portfolio data, provided it is not possible to identify any individual SIV portfolio or counter-party information, unless already in the public domain. 

Finance will also endeavour to ensure any information is de-identified prior to any public release and will consult with the affected SIVs in advance. Finance data publication processes are intended to avoid a breach of confidentiality and secrecy restrictions entered into by any SIVs or disclose market sensitive data. 


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