As a corporate Commonwealth entity, Coal LSL is subject to the Public Governance, Performance and Accountability Act 2013 (PGPA Act).
The basis of management is determined by Coal LSL’s governing legislation and policies approved by the Board of Directors. Coal LSL’s policies include an investment policy and investment strategy for the investment of the fund’s assets.
Specialist services such as internal audit, actuarial services, legal counsel and asset consultants are retained under contract on an as-required basis.
For risk management, all investments are held by the Master Custodian who is also responsible for ensuring that investment managers only invest in accordance with the strict investment strategy given to them by Coal LSL.
Coal LSL is subject to a range of accountability and reporting obligations, some of which are outlined in the following pages.
The Board of six directors manage the Fund’s administration and is appointed by the responsible federal minister. Directors hold office on a part-time basis and comprise:
More information about our Board is available in the latest annual report.
Coal LSL engages a range of professional organisations, in addition to investment managers, to assist in administering the Fund.
Under Senate Order 13, Commonwealth entities are required to be transparent about contracts with a value of $100,000 (including GST) or more and which:
As a corporate Commonwealth entity, Coal LSL is subject to the Harradine Motion, a Senate Order that was passed in May 1996 to make government operations more transparent to the Australian public.
The Harradine Motion requires each Minister in the Senate, in respect of each department or agency administered by that Minister, to table a letter of advice before parliament which states that an indexed list of the titles of all relevant files created by the department or agency in the preceding six months has been placed on the internet.
This means we are required to submit a return twice a year. Additionally, we are required to provide access to an indexed list of the names of relevant files created relating to policy advising functions, the development of legislation and matters of public administration.
There were no files created during 2018–19. The following files were created in previous reporting periods:
In 2019 the PGPA Rule was amended to require all Commonwealth entities to publish their annual report using a digital annual reporting tool (DART) administered by the Finance Minister. The DART collates and publishes reports to one web page, Transparency Portal. A copy of Coal LSL’s digital annual report can be found there. Currently, an additional hard copy is also required to be tabled in Parliament, as per previous years.