{"id":"superannuation-funds-management-corporation-of-south-australia-act-1995","name":"Superannuation Funds Management Corporation of South Australia Act 1995","slug":"superannuation-funds-management-corporation-of-south-australia-act-1995","collection":"act","jurisdiction":"sa","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":110381,"registerId":"sa-superannuation-funds-management-corporation-of-south-australia-act-1995-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Superannuation Funds Management Corporation of South Australia Act 1995","content":"South Australia\nSuperannuation Funds Management Corporation of South Australia Act 1995\nAn Act relating to the Superannuation Funds Management Corporation of South Australia; and for other purposes.\n\nContents\nPart 1—Preliminary\n1\tShort title\n3\tInterpretation\nPart 2—Superannuation Funds Management Corporation of South Australia\n4\tContinuation in existence of Corporation\n5\tFunctions of the Corporation\n5A\tInvestment and management of public funds\n6\tPowers of the Corporation\n7\tObject of the Corporation in performing its functions\n8\tCommon seal and execution of documents\nPart 3—The board of directors\n9\tEstablishment of the board\n10\tConditions of membership\n11\tVacancies or defects in appointment of directors\n12\tRemuneration\n13\tBoard proceedings\nPart 4—Chief executive officer\n19\tChief executive officer\nPart 5—Performance by the Corporation of its functions\n20\tPerformance plan\n20A\tPerformance plan in relation to approved authority\n20B\tOther performance plans\n21\tDirection of Minister\n22\tProvision of information and records to Minister\n23\tNotification of disclosure to Minister of matter subject to duty of confidence\n24\tNo breach of duty to report matter to Minister\n25\tAdministration of section 3(3) funds\nPart 6—Accounting records and audit\n26\tAccounts\n27\tInternal audits and audit committee\n28\tExternal audit\nPart 7—Reports\n29\tProgress reports in relation to performance plan\n30\tAnnual reports\nPart 8—Miscellaneous\n31\tStaff of Corporation\n33\tDelegation\n35\tValidity of transactions of Corporation\n36\tPower to investigate Corporation's operations\n37\tTax and other liabilities of Corporation\n38\tProceedings for offences\n39\tRegulations\nSchedule 1—Transitional provision\nLegislative history\nAppendix—Divisional penalties and expiation fees\n\nThe Parliament of South Australia enacts as follows:\nPart 1—Preliminary\n1—Short title\nThis Act may be cited as the Superannuation Funds Management Corporation of South Australia Act 1995.\n3—Interpretation\n\t(1)\tIn this Act, unless the contrary intention appears—\napproved authority means a public authority to which an approval has been granted by the Minister under section 5A(3);\nassociate—see subsection (2);\nbeneficiary includes a person who is an object of a discretionary trust;\nthe board means the board of directors of the Corporation;\nchief executive officer means the person for the time being appointed to, or acting in, the office of chief executive officer under Part 4;\ncontributor means a person who is—\n\t(a)\ta contributor within the meaning of the Superannuation Act 1988 or the Police Superannuation Act 1990; or\n\t(b)\ta member or spouse member of the Southern State Superannuation Scheme; or\n\t(c)\ta person provided with investment services or other products or services pursuant to regulations under section 30(2)(g) of the Southern State Superannuation Act 2009;\nthe Corporation means the Superannuation Funds Management Corporation of South Australia continued in existence by this Act;\ndirector means a person appointed as a member of the board of the Corporation;\ndomestic partner means a person who is a domestic partner within the meaning of the Family Relationships Act 1975, whether declared as such under that Act or not;\neligible superannuation fund means a superannuation fund that is not a public sector superannuation fund but consists of money contributed by the Crown to provide a group of its employees with superannuation benefits;\nexecutive means the chief executive officer or any other employee of the Corporation who is concerned or takes part in the management of the Corporation;\nthe funds means—\n\t(a)\tthe public sector superannuation funds; and\n\t(b)\tthe nominated funds of each approved authority; and\n\t(c)\tthe funds (if any) established by the Corporation for the purposes of Schedule 3 of the Superannuation Act 1988;\nliability includes a contingent liability;\nnominated funds means funds of an approved authority nominated by the Minister and transferred to the Corporation in accordance with an approval under section 5A(3);\nprescribed interest has the same meaning as in the Corporations Law;\nprescribed public authority means a public authority that has been declared by regulation to be a prescribed public authority for the purposes of this definition;\npublic authority means—\n\t(a)\ta government department;\n\t(b)\ta Minister;\n\t(c)\ta statutory authority—\n\t(i)\tthat is an agency or instrumentality of the Crown; or\n\t(ii)\tthe accounts of which the Auditor-General is required by law to audit,\nand includes any body or person responsible for the management of an eligible superannuation fund and any other body or person brought within the ambit of this definition by the regulations;\npublic sector superannuation funds means—\n\t(a)\tthe Police Superannuation Fund; and\n\t(b)\tthe South Australian Superannuation Fund; and\n\t(c)\tthe Southern State Superannuation Fund; and\n\t(ca)\tthe Parliamentary Superannuation Fund; and\n\t(d)\tcontributions to be made by an employer pursuant to an arrangement under section 5 of the Superannuation Act 1988 where the arrangement requires that the contributions be invested and managed by the Corporation; and\n\t(e)\ta fund in relation to which a determination by the Minister under subsection (3) is in force; and\n\t(f)\tmoney received or held by the South Australian Superannuation Board in the provision of investment or other services that is to be invested by the Corporation in accordance with regulations made under the Southern State Superannuation Act 2009;\nrecord includes—\n\t(a)\tinformation stored or recorded by a computer or any other means; and\n\t(b)\ta computer tape or disk or any other device on or by which information is stored or recorded;\nrelative in relation to a person, means—\n\t(a)\tthe spouse, domestic partner, a parent or remoter linear ancestor; or\n\t(b)\ta son, daughter or remoter issue; or\n\t(c)\ta brother or sister,\nof the person;\nrelevant interest has the same meaning as in the Corporations Law;\nremuneration in relation to an office or employment, includes any benefit of pecuniary value attaching to the office or employment;\nspouse—a person is the spouse of another if they are legally married;\nthe superannuation boards means—\n\t(a)\tthe Police Superannuation Board; and\n\t(b)\tthe South Australian Superannuation Board.\n\t(2)\tFor the purposes of this Act, a person is an associate of another person if—\n\t(a)\tthe other person is a relative of the person or of the person's spouse or domestic partner; or\n\t(b)\tthe other person—\n\t(i)\tis a body corporate; and\n\t(ii)\tthe person or a relative of the person or of the person's spouse or domestic partner has, or two or more such persons together have, a relevant interest or relevant interests in shares in the body corporate the nominal value of which is not less than 10 per cent of the nominal value of the issued share capital of the body corporate; or\n\t(c)\tthe other person is a trustee of a trust of which the person, a relative of the person or of the person's spouse or domestic partner or a body corporate referred to in paragraph (b) is a beneficiary; or\n\t(d)\tthe person is declared by the regulations to be an associate of the other person.\n\t(3)\tThe Minister may determine a superannuation fund held by the Minister or, where the Minister is not the Treasurer, by the Treasurer to be a public sector superannuation fund for the purposes of this Act.\n\t(4)\tA fund referred to in subsection (3) must consist of money contributed by the Crown to provide a group of its employees with superannuation benefits.\n\t(5)\tThe Minister may revoke a determination under subsection (3) at any time.\nNote—\nFor definition of divisional penalties (and divisional expiation fees) see Appendix.\nPart 2—Superannuation Funds Management Corporation of South Australia\n4—Continuation in existence of Corporation\n\t(1)\tThe South Australian Superannuation Fund Investment Trust continues in existence under the name Superannuation Funds Management Corporation of South Australia.\n\t(2)\tThe Corporation—\n\t(a)\tis a body corporate; and\n\t(b)\thas perpetual succession and a common seal; and\n\t(c)\tcan sue and be sued in its corporate name; and\n\t(d)\thas the functions and powers assigned or conferred by or under this or any other Act.\n\t(3)\tThe Corporation is an instrumentality of the Crown.\n5—Functions of the Corporation\nThe functions of the Corporation are—\n\t(a)\tto invest and manage—\n\t(i)\tthe public sector superannuation funds; and\n\t(ii)\tthe nominated funds of approved authorities,\npursuant to strategies formulated by the Corporation;\n\t(ab)\tto invest and manage other funds (if any) established by the Corporation for the purposes of the operation of any Act pursuant to strategies formulated by the Corporation;\n\t(b)\tsuch other functions as are assigned to the Corporation by this or any other Act.\n5A—Investment and management of public funds\n\t(1)\tA prescribed public authority may apply to the Minister for approval to transfer certain of its funds to the Corporation for the purpose of investment and management of those funds on behalf of the authority.\n\t(2)\tThe Minister may determine the form and the manner in which an application is made under subsection (1).\n\t(3)\tOn receipt of an application under subsection (1), the Minister may—\n\t(a)\tgrant an approval to the applicant for transfer to the Corporation of such of the applicant's funds referred to in the application as are nominated by the Minister for the purposes of this section; or\n\t(b)\trefuse the application.\n\t(4)\tThe Minister must give written notice of a decision under subsection (3) to the applicant and the Corporation.\n\t(5)\tThe Corporation must invest and manage the funds of a public authority transferred to the Corporation following an approval by the Minister under subsection (3).\n\t(6)\tThe Corporation must, at the request of a public authority, transfer back to the public authority any funds of the public authority held by the Corporation pursuant to an approval under this section.\n6—Powers of the Corporation\n\t(1)\tSubject to subsection (2), the Corporation has all the powers of a natural person as well as the powers conferred on it by this or any other Act.\n\t(2)\tThe Corporation cannot borrow money or obtain any other form of financial accommodation unless authorised to do so by the regulations or by the Minister.\n7—Object of the Corporation in performing its functions\nThe object of the Corporation in performing its functions is to achieve the highest return possible on investment of the funds while having proper regard for—\n\t(a)\tthe need to maintain the risks relating to investment at an acceptable level; and\n\t(b)\tthe need for liquidity in the funds; and\n\t(c)\tsuch other matters as are prescribed by regulation.\n8—Common seal and execution of documents\n\t(1)\tThe common seal of the Corporation must not be affixed to a document except in pursuance of a decision of the board, and the affixing of the seal must be attested by the signatures of two directors.\n\t(2)\tThe Corporation may, by instrument under its common seal, authorise a director, the chief executive officer, any other employee of the Corporation (whether nominated by name or by office or title) or any other person to execute documents on behalf of the Corporation subject to conditions and limitations (if any) specified in the instrument of authority.\n\t(3)\tWithout limiting subsection (2), an authority may be given so as to authorise two or more persons to execute documents jointly on behalf of the Corporation.\n\t(4)\tA document is duly executed by the Corporation if—\n\t(a)\tthe common seal of the Corporation is affixed to the document in accordance with this section; or\n\t(b)\tthe document is signed on behalf of the Corporation by a person or persons in accordance with an authority conferred under this section.\nPart 3—The board of directors\n9—Establishment of the board\n\t(1)\tA board of directors is established as the governing body of the Corporation.\n\t(2)\tThe board consists of at least five but not more than seven members of whom—\n\t(a)\tone will be elected by the contributors; and\n\t(b)\tone will be appointed by the Governor on the nomination of the South Australian Government Superannuation Federation; and\n\t(c)\tthree, four or five will be appointed by the Governor on the nomination of the Minister.\n\t(3)\tEach of the directors elected or appointed under subsection (2) must—\n\t(a)\thave obtained a degree, diploma or other qualification with an emphasis on law, accountancy, economics, commerce, mathematics, statistics, investment or financial management from an institution of tertiary education; or\n\t(b)\thave had at least five years experience in—\n\t(i)\tthe investment and management of superannuation funds or other substantial sums of money; or\n\t(ii)\tbusiness management; or\n\t(iii)\tfinancial management in the banking sector; or\n\t(iv)\tasset management; or\n\t(v)\tauditing; or\n\t(vi)\tany other area that is relevant to the performance by the Authority of its functions,\nor at least five years experience in two or more of those areas.\n\t(4)\tThe director appointed on the nomination of the South Australian Government Superannuation Federation must have been selected by the Minister from a panel of three persons nominated by the Federation.\n\t(5)\tThe panel must have included at least one man and one woman.\n\t(6)\tIf the office of the director elected by the contributors or the director nominated by the South Australian Government Superannuation Federation becomes vacant, a person must, subject to section 10(5), be elected or appointed under this section to the vacant office.\n\t(7)\tIf, upon the office of a director becoming vacant (not being a director referred to in subsection (6)), the number of directors falls below five, a person must be appointed under this section to the vacant office.\n10—Conditions of membership\n\t(1)\tA director appointed by the Governor will be appointed for a term, not exceeding three years, specified in the instrument of appointment and will, at the expiration of a term of appointment, be eligible for reappointment.\n\t(2)\tSubject to this section, a director elected by the contributors will be elected for a term of three years and will, at the expiration of a term of office, be eligible for re-election.\n\t(3)\tThe first person elected by the contributors will be elected for a term that expires when the terms of office of the elected members of the South Australian Superannuation Board who hold office at the commencement of this Act expire.\n\t(4)\tA person elected, or appointed under subsection (5), to fill a casual vacancy in the office of the elected member will be elected or appointed for the balance of the term of his or her predecessor.\n\t(5)\tIf the office of the member elected by the contributors becomes vacant, the Governor may appoint to the vacant office a person nominated by the Public Service Association of South Australia Incorporated, the Australian Education Union (S.A. Branch) and the Police Association of South Australia.\n\t(6)\tThe Governor may remove a director from office—\n\t(a)\tfor misconduct; or\n\t(b)\tfor failure or incapacity to carry out the duties of his or her office satisfactorily; or\n\t(c)\twithout limiting paragraph (b)—for non-compliance by the director with a duty imposed by this Act.\n\t(7)\tThe office of a director becomes vacant if the director—\n\t(a)\tdies; or\n\t(b)\tcompletes a term of office and is not reappointed or re-elected; or\n\t(c)\tresigns by written notice to the Minister; or\n\t(d)\tbecomes bankrupt or applies to take the benefit of a law for the relief of insolvent debtors; or\n\t(e)\tis convicted of an indictable offence or sentenced to imprisonment for an offence; or\n\t(f)\tis removed from office under subsection (6).\n11—Vacancies or defects in appointment of directors\nAn act of the board is not invalid by reason only of a vacancy in its membership or a defect in the appointment or election of a director.\n12—Remuneration\n\t(1)\tA director is entitled to be paid such remuneration, allowances and expenses as may be determined by the Governor.\n\t(2)\tExcept with the approval of the Minister, a director is not entitled to any further remuneration in connection with—\n\t(a)\tmembership of the board of the Corporation; or\n\t(b)\tany appointment made by or at the direction of the board.\n\t(3)\tSubsection (2) does not apply to remuneration payable to a chief executive officer of the Corporation who is also a director.\n13—Board proceedings\n\t(1)\tIf the board consists of five members or less, a quorum of the board consists of three members.\n\t(2)\tIf the board consists of six or seven members, a quorum of the board consists of four members.\n\t(3)\tOne of the directors will be appointed by the Minister to preside at meetings of the board and that director will preside at each meeting of the board at which he or she is present.\n\t(4)\tIf the presiding director is absent from a meeting of the board, a director chosen by the directors present at the meeting will preside at the meeting.\n\t(5)\tA decision carried by a majority of the votes cast by directors at a meeting is a decision of the board.\n\t(6)\tEach director present at a meeting of the board has one vote on any question arising for decision and, if the votes are equal, the director presiding at the meeting may exercise a casting vote.\n\t(7)\tA conference by telephone or other electronic means between directors will, for the purposes of this section, be taken to be a meeting of the board at which the participating directors are present if—\n\t(a)\tnotice of the conference is given to all directors in the manner determined by the board for that purpose; and\n\t(b)\teach participating director is capable of communicating with every other participating director during the conference.\n\t(8)\tA proposed resolution of the board becomes a valid decision of the board despite the fact that it is not voted on at a meeting of the board if—\n\t(a)\tnotice of the proposed resolution is given to all directors in accordance with procedures determined by the board; and\n\t(b)\ta majority of the directors express their concurrence in the proposed resolution by letter, telex, facsimile transmission or other written communication setting out the terms of the resolution.\n\t(9)\tThe board must cause accurate minutes to be kept of its proceedings.\n\t(10)\tSubject to this Act, the board may determine its own procedures.\nPart 4—Chief executive officer\n19—Chief executive officer\n\t(1)\tThe Governor must appoint a person nominated by the board to be the chief executive officer of the Corporation.\n\t(2)\tThe board may nominate one of their number or any other suitable person.\n\t(3)\tThe chief executive officer will be appointed for a term, not exceeding five years, specified in the instrument of appointment and will, at the expiration of the term of appointment, be eligible for reappointment.\n\t(4)\tThe Governor may remove the chief executive officer from office—\n\t(a)\tfor misconduct; or\n\t(b)\tfor failure or incapacity to carry out the duties of his or her office satisfactorily; or\n\t(c)\twithout limiting paragraph (b)—for non-compliance by the chief executive officer with a duty imposed by this Act.\n\t(5)\tThe office of the chief executive officer becomes vacant if he or she—\n\t(a)\tdies; or\n\t(b)\tcompletes a term of office and is not reappointed; or\n\t(c)\tresigns by written notice to the Minister; or\n\t(d)\tbecomes bankrupt or applies to take the benefit of a law for the relief of insolvent debtors; or\n\t(e)\tis convicted of an indictable offence or sentenced to imprisonment for an offence; or\n\t(f)\tin the case of a chief executive officer who is also a director—ceases to be a director; or\n\t(g)\tis removed from office under subsection (4).\n\t(6)\tThe chief executive officer is entitled to be paid such remuneration, allowances and expenses as the board determines.\n\t(7)\tThe chief executive officer is an employee of the Corporation and is responsible to the board for the day to day management of the Corporation.\nPart 5—Performance by the Corporation of its functions\n20—Performance plan\n\t(1)\tThe Corporation must prepare a draft plan for each financial year in respect of the investment and management of the public sector superannuation funds for that year.\n\t(2)\tThe plan must set out—\n\t(a)\ta target for the rate of return on investment and management of the public sector superannuation funds; and\n\t(b)\tstrategies for the achievement of that target; and\n\t(c)\tthe anticipated operating costs to be incurred by the Corporation during the financial year; and\n\t(d)\tthe factors that, in the opinion of the Corporation, will affect or influence the investment and management of the public sector superannuation funds during the year; and\n\t(e)\tsuch other matters as the Corporation thinks should be included in the plan.\n\t(3)\tThe draft plan must be prepared and copies must be submitted to the Minister and the superannuation boards before the commencement of the financial year to which it relates.\n\t(4)\tThe Corporation must have regard to any comments made by the Minister or a superannuation board in relation to the draft plan and may, if it thinks that it is necessary or desirable to do so, amend the plan as a result of the comments.\n\t(5)\tThe Corporation must provide the Minister and the superannuation boards with a copy of the final plan.\n20A—Performance plan in relation to approved authority\n\t(1)\tThe Corporation must prepare separate draft plans in respect of the investment and management of the nominated funds of each approved authority for each financial year.\n\t(2)\tThe plan for an approved authority must set out—\n\t(a)\ta target for the rate of return on investment and management of the nominated funds of the approved authority; and\n\t(b)\tstrategies for the achievement of that target; and\n\t(c)\tthe anticipated operating costs to be incurred by the Corporation during the financial year in relation to the investment and management of the nominated funds of the approved authority; and\n\t(d)\tthe factors that, in the opinion of the Corporation, will affect or influence the investment and management of the nominated funds of the approved authority during the year; and\n\t(e)\tsuch other matters as the Corporation thinks should be included in the plan.\n\t(3)\tThe draft plan must be prepared and copies submitted to the Minster and the approved authority to which the plan relates—\n\t(a)\tif the plan is the initial plan in relation to the approved authority—as soon as practicable after the plan has been prepared;\n\t(b)\tin any other case—before the commencement of the financial year to which the plan relates.\n\t(4)\tThe Corporation must have regard to any comments made by the Minister or the approved authority in relation to the draft plan and, if it thinks necessary or desirable to do so, amend the plan as a result of the comments.\n\t(5)\tHowever, if the approved authority requests an amendment to the plan, the Corporation must amend the plan in accordance with the request unless the Corporation considers, after consulting with the approved authority, that the amendment should not be made.\n\t(6)\tIf the Corporation considers that a requested amendment should not be made, it must provide the approved authority with written advice of the Corporation's reasons for not amending the plan in accordance with the request.\n\t(7)\tThe Corporation must provide a copy of the final plan to the Minister and the approved authority to which the plan relates.\n20B—Other performance plans\n\t(1)\tThe Corporation must prepare a separate plan in respect of the investment and management of any fund managed by the Corporation for the purposes of Schedule 3 of the Superannuation Act 1988.\n\t(2)\tThe Corporation must consult with the trustee of the relevant superannuation scheme when preparing a plan under this section, or any amendment to such a plan.\n\t(3)\tThis section operates subject to the provisions of Schedule 3 of the Superannuation Act 1988.\n21—Direction of Minister\n\t(1)\tIn the performance of its functions, the Corporation is subject to the direction and control of the Minister.\n\t(2)\tA Ministerial direction under this section—\n\t(a)\tmust be—\n\t(i)\tcommunicated to the Corporation in writing; and\n\t(ii)\tincluded in the annual report of the Corporation; and\n\t(iii)\tpublished in the Gazette within 7 days after the direction is given; and\n\t(b)\tmust not include a direction to the Corporation in relation to an investment decision, dealing with property or the exercise of a voting right.\n\t(3)\tDespite subsection (2)(b), a Ministerial direction may include a direction to the Corporation in relation to divestment of Russian assets.\n\t(4)\tHowever, any action taken by the Corporation in accordance with a direction under subsection (3) must be taken prudently and consistently with the Corporation's responsibilities to the entities for whom it invests and manages funds.\n\t(5)\tThe Corporation must review the operation of subsections (3) and (4) annually (with the first such review to take place not more than 12 months following the commencement of this subsection).\n\t(6)\tA report on a review undertaken for the purposes of subsection (5) must be provided to the Minister and included in the annual report of the Corporation.\n22—Provision of information and records to Minister\n\t(1)\tThe Corporation must, at the request in writing of the Minister, furnish the Minister with such information or records in the possession or control of the Corporation as the Minister may require.\n\t(2)\tThe information or records must be furnished in such manner and form as the Minister requires.\n\t(3)\tWhere a record in the possession or control of the Corporation is furnished to the Minister under this section, the Minister may make, retain and deal with copies of the record as the Minister thinks fit.\n\t(4)\tWhere the Corporation considers that any information or record furnished under this section contains matters that should be treated for any reason as confidential, the Corporation may advise the Minister of that opinion giving the reason for the opinion, and the Minister may, subject to subsection (5), act on that advice as the Minister thinks fit.\n\t(5)\tWhere the Minister is satisfied on the basis of the Corporation's advice under subsection (4) that the Corporation owes a duty of confidence in respect of a matter, the Minister must ensure the observance of that duty in respect of the matter, but this subsection does not prevent the Minister from disclosing the matter as required in the proper performance of ministerial functions or duties.\n23—Notification of disclosure to Minister of matter subject to duty of confidence\nWhere the Corporation discloses to the Minister in pursuance of this Act a matter in respect of which the Corporation owes a duty of confidence, the Corporation must give notice in writing of the disclosure to the person to whom the duty is owed.\n24—No breach of duty to report matter to Minister\nA director does not commit any breach of duty by reporting a matter relating to the affairs of the Corporation to the Minister.\n25—Administration of section 3(3) funds\n\t(1)\tIf the Minister determines a superannuation fund to be a public sector superannuation fund under section 3(3), the Treasurer must transfer the fund to the Corporation.\n\t(2)\tIf the Minister revokes a determination referred to in subsection (1), the Corporation must transfer the fund back to the Treasurer.\nPart 6—Accounting records and audit\n26—Accounts\n\t(1)\tThe Corporation must keep proper accounts of its financial affairs and must prepare financial statements in respect of each financial year.\n\t(2)\tThe Corporation must keep proper accounts of receipts and payments in relation to—\n\t(a)\teach of the public sector superannuation funds; and\n\t(b)\tthe nominated funds of each approved authority,\nand must prepare separate financial statements in a form approved by the Minister in respect of each fund or authority in respect of each financial year.\n\t(3)\tIn the case of the South Australian Superannuation Fund and the Police Superannuation Fund the accounts and financial statements must distinguish between the two divisions of those funds and the investments in which the money from each of the divisions of those funds has been invested.\n\t(3a)\tThe Corporation must also keep proper accounts of receipts and payments in relation to each fund established by the Corporation for the purposes of Schedule 3 of the Superannuation Act 1988 and must prepare separate financial statements in a form approved by the Minister in respect of each fund in respect of each financial year.\n\t(4)\tThe accounts and financial statements must comply with the applicable instructions (if any) of the Treasurer issued under the Public Finance and Audit Act 1987 and any other written instructions given to the Corporation by the Treasurer.\n27—Internal audits and audit committee\n\t(1)\tThe Corporation must establish and maintain effective internal auditing of its operations and the funds.\n\t(2)\tThe Corporation must establish an audit committee.\n\t(3)\tThe audit committee will comprise—\n\t(a)\tthe board of directors, or such members of the board, as the board may from time to time determine; and\n\t(b)\tsuch other person or persons as the board may from time to time appoint.\n\t(4)\tThe functions of the audit committee include—\n\t(a)\tthe reviewing of annual financial statements prior to their approval by the board to ensure that the statements provide a true and fair view of the state of affairs of the Corporation and the funds; and\n\t(b)\tassisting external auditors on all matters concerning the conduct and outcome of annual audits of the Corporation and the funds; and\n\t(c)\tregularly reviewing the adequacy of the accounting, internal auditing, reporting and other financial management systems and practices of the Corporation.\n28—External audit\nThe Auditor-General may at any time, and must in respect of each financial year, audit the accounts and financial statements of the Corporation and the funds.\nPart 7—Reports\n29—Progress reports in relation to performance plan\n\t(1)\tWithin 1 month after 31 December in each financial year the Corporation must prepare and give to the Minister—\n\t(a)\ta report on its progress in achieving the target for the rate of return on investment and management of the public sector superannuation funds set out in the relevant performance plan for that year; and\n\t(b)\tseparate reports in relation to each approved authority on its progress in achieving the target for the rate of return on investment and management of the nominated funds of the approved authority set out in the performance plan for the authority for that year.\n\t(2)\tWithin 1 month after the end of each financial year the Corporation must prepare and give to the Minister—\n\t(a)\ta report on the extent to which it has achieved the target for the rate of return on investment and management of the public sector superannuation funds set out in the relevant performance plan for that year; and\n\t(b)\tseparate reports in relation to each approved authority on the extent to which it has achieved the target for the rate of return on investment and management of the nominated funds of the approved authority set out in the performance plan for the authority for that year.\n\t(3)\tThe Corporation must give a copy of each report prepared under subsections (1)(a) and (2)(a) to each of the superannuation boards.\n\t(4)\tThe Corporation must give a copy of each report prepared in respect of an approved authority under subsections (1)(b) and (2)(b) to the approved authority to which the report relates.\n\t(5)\tIf, during a financial year, the Corporation is of the opinion that the target in relation to the public sector superannuation funds or the nominated funds of an approved authority for that year is not achievable or a strategy set out in a performance plan should be modified or abandoned because a factor affecting or influencing the investment or management of the public sector superannuation funds or the nominated funds of an approved authority has changed or a new factor has arisen, the Corporation must prepare a report in relation to the matter.\n\t(6)\tA report under subsection (5) must—\n\t(a)\tdescribe the factor concerned; and\n\t(b)\texplain why the target is not achievable or the strategy should be modified or abandoned; and\n\t(c)\tbe prepared and given to—\n\t(i)\tthe Minister; and\n\t(ii)\tif the report relates to the public sector superannuation funds—each of the superannuation boards; and\n\t(iii)\tif the report relates to an approved authority—the relevant approved authority,\nas soon as practicable after the Corporation forms its opinion on those matters.\n30—Annual reports\n\t(1)\tThe Corporation must, on or before 30 September in each year, prepare and give to the Minister a report on the performance of its function during the preceding financial year.\n\t(2)\tThe report must—\n\t(a)\tinclude each performance plan for the financial year and the Corporation's reports under section 29 for that year; and\n\t(c)\tinclude the audited accounts and financial statements of the Corporation and the funds; and\n\t(d)\tinclude a copy of the valuations of the funds made as at the end of the relevant financial year; and\n\t(e)\tset out the Corporation's views as to the factors that will affect or influence the investment and management of the funds in the current year; and\n\t(f)\tset out any disclosure made during the preceding financial year by a director of an interest in a matter decided or under consideration by the board of the Corporation; and\n\t(g)\tinclude the prescribed information relating to the remuneration of the chief executive officer and other executives of the Corporation; and\n\t(h)\tinclude any other information required by or under the provisions of this or any other Act.\n\t(3)\tThe Corporation must give a copy of the report to each of the superannuation boards and each approved authority.\n\t(4)\tThe Minister must cause a copy of the report to be laid before both Houses of Parliament within 12 sitting days after his or her receipt of the report.\nPart 8—Miscellaneous\n31—Staff of Corporation\n\t(1)\tThe Corporation may appoint such employees as it thinks necessary or desirable on terms and conditions fixed by the Corporation.\n\t(2)\tThe Corporation may, with the approval of the responsible Minister, use the services of persons employed in the Public Service or otherwise employed by the Crown.\n\t(3)\tThe Corporation is declared not to be a national system employer for the purposes of the Fair Work Act 2009 of the Commonwealth.\n33—Delegation\n\t(1)\tThe board may delegate any of its powers or functions (excluding this power of delegation) to—\n\t(a)\tone or more of the directors; or\n\t(b)\tto a committee comprised, or partly comprised, of directors; or\n\t(c)\tto the chief executive officer of the Corporation; or\n\t(d)\tto any other employee of the Corporation; or\n\t(e)\tto any other person.\n\t(2)\tA delegation—\n\t(a)\tmay be made subject to conditions and limitations specified in the instrument of delegation; and\n\t(b)\tis revocable at will and does not derogate from the power of the board to act in any matter.\n\t(3)\tA delegate must not act in any matter pursuant to the delegation in which the delegate has a direct or indirect pecuniary or personal interest.\nPenalty: Division 4 fine.\n\t(4)\tIf a delegate makes a contract in contravention of subsection (3), the contract is liable to be avoided by the Corporation or by the Minister.\n\t(5)\tA contract may not be avoided under subsection (4) if a person has acquired an interest in property the subject of the contract in good faith for valuable consideration and without notice of the contravention.\n\t(6)\tIf a person is convicted of an offence for a contravention of subsection (3) the court by which the person is convicted may, in addition to imposing a penalty, order the convicted person to pay to the Corporation—\n\t(a)\tif the court is satisfied that the person or any other person made a profit as a result of the contravention—an amount equal to the profit;\n\t(b)\tif the court is satisfied that the Corporation suffered loss or damage as a result of the contravention—compensation for the loss or damage.\n\t(7)\tIf a person is guilty of a contravention of subsection (3), the Corporation or the Minister may (whether or not proceedings have been brought for the offence) recover from the person by action in a court of competent jurisdiction—\n\t(a)\tif the person or any other person made a profit as a result of the contravention—an amount equal to the profit;\n\t(b)\tif the Corporation suffered loss or damage as a result of the contravention—compensation for the loss or damage.\n\t(8)\tWithout limiting the effect of subsection (3), a person will be taken to have an interest in a matter for the purposes of subsection (3) if an associate of the person has an interest in the matter.\n\t(9)\tSubsection (3) does not apply in relation to a matter in which a person has an interest if the person is unaware that he or she has an interest in the matter, but, in any proceedings against the person, the burden will lie on the person to prove that he or she was not, at the material time, aware of his or her interest.\n\t(10)\tA contravention of subsection (3) by a person who is a director of the Corporation constitutes a ground for removal of the director from the board.\n35—Validity of transactions of Corporation\n\t(1)\tSubject to subsection (2), a transaction to which the Corporation is a party or apparently a party (whether made or apparently made under the Corporation's common seal or by a person with authority to bind the Corporation) is not invalid because of—\n\t(a)\tany deficiency of power on the part of the Corporation; or\n\t(b)\tany procedural irregularity on the part of the board or any director, employee or agent of the Corporation; or\n\t(c)\tany procedural irregularity affecting the appointment of a director, employee or agent of the Corporation.\n\t(2)\tThis section does not validate a transaction in favour of a party—\n\t(a)\twho enters into the transaction with actual knowledge of the deficiency or irregularity; or\n\t(b)\twho has a connection or relationship with the Corporation such that the person ought to know of the deficiency or irregularity.\n36—Power to investigate Corporation's operations\n\t(1)\tThe Minister may appoint—\n\t(a)\tthe Auditor-General; or\n\t(b)\tsome other suitable person,\nto make an investigation and report under this section.\n\t(2)\tAn investigator so appointed—\n\t(a)\tmust investigate such matters relating to the operations and financial position of the Corporation as are determined by the Minister, which matters may include—\n\t(i)\tany possible conflict of interest or breach of duty or other unlawful, corrupt or improper activity on the part of a director or employee of the Corporation; or\n\t(ii)\tany possible failure to exercise reasonable care and diligence on the part of a director or employee of the Corporation;\n\t(b)\tmay investigate a matter of a kind referred to in subparagraph (i) or (ii) that the investigator has not been required by the Minister to investigate if, in his or her opinion, the matter should be investigated and it is practicable to do so.\n\t(3)\tThe investigator must—\n\t(a)\treport to the Minister on the results of an investigation or investigations under subsection (2) and advise the Minister whether, in his or her opinion, any matter should be the subject of further action; and\n\t(b)\twhere, in the case of a matter referred to in subsection (2)(b), the investigator decided not to investigate or complete investigation of the matter—report on the matter to the Minister and advise whether, in his or her opinion, the matter should be the subject of any or further investigation or other action.\n\t(4)\tThe investigator must comply with any directions of the Minister as to the manner in which the investigation is to be conducted and the manner in which the results of the investigation are to be reported, including any direction requiring reports to be presented to a specified person or body in addition to the Minister.\n\t(5)\tSubject to any directions of the Minister, the investigator may, if he or she sees fit to do so in connection with the investigation, make public statements as to the nature and conduct of the investigation and may invite and receive information or submissions as to any matter relevant to the investigation from such persons as he or she thinks fit.\n\t(6)\tThe investigator must, when presenting to the Minister any report that the investigator considers need not remain confidential, also present copies of the report to the President of the Legislative Council and the Speaker of the House of Assembly who must in turn, not later than the first sitting day after receipt of the reports, lay them before their respective Houses.\n\t(7)\tFor the purposes of an investigation under this section, the investigator and authorised persons1 have the same powers as the Auditor-General and authorised officers have under Division 3 of Part 3 of the Public Finance and Audit Act 1987 for an audit or examination under that Act, and the provisions of that Division (including section 34(2) and (3)) apply in relation to the investigation and the exercise of those powers as if the investigator or authorised person were the Auditor-General or an authorised officer exercising those powers under that Division.\n\t(8)\tWithout limiting the effect of any other provisions of this section, a magistrate may, on application by the investigator—\n\t(a)\tif satisfied that there are reasonable grounds to believe that a person has information, or possession or control of records, relevant to the investigation, issue a summons requiring the person to appear before the investigator and answer questions or produce the records;\n\t(b)\tif satisfied that a person has been served with such a summons and paid or tendered a reasonable sum for the person's expenses but has failed (without reasonable excuse) to appear or produce records in obedience to the summons, issue a warrant directed to all members of the police force for the person to be apprehended and brought before the investigator.\n\t(9)\tThe grounds of an application for a summons or warrant must be verified by affidavit.\n\t(10)\tA person who—\n\t(a)\tis served with a summons under this section and paid or tendered a reasonable sum for the person's expenses; but\n\t(b)\tfails (without reasonable excuse) to obey the summons,\nis guilty of an offence.\nPenalty: Division 6 fine or division 6 imprisonment.\n\t(11)\tAn investigator or authorised person incurs no civil or criminal liability for an honest act or omission in the exercise or purported exercise of a power conferred by this section.\n\t(12)\tA person incurs no civil or criminal liability for anything done honestly in compliance or purported compliance with a requirement of an investigator or authorised person under this section.\n\t(13)\tIn this section—\nauthorised person in relation to an investigation under this section, means a person authorised by the investigator to exercise the powers conferred by this section for the purposes of the investigation.\nNote—\n1\tSee subsection (13).\n37—Tax and other liabilities of Corporation\n\t(1)\tExcept as otherwise determined by the Treasurer, the Corporation is liable, in respect of the period that commenced on 1 July 1995 and ended on the expiration of the day before the commencement day, to the following taxes and duty as would have applied if the Corporation had not been an instrumentality of the Crown:\n\t(a)\tland tax under the Land Tax Act 1936; and\n\t(b)\tpay-roll tax under the Pay-roll Tax Act 1971; and\n\t(c)\tstamp duty under the Stamp Duties Act 1923 on an instrument involving the transfer of an estate or interest in real property.\n\t(2)\tExcept as otherwise determined by the Treasurer, the Corporation is liable, in respect of the financial year that commenced on 1 July 1995 and each succeeding financial year, to water and sewerage rates as would apply if the Corporation were not an instrumentality of the Crown (but for the financial years 1995/1996 and 1996/1997 that liability is limited to water and sewerage rates in respect of land of the Corporation that was held or occupied on the day the rates became payable under a lease by a person or body other than the Crown or an instrumentality of the Crown).\n\t(3)\tExcept as otherwise determined by the Treasurer, the Corporation is liable, in respect of the financial year that commenced on 1 July 1995 and each succeeding financial year, to local government rates in respect of land of the Corporation that was held or occupied on the day the rates became payable under a lease by a person or body other than the Crown or an instrumentality of the Crown as would apply if the Corporation were not an instrumentality of the Crown.\n\t(4)\tExcept as otherwise determined by the Treasurer, the Corporation is liable, as from the commencement day, to all such rates (other than local government, water and sewerage rates), duties, taxes and imposts and has all such other liabilities and duties as would apply under the law of the State if it were not an instrumentality of the Crown.\n\t(5)\tThe Corporation is liable to pay to the Treasurer, for the credit of the Consolidated Account, in circumstances and in respect of periods determined by the Treasurer, such amounts as the Treasurer from time to time determines to be equivalent to—\n\t(a)\twholesale sales tax that the Corporation would be liable to pay under the law of the Commonwealth in those circumstances and in respect of those periods if it were not an instrumentality of the Crown; and\n\t(b)\tlocal government rates (excluding those referred to in subsection (3)) that the Corporation would be liable to pay in those circumstances and in respect of those periods if it were not an instrumentality of the Crown.\n\t(6)\tAmounts payable under subsection (5) must be paid by the Corporation at the times and in the manner determined by the Treasurer.\n\t(7)\tNothing in this section prevents the Corporation and the lessee or other person in occupation of land of the Corporation from agreeing that the lessee or other person will be responsible for payment of rates, taxes or other imposts in relation to the land.\n\t(8)\tIn this section—\ncommencement day means the day on which the Superannuation Funds Management Corporation of South Australia (Liability to Taxes, etc.) Amendment Act 1996 comes into operation;\nlocal government rates means rates under the Local Government Act 1934;\nsewerage rates means sewerage rates under the Sewerage Act 1929;\nwater rates means water rates under the Waterworks Act 1932.\n38—Proceedings for offences\n\t(1)\tA complaint for an offence against this Act may not be made except with the consent of the Director of Public Prosecutions.\n\t(2)\tNotwithstanding any other Act, proceedings for a summary offence against this Act may be brought within the period of three years after the date on which the offence is alleged to have been committed or, with the consent of the Director of Public Prosecutions, at any later time.\n\t(3)\tA document purporting to be a consent of the Director of Public Prosecutions given under this section is, in the absence of proof to the contrary, proof of the consent.\n39—Regulations\n\t(1)\tThe Governor may make such regulations as are contemplated by this Act or are necessary or expedient for the purposes of this Act.\n\t(2)\tWithout limiting subsection (1), the regulations may—\n\t(a)\tprohibit the investment of the public sector superannuation funds, or the nominated funds of an approved authority, in forms of investment prescribed by the regulations unless authorised by the Minister;\n\t(b)\tset out the procedures for the election by the contributors of a member of the board (including procedures that determine eligibility to vote in the election);\n\t(c)\tprescribe fees payable to the Corporation in relation to an application under this Act or in relation to anything to be done by the Corporation under this Act.\nSchedule 1—Transitional provision\n1\tThe offices of the members of the South Australian Superannuation Fund Investment Trust are vacated on the commencement of this Act.\nLegislative history\nNotes\n\t•\tPlease note—References in the legislation to other legislation or instruments or to titles of bodies or offices are not automatically updated as part of the program for the revision and publication of legislation and therefore may be obsolete.\n\t•\tEarlier versions of this Act (historical versions) are listed at the end of the legislative history.\n\t•\tFor further information relating to the Act and subordinate legislation made under the Act see the Index of South Australian Statutes or www.legislation.sa.gov.au.\nLegislation amended by principal Act\nThe Superannuation Funds Management Corporation of South Australia Act 1995 amended the following:\nParliamentary Committees Act 1991\nPolice Superannuation Act 1990\nSouthern State Superannuation Act 1994\nSuperannuation Act 1988\nPrincipal Act and amendments\nNew entries appear in bold.\nYear\nNo\nTitle\nAssent\nCommencement\n1995\n38\nSuperannuation Funds Management Corporation of South Australia Act 1995\n27.4.1995\n1.7.1995 (Gazette 25.5.1995 p2199)\n1996\n77\nSuperannuation Funds Management Corporation of South Australia (Liability to Taxes, etc.) Amendment Act 1996\n21.11.1996\n21.11.1996\n1998\n66\nSouthern State Superannuation (Merger of Schemes) Amendment Act 1998\n10.9.1998\n1.7.1998: s 2\n1999\n8\nParliamentary Superannuation (Establishment of Fund) Amendment Act 1999\n18.3.1999\n1.7.1998: s 2\n2005\n44\nSuperannuation Funds Management Corporation of South Australia (Miscellaneous) Amendment Act 2005\n22.9.2005\n13.10.2005 (Gazette 13.10.2005 p3699)\n2006\n5\nSuperannuation (Administered Schemes) Amendment Act 2006\n23.6.2006\nSch 1 (cll 1—4)—23.6.2006\n2006\n43\nStatutes Amendment (Domestic Partners) Act 2006\n14.12.2006\nPt 84 (s 210)—1.6.2007 (Gazette 26.4.2007 p1352)\n2009\n27\nSouthern State Superannuation Act 2009\n11.6.2009\nSch 1 (cl 7)—1.8.2009 (Gazette 23.7.2009 p3282)\n2009\n58\nStatutes Amendment (National Industrial Relations System) Act 2009\n26.11.2009\nPt 16 (s 44)—1.1.2010 (Gazette 17.12.2009 p6351)\n2009\n84\nStatutes Amendment (Public Sector Consequential Amendments) Act 2009\n10.12.2009\nPt 153 (ss 348—350)—1.2.2010 (Gazette 28.1.2010 p320)\n2012\n37\nStatutes Amendment and Repeal (Superannuation) Act 2012\n25.10.2012\nPt 8 (ss 26—29) & Sch 1 (cl 1)—19.11.2012 (Gazette 15.11.2012 p5007)\n2022\n15\nSuperannuation Funds Management Corporation of South Australia (Investment in Russian Assets) Amendment Act 2022\n27.10.2022\n25.11.2022 (Gazette 24.11.2022 p6688)\n2025\n79\nStatutes Amendment (Superannuation and Other Payments) Act 2025\n4.12.2025\nPt 8 (ss 46 & 47)—4.12.2025: s 2(1)\nProvisions amended\nNew entries appear in bold.\nEntries that relate to provisions that have been deleted appear in italics.\nProvision\nHow varied\nCommencement\nLong title\namended under Legislation Revision and Publication Act 2002\n13.10.2005\nPt 1\n\n\ns 2\nomitted under Legislation Revision and Publication Act 2002\n13.10.2005\ns 3\n\n\ns 3(1)\n\n\napproved authority\ninserted by 44/2005 s 4(1)\n13.10.2005\ncontributor\namended by 37/2012 s 26(1), (2)\n19.11.2012\ndomestic partner\ninserted by 43/2006 s 210(1)\n1.6.2007\neligible superannuation fund\ninserted by 44/2005 s 4(2)\n13.10.2005\nthe funds\namended by 44/2005 s 4(3)\n13.10.2005\n\nsubstituted by 5/2006 Sch 1 cl 1\n23.6.2006\nnominated funds\ninserted by 44/2005 s 4(4)\n13.10.2005\nprescribed public authority\ninserted by 44/2005 s 4(5)\n13.10.2005\n\nnote deleted by 79/2025 s 46(1)\n4.12.2025\npublic authority\ninserted by 44/2005 s 4(5)\n13.10.2005\npublic sector superannuation funds\namended by 66/1998 s 33\n1.7.1998\n\namended by 8/1999 s 10\n1.7.1998\n\namended by 44/2005 s 4(6)\n13.10.2005\n\n(caa) deleted by 27/2009 Sch 1 cl 7(1)\n1.8.2009\n\namended by 27/2009 Sch 1 cl 7(2)\n1.8.2009\nrelative\namended by 43/2006 s 210(2)\n1.6.2007\nspouse\nsubstituted by 43/2006 s 210(3)\n1.6.2007\ns 3(2)\namended by 43/2006 s 210(4)\n1.6.2007\ns 3(6)\ninserted by 44/2005 s 4(7)\n13.10.2005\n\ndeleted by 79/2025 s 46(2)\n4.12.2025\nPt 2\n\n\ns 5\namended by 44/2005 s 5\n13.10.2005\n\namended by 5/2006 Sch 1 cl 2\n23.6.2006\ns 5A\ninserted by 44/2005 s 6\n13.10.2005\ns 7\namended by 44/2005 s 7\n13.10.2005\nPt 3\n\n\ns 10\n\n\ns 10(5)\namended by 37/2012 s 27\n19.11.2012\n\namended by 79/2025 s 47\n4.12.2025\nss 14—18\ndeleted by 84/2009 s 348\n1.2.2010\nPt 5\n\n\ns 20\n\n\ns 20(2)\namended by 44/2005 s 8(1), (2)\n13.10.2005\ns 20(6)\ndeleted by 44/2005 s 8(3)\n13.10.2005\ns 20A\ninserted by 44/2005 s 9\n13.10.2005\ns 20B\ninserted by 5/2006 Sch 1 cl 3\n23.6.2006\ns 20B(1)\namended by 37/2012 s 28\n19.11.2012\ns 21\nsubstituted by 44/2005 s 10\n13.10.2005\ns 21(3)—(6)\ninserted by 15/2022 s 3\n25.11.2022\nPt 6\n\n\ns 26\n\n\ns 26(2)\nsubstituted by 44/2005 s 11\n13.10.2005\ns 26(3a)\ninserted by 5/2006 Sch 1 cl 4\n23.6.2006\ns 27\n\n\ns 27(1)\namended by 44/2005 s 12(1)\n13.10.2005\ns 27(4)\namended by 44/2005 s 12(2)\n13.10.2005\ns 28\namended by 44/2005 s 13\n13.10.2005\nPt 7\n\n\ns 29\nsubstituted by 44/2005 s 14\n13.10.2005\ns 30\n\n\ns 30(2)\namended by 44/2005 s 15(1), (3)—(5)\n13.10.2005\n\n(b) deleted by 44/2005 s 15(2)\n13.10.2005\ns 30(3)\namended by 44/2005 s 15(6)\n13.10.2005\nPt 8\n\n\ns 31\n\n\ns 31(3)\ninserted by 58/2009 s 44\n1.1.2010\ns 32\ndeleted by 84/2009 s 349\n1.2.2010\ns 34\ndeleted by 84/2009 s 350\n1.2.2010\ns 37\nsubstituted by 77/1996 s 2\n21.11.1996\ns 39\n\n\ns 39(2)\namended by 44/2005 s 16(1), (2)\n13.10.2005\n\namended by 37/2012 s 29\n19.11.2012\nSch 2\nomitted under Legislation Revision and Publication Act 2002\n13.10.2005\nTransitional etc provisions associated with Act or amendments\nSuperannuation (Administered Schemes) Amendment Act 2006, Sch 1\n5—Interpretation\nIn this Part—\nprincipal Act means the Superannuation Act 1988.\n6—Transitional provision\nSubsections (2) and (3) of section 56 of the principal Act (as enacted by this Act) do not apply with respect to a matter where the relevant time limit expired, or the procedural step was required to be taken, before the commencement of this clause unless the South Australian Superannuation Board is satisfied, on application by a person seeking to obtain the benefit of this clause, that the failure to comply with the time limit or procedural step was attributable to a person's physical or mental disability at the relevant time.\nStatutes Amendment and Repeal (Superannuation) Act 2012, Sch 1—Transitional provisions\n1—Superannuation Act and Superannuation Funds Management Corporation of South Australia Act\n\t(1)\tRegulations made under the Superannuation Act 1988 or the Superannuation Funds Management Corporation of South Australia Act 1995 before the commencement of this clause are to be read as if the amendments to the regulation making powers under those Acts effected by this Act had been in force when the regulations were made.\n\t(2)\tThe person holding the office of elected member of the South Australian Superannuation Board pursuant to section 8(1)(b) of the Superannuation Act 1988 (the principal Act) immediately before the commencement of section 20 of this Act will, despite the amendments effected by that section, continue to hold office for the balance of his or her term of election (subject to any provision of the principal Act relating to the conditions of his or her office).\n\t(3)\tThe person holding the office of elected member of the board of directors of the Superannuation Funds Management Corporation of South Australia pursuant to section 9(2)(a) of the Superannuation Funds Management Corporation of South Australia Act 1995 (the principal Act) immediately before the commencement of section 26 of this Act will, despite the amendments effected by that section, continue to hold office for the balance of his or her term of election (subject to any provision of the principal Act relating to the conditions of his or her office).\nHistorical versions\nReprint No 1—21.11.1996\n\nReprint No 2—10.9.1998\n\nReprint No 3—18.3.1999\n\n13.10.2005\n\n23.6.2006\n\n1.6.2007\n\n1.8.2009\n\n1.1.2010\n\n1.2.2010\n\n19.11.2012\n\n25.11.2022\n\nAppendix—Divisional penalties and expiation fees\nAt the date of publication of this version divisional penalties and expiation fees are, as provided by section 28A of the Acts Interpretation Act 1915, as follows:\n\nDivision\nMaximum imprisonment\nMaximum fine\nExpiation fee\n1\n15 years\n$60 000\n—\n2\n10 years\n$40 000\n—\n3\n7 years\n$30 000\n—\n4\n4 years\n$15 000\n—\n5\n2 years\n$8 000\n—\n6\n1 year\n$4 000\n$300\n7\n6 months\n$2 000\n$200\n8\n3 months\n$1 000\n$150\n9\n–\n$500\n$100\n10\n–\n$200\n$75\n11\n–\n$100\n$50\n12\n–\n$50\n$25\nNote: This appendix is provided for convenience of reference only.","sortOrder":0}],"analysis":{"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"},"summary":{"complexity_score":1,"scope_assessment":{"changed":false,"description":"Scope assessment is not possible as the legislative text was not returned. The page produced a 404-style error, likely due to a broken hyperlink following the SA Legislation website's March 2026 update. No content was available to assess whether scope changed from original intent."},"complexity_factors":["No legislative content was retrievable — only a website error page was returned","Complexity cannot be meaningfully assessed without access to the actual text","Score of 1 reflects absence of analysable content, not simplicity of the underlying law"],"plain_english_summary":"**⚠️ Content Unavailable — Page Not Found**\n\nThe actual text of the **Superannuation Funds Management Corporation of South Australia Act 1995** could not be retrieved. The legislation website returned a \"Page Not Found\" error, meaning the document content was not accessible at the time of analysis.\n\n**What we know from the title alone:**\nThis is a South Australian law from 1995 that established (or governs) a corporation responsible for managing superannuation funds (retirement savings) in South Australia. It would likely affect:\n- **Public sector employees** whose superannuation is managed by this corporation\n- **The corporation itself** and its directors/staff\n- **The South Australian Government** in its oversight role\n\n**Who should care?** South Australian government employees and retirees who have superannuation managed through state schemes. To read the actual law, visit [www.legislation.sa.gov.au](https://www.legislation.sa.gov.au) directly and search for this Act by name."},"flash_summary":{"complexity_score":6,"scope_assessment":{"changed":true,"description":"The Act's operational scope has been expanded since the original enactment by later amendments. Notably, the Act now includes an explicit mechanism for prescribed public authorities to apply to transfer nominated funds to the Corporation for investment and management (s5A), creating a formal route for non‑core public bodies to place funds under the Corporation's management. A 2022 amendment added an express ministerial power to direct divestment of Russian assets and required annual review and reporting of that exception (s21(3)–(6)). Other amendments adjusted reporting, accounting and definitions governing the range of funds managed (see s20; s26; s3 definitions). These changes broadened the circumstances in which the Corporation may manage public funds and introduced a named investment‑direction exception to the general prohibition on ministerial directions about individual investments (s5A; s21(2)–(4))."},"complexity_factors":["Multiple interlocking governance rules: board composition, nomination routes, election, appointment and removal (s9–s13, s10(5))","Detailed planning and reporting obligations across different classes of funds (public sector funds, approved authority nominated funds) with separate plans and reports (s20; s20A; s20B; s29; s30)","Ministerial powers with procedural limits and a carve‑out for specified divestment directions (s21(1)–(6))","Extensive accountability framework including internal audit, audit committee and Auditor‑General external audit (s27; s28)","Delegation and conflict‑of‑interest rules with criminal/civil consequences and contract‑avoidance provisions (s33(3)–(7); s35(1)–(2))","Statutory interactions with the Treasurer and other Acts for tax, rates and financial instructions (s37; s26(4))","Investigatory powers allowing compelled evidence and police warrants for non‑compliance (s36(7)–(10))","Regulation‑making power that can alter investment permissions, election procedures and fee structures (s39)"],"plain_english_summary":"This Act keeps the Superannuation Funds Management Corporation of South Australia (the Corporation) in place and sets out what it must do, how it is run, and how it is overseen.\n\nWhat the Act does, mechanically\n\n- Continues the existing body corporate as the Superannuation Funds Management Corporation of South Australia and declares it an instrumentality of the Crown (s4).\n- Makes the Corporation responsible for investing and managing public sector superannuation funds and, where approved, certain funds of other public authorities (s5; s5A). The Corporation must follow strategies it formulates and prepare annual performance plans describing return targets, strategies, and operating costs (s5; s20; s20A; s20B).\n- Sets the Corporation's investment object: to achieve the highest possible return subject to acceptable risk, liquidity and any regulatory prescriptions (s7).\n- Creates a board of 5–7 directors with specified nomination and election routes and minimum professional qualifications (s9–s13). The Governor appoints most directors on ministerial nomination; contributors elect one director (s9(2)). The Governor may remove directors for misconduct or incapacity (s10(6)).\n- Requires the Governor to appoint a chief executive officer on the board's nomination; the CEO manages day‑to‑day operations and is paid by the board (s19).\n- Gives the Minister regulatory and supervisory powers: the Minister may approve or refuse transfer of a public authority's funds to the Corporation (s5A(1)–(3)); may direct and control the Corporation in performing its functions (s21(1)); and may require the Corporation to provide records and information in specified form (s22).\n- Limits on ministerial directions: a direction must be written, published and recorded, and ordinarily must not direct specific investment decisions, property dealings or voting rights (s21(2)). An express exception allows directions about divestment of Russian assets; such directions must be implemented prudently and consistently with the Corporation's responsibilities, and the Corporation must review that exception annually (s21(3)–(6)).\n- Requires detailed financial and governance accountability: separate accounts and audited financial statements for each fund (s26); internal auditing and an audit committee (s27); and external audit by the Auditor‑General (s28). The Corporation must report progress mid‑year and after year‑end against its performance plan and deliver an annual report with audited accounts, valuations, and specified disclosures (s29; s30).\n- Regulates operational powers and constraints: the Corporation has the powers of a natural person but cannot borrow without regulatory or ministerial authorisation (s6). The board may delegate powers but delegates must not act where they have a pecuniary or personal interest; contraventions expose persons to fines, avoidance of contracts and orders to disgorge profit or compensate loss (s33(1)–(7)).\n- Provides investigatory powers for the Minister to appoint an investigator (including the Auditor‑General) with powers to compel evidence and report to the Minister; investigators may make certain reports public (s36).\n- Addresses tax, rates and other liabilities and allows the Treasurer to determine amounts payable by the Corporation to the Consolidated Account (s37). Regulations may limit investments, set election procedures, and prescribe fees payable to the Corporation (s39).\n\nWho pays; who decides; where the costs fall (source‑grounded)\n\n- Who decides: the Minister exercises significant control (approvals for transfers (s5A), directions and information requests (s21; s22)), the Governor formally appoints directors and the CEO on nominations (s9; s19), and the board runs the Corporation and sets CEO pay (s19(6)). The Treasurer controls certain fiscal outcomes and tax determinations under s37.\n- Who pays / bears costs: the Corporation must account separately for each fund and meet operating costs disclosed in its performance plans (s20(2)(c); s26(2)). Directors and the CEO are remunerated (s12(1); s19(6)). The Corporation is exposed to tax, rates and other liabilities as determined by the Treasurer (s37). The regulations may allow the Corporation to charge prescribed fees for certain services (s39(2)(c)).\n- Behaviour changes the Act creates: public authorities may choose to transfer funds to centralized management by the Corporation if the Minister approves (s5A(1)–(3)); the Corporation must prepare and follow performance plans with targets and strategies (s20; s20A), report progress (s29) and submit audited financials (s26; s28; s30). Delegation rules and conflict rules alter who may act and when contracts can be avoided (s33).\n\nIncentives, trade‑offs, compliance burden and discretion (mechanisms, not value judgements)\n\n- Incentives and trade‑offs: the Corporation's statutory object prioritises return subject to acceptable risk and liquidity (s7). That creates an incentive to pursue higher returns while constrained by the risk/liquidity framing the Act requires. Performance plans require targets and strategies (s20; s20A), which create measurable performance expectations but also commit the Corporation to particular approaches for a financial year unless formally revised (s29(5)–(6)).\n- Concentrated benefits and decision channels: appointments and nominations channel selection power through the Minister, the Governor and specified nominating bodies (s9(2)–(5); s10(5)), which concentrates certain appointment advantages in those nomination routes. Approved authorities can have nominated funds managed by the Corporation only if the Minister grants approval (s5A(1)–(3)), creating a gatekeeper role for the Minister.\n- Compliance and reporting costs: the Act requires separate accounts for each fund, performance plans, mid‑year and year‑end performance reports, audited financial statements and valuations, an audit committee and internal auditing (s20; s26; s27; s28; s29; s30). These provisions create recurring administrative and audit work for the Corporation and for approved authorities and superannuation boards that receive copies of reports (s29(3)–(4); s30(3)).\n- Ministerial discretion and implementation risk: the Minister may direct the Corporation (subject to stated constraints) and may require records and information (s21; s22). The Minister can also appoint investigators with broad powers and require the Corporation or investigators to follow directions about reporting or publication (s36). Those powers create execution and compliance risks tied to ministerial decisions and review processes.\n- Limits on leverage and transaction validity rules: the Corporation may not borrow without authorisation (s6(2)), which constrains use of leverage. Transactions are protected from invalidation for internal deficiency or procedural irregularity except where counterparties knew of the deficiency or had a relationship implying notice (s35).\n\nWhy it matters (stated purpose then tested against costs and implementation levers)\n\n- The Act expressly aims to manage public sector superannuation assets to achieve the highest possible return consistent with acceptable risk and liquidity (s7). To pursue that, it centralises investment and management under a statutory corporation with formal governance, planning, audit and reporting obligations (s5; s20; s26–s30).\n- Testing that mechanism against costs and levers the Act itself creates: centralised management can produce scale and standardised governance but requires recurring administrative work (performance plans, separate accounts, audits) and gives the Minister statutory levers (approval of fund transfers, directions, investigations) that can change scope or practice (s5A; s21; s36). The Treasurer retains fiscal control over tax and related payments by the Corporation (s37), and the regulations can constrain investments or set fees (s39). These are concrete avenues through which costs, incentives and operational constraints are imposed or modified.\n\nKey operational constraints and safeguards (source references)\n\n- Investment objective and constraints: highest return with regard to risk and liquidity (s7).\n- Ministerial direction: permitted generally but cannot direct individual investments, property dealings or voting rights except for an express divestment power for Russian assets; directions must be documented, published and reported (s21(2)–(6)).\n- Delegation and conflict rules: board may delegate but delegates must not act with a direct or indirect pecuniary or personal interest; breaches carry statutory penalties and civil remedies (s33(1)–(7)).\n- Accountability and oversight: annual and progress reports, separate fund accounts, audit committee, internal audits, Auditor‑General audit and power for ministerial investigations (s20; s26–s30; s27–s28; s36).\n\nSelected statutory citations: s4; s5; s5A; s6; s7; s9–s13; s19; s20–s20B; s21–s25; s26–s30; s31; s33; s35–s39."},"issue_detection":{"absurdities":[],"contradictions":[]},"kimi_summary":{"content_quality":"ok","complexity_score":5,"scope_assessment":{"changed":true,"description":"The legislation has expanded significantly beyond its original 1995 purpose of managing the South Australian Superannuation Fund and Police Superannuation Fund. The 2005 amendments introduced 'approved authorities' allowing other public bodies to use the Corporation's services, and the 2006 amendments added management of funds under Schedule 3 of the Superannuation Act 1988. The 2022 amendment added specific geopolitical investment restrictions (Russian assets divestment). The Corporation has effectively become a broader public sector funds management service provider rather than just a superannuation trustee, though superannuation remains its core function."},"complexity_factors":["Multiple defined terms in section 3 (approximately 20 key definitions) including nested definitions like 'associate' with four sub-paragraphs","Cross-references to at least 6 other Acts (Superannuation Act 1988, Police Superannuation Act 1990, Southern State Superannuation Act 2009, Family Relationships Act 1975, Corporations Law, Public Finance and Audit Act 1987)","Conditional logic in section 21 regarding ministerial directions - general prohibition on investment direction with specific exception for Russian assets divestment","Multiple performance plan requirements (sections 20, 20A, 20B) with slightly different rules for different fund types","Complex delegation provisions (section 33) with 10 subsections including conflict of interest rules, contract avoidance, and profit recovery mechanisms","Transitional provisions and extensive amendment history showing evolution from 1995 to 2025","Specific tax liability provisions (section 37) with multiple temporal cut-offs and exceptions"],"plain_english_summary":"This Act establishes and governs the **Superannuation Funds Management Corporation of South Australia** (often called **Funds SA**), a government-owned investment manager that handles retirement savings for South Australian public sector workers.\n\n**What it does:**\n- **Creates a government investment company** to manage superannuation (retirement) funds for police, public servants, politicians, and other government employees\n- **Sets up a board of directors** (5-7 people) with specific qualifications in finance, law, or business, including one elected by contributors and one nominated by employee unions\n- **Requires investment strategies** with annual performance targets, progress reports, and audited financial statements\n- **Allows the Corporation to manage other public funds** if approved by the Minister\n- **Subjects the Corporation to ministerial direction** but protects it from political interference in specific investment decisions (with a specific exception allowing divestment from Russian assets)\n\n**Who it affects:**\n- **Public sector employees** in South Australia (police, government workers, MPs) whose retirement savings are managed by the Corporation\n- **Approved public authorities** (like government departments and statutory bodies) that can choose to have the Corporation manage their funds\n- **The board and CEO** who run the Corporation under strict governance rules\n\n**Why it matters:**\nThis Act safeguards billions of dollars in public sector retirement savings by creating a professional, accountable investment body separate from day-to-day government control. It balances the need for high investment returns with prudent risk management, while ensuring transparency through mandatory reporting and audits. The 2022 amendment specifically allowed the government to direct divestment from Russian assets, showing how the Act can respond to geopolitical events while maintaining the Corporation's independence in routine investment decisions."}},"importantCases":[],"_links":{"self":"/api/acts/superannuation-funds-management-corporation-of-south-australia-act-1995","history":"/api/acts/superannuation-funds-management-corporation-of-south-australia-act-1995/history","analysis":"/api/acts/superannuation-funds-management-corporation-of-south-australia-act-1995/analysis","conflicts":"/api/acts/superannuation-funds-management-corporation-of-south-australia-act-1995/conflicts","importantCases":"/api/acts/superannuation-funds-management-corporation-of-south-australia-act-1995/important-cases","documents":"/api/acts/superannuation-funds-management-corporation-of-south-australia-act-1995/documents"}}