1Future Drought Fund Investment Mandate Direction 2019

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Commonwealth Coat of Arms of Australia

 

Future Drought Fund Investment Mandate Direction 2019

We, JOSH FRYDENBERG, Treasurer, and MATHIAS HUBERT PAUL CORMANN, Minister for Finance, give this Direction under section 41(1) of the Future Drought Fund Act 2019.

Dated 15th November 2019  

JOSH FRYDENBERG   MATHIAS HUBERT PAUL CORMANN

Treasurer Minister for Finance

 

 

 

Contents

Part 1 Preliminary

1  Name

2  Commencement

3  Authority

4  Definitions

Part 2 Direction

5  Object

6  Benchmark return and acceptable level of risk

7  Board must consider impacts from its investment strategy

8  Corporate governance

9  Reporting

 

 

Part 1 Preliminary

1  Name

  This Direction is the Future Drought Fund Investment Mandate Direction 2019.

2  Commencement

  This Direction commences on the 15th day after it is given to the Board.

Note 1: Section 42 (disallowance) of the Legislation Act 2003 does not apply to the direction—see regulations made for the purposes of paragraph 44(2)(b) of that Act.

Note 2: Part 4 of Chapter 3 (sunsetting) of the Legislation Act 2003 does not apply to the direction—see regulations made for the purposes of paragraph 54(2)(b) of that Act.

3  Authority

  This Direction is made under the Future Drought Fund Act 2019.

4  Definitions

  In this Direction:

Act means the Future Drought Fund Act 2019.

Board means the Future Fund Board of Guardians established by section 34 of the Future Fund Act 2006.

Consumer Price Index means the All Groups Consumer Price Index number, being the weighted average of the 8 capital cities, published by the Australian Bureau of Statistics.

Fund means the Future Drought Fund established by the Act.

Future Fund Act means the Future Fund Act 2006.

Responsible Ministers has the same meaning as in the Act.

Part 2 Direction