34Maximum annual distributions

34 Maximum annual distributions

(1) The Future Fund Board must determine, in writing, the maximum annual distribution for each financial year. When maximum annual distribution determination must be given (2) The Finance Minister may give the Future Fund Board a notice specifying a single day, or a day in each year, by which the Board must give the Finance Minister the determination of the maximum annual distribution for the next financial year. (3) The Finance Minister must give the notice to the Future Fund Board at least 90 days before the specified day. Matters to be taken into account (4) In determining the maximum annual distribution for a financial year, the Future Fund Board must take into account the following: (a) the principle that the following amounts (in nominal terms) should be preserved over the long‑term: (i) the amount determined under subsection 12(1); (ii) the total amount that has been credited to the Medical Research Future Fund Special Account under section 15; (b) the principle that the volatility of the maximum annual distributions be moderated from financial year to financial year (to the extent possible); (c) the requirement to maintain the Future Fund Board’s ability to comply with the Medical Research Future Fund Investment Mandate; (d) any costs, expenses, obligations or liabilities likely to be incurred by the Future Fund Board in respect of the financial year for the purposes of section 18 or 19; (e) any additional matters specified for the financial year under subsection (5). Additional matters to be taken into account (5) Subject to subsection (6), the Finance Minister may (whether in the notice given under subsection (2) or otherwise) specify, in writing, additional matters that the Future Fund Board must take into account in determining the maximum annual distribution for one or more financial years. (6) The additional matters must not be inconsistent with: (a) the matters to be taken into account under subsection (4); or (b) the Medical Research Future Fund Investment Mandate; or (c) any other provision of this Act. (7) The Finance Minister must specify the additional matters at least 90 days before the day the Future Fund Board is required to determine the maximum annual distribution for the next financial year. Requirement of Future Fund Board to give determination (8) The Future Fund Board must: (a) give a determination under subsection (1) for a financial year to the Finance Minister by the day specified under subsection (2); and (b) ensure that, in addition to specifying the amount of the maximum annual distribution for the financial year, the determination describes: (i) the method used for working out that amount; and (ii) the considerations taken into account in working out that amount. Publishing the determination (9) The Finance Minister may publish a determination under subsection (1) on the internet. Determination and notice are not legislative instruments (10) A determination under subsection (1), and a notice under subsection (2), are not legislative instruments.