6Objectives and duties of Board

6 Objectives and duties of Board S. 6(1) amended by No. 120/1994 s. 3(1), substituted by No. 94/2005 s. 7(1). (1) The following are the objectives of the Board— (a) to collect contributions and other assets due to the Scheme or an administered scheme; (b) to manage and determine investment objectives for the assets of the Scheme or an administered scheme so as to achieve optimal risk and return outcomes having regard to— (i) the need to provide for payments out of the Scheme or administered scheme; and (ii) the need to exercise reasonable care and prudence so as to maintain the integrity of the Scheme or administered scheme; (c) to administer the payment of benefits under a Superannuation Act or the governing instrument of an administered scheme. S. 6(2) amended by Nos 49/1992 s. 35(1), 120/1994 s. 3(2), 4/1996 s. 4(1), 84/1998 s. 5(1), substituted by No. 94/2005 s. 7(1). (2) It is the duty of the Board to— (a) establish policies for the administration of each Superannuation Act and administered scheme and to adopt strategies for the achievement of those policies; and (b) determine, authorise or approve programs for the administration of each Superannuation Act and administered scheme; and (c) determine objectives for the investment of money in the Scheme and standing to the credit of each administered scheme; and (d) establish and implement strategies for the investment of money in the Scheme and standing to the credit of each administered scheme; and (e) ensure that the assets of each administered scheme are administered in accordance with this Act and with those provisions of the governing instrument under which the administered scheme is constituted which continue to apply to an administered scheme by virtue of this Act; and (f) have regard to the interests of persons entitled to benefits under the Scheme, a Superannuation Act or an administered scheme; and S. 6(2)(fa) inserted by No. 43/2008 s. 5. (fa) have regard to the interests of contributing employers under the Scheme, a Superannuation Act or an administered scheme; and (g) ensure that the Scheme and each administered scheme is administered in accordance with the Commonwealth Superannuation Contributions Tax (Assessment and Collection) Act 1997 and the Commonwealth Superannuation Contributions Tax Imposition Act 1997 and any regulations under those Acts; and S. 6(2)(h) amended by No. 38/2009 s. 6(1). (h) ensure that the provisions of Part VIIIB and VIIIAB of the Commonwealth Family Law Act 1975 and regulations made under that Act for the purposes of that Part are complied with; and S. 6(2)(ha) inserted by No. 38/2009 s. 6(2). (ha) ensure that the provisions of Subdivision B of Division 3 of Part VI of the Commonwealth Bankruptcy Act 1966 and regulations made under that Act for the purposes of that Subdivision are complied with; and (i) ensure that the decisions and operations of the Board are directed towards achieving its objectives; and (j) ensure that the Board has, or has access to, the skills, facilities and resources required to achieve its objectives; and (k) subject to subsection (3), inform contributors and members, about their rights and the benefits under the Scheme, a Superannuation Act or an administered scheme and about the management and investment of the Scheme or the administered scheme including making available to contributors and members at least once in each year a summary of information about the management and investment of the Scheme or administered scheme; and (l) subject to subsection (3), liaise with relevant industrial organisations about the interests of contributors and members and inform those organisations about the management and investment of the Scheme or administered scheme; and (m) ensure that the Board conducts its operations in an efficient manner. S. 6(2A) inserted by No. 49/1992 s. 35(2), repealed by No. 4/1996 s. 4(1), new s. 6(2A) inserted by No. 84/1998 s. 5(2), substituted by No. 94/2005 s. 7(1). (2A) In relation to the investment of all or part of the money in the Scheme and standing to the credit of each administered scheme, the Board is to be taken to have discharged the relevant duties specified in subsection (2), other than the duty to determine investment objectives under subsection (2)(c), if in respect of that money— (a) the Board has appointed the Victorian Funds Management Corporation under section 9A of the **Victorian Funds Management Corporation Act 1994** to perform investment related functions on behalf of the Board; and (b) the terms of the appointment with respect to the investment of money are in accordance with an approval given by the Governor in Council under section 20 of the **Borrowing and Investment Powers Act 1987**. S. 6(2B) inserted by No. 94/2005 s. 7(1). (2B) If any provision of the Commonwealth Superannuation Contributions Tax (Assessment and Collection) Act 1997 or the Commonwealth Superannuation Contributions Tax Imposition Act 1997 or of any regulations under those Acts is inconsistent with a Superannuation Act or any regulations under a Superannuation Act or the governing instrument of an administered scheme, the Board is to be taken to have complied with the Superannuation Act or the regulations or the governing instrument of the administered scheme if the Board has complied with the provision of the Commonwealth Superannuation Contributions Tax (Assessment and Collection) Act 1997 or the Commonwealth Superannuation Contributions Tax Imposition Act 1997 or of the regulations under those Acts. S. 6(2C) inserted by No. 94/2005 s. 7(1), amended by No. 38/2009 s. 6(3). (2C) If any provision of Part VIIIB or VIIIAB of the Commonwealth Family Law Act 1975 or of any regulations made under that Act for the purposes of those Parts is inconsistent with a Superannuation Act or any regulations under a Superannuation Act or the governing instrument of an administered scheme, the Board is to be taken to have complied with the Superannuation Act or the regulations or the governing instrument of the administered scheme if the Board has complied with the provision of Part VIIIB or VIIIAB of the Commonwealth Family Law Act 1975 or of any regulations made under that Act for the purposes of those Parts. S. 6(2D) inserted by No. 38/2009 s. 6(4). (2D) If any provision of Subdivision B of Division 3 of Part VI of the Commonwealth Bankruptcy Act 1966 or of any regulations made under that Act for the purposes of that Subdivision is inconsistent with a Superannuation Act or any regulations made under a Superannuation Act or the governing instrument of an administered scheme, the Board is to be taken to have complied with the Superannuation Act or the regulations or the governing instrument of the administered scheme if the Board has complied with the provision of Subdivision B of Division 3 of Part VI of the Commonwealth Bankruptcy Act 1966 or of any regulations made under that Act for the purposes of that Subdivision. S. 6(3) amended by No. 94/2005 s. 7(2). (3) The Board must, in performing its duties under subsections (2)(k) and (2)(l), consider the need to protect information the disclosure of which could adversely affect the financial position or the commercial or other operations of the Board. (4) If the Minister at any time gives the President a statement of government policy on any matter that is relevant to the performance of the duties of the Board, together with a request that the Board consider that policy in the performance of its duties, the Board must ensure that consideration is given to that policy. (5) If the Minister gives a statement to the President under subsection (4), the Board must publish that statement in its next annual report. S. 6(6) inserted by No. 94/2005 s. 7(3). (6) The Minister may issue a direction in writing to the Board in respect of the administration of this Act as amended by the **Superannuation Legislation (Governance Reform) Act 2005** relating to or consequent on— (a) the closure of the State Superannuation Fund and the transfer of the assets and liabilities of the State Superannuation Fund to the Scheme; (b) the transfer of administration from the Government Superannuation Office to the Board; (c) the re-constitution of the Board. S. 6(7) inserted by No. 94/2005 s. 7(3). (7) The Board must give effect to a direction issued under subsection (6). S. 6(8) inserted by No. 94/2005 s. 7(3). (8) If the Minister issues a direction under subsection (6), the Board must publish that direction in its next annual report. S. 6A inserted by No. 94/2005 s. 8.