154Education Investment Fund Investment Mandate

#### 154 Education Investment Fund Investment Mandate (1) The responsible Ministers may give the Future Fund Board written directions about the performance of its Education Investment Fund investment functions, and must give at least one such direction. > Note 1: Education Investment Fund investment function is defined in section 4. > Note 2: For variation and revocation, see subsection 33(3) of the Acts Interpretation Act 1901. (2) Subsection (1) has effect subject to section 155. (3) In giving a direction under subsection (1), the responsible Ministers must have regard to: (a) maximising the return earned on the Education Investment Fund, consistent with international best practice for institutional investment; and (b) enhancing the Commonwealth’s ability: (i) to make payments in relation to the creation or development of higher education infrastructure; and (ii) to make payments in relation to the creation or development of research infrastructure; and (iii) to make payments in relation to the creation or development of vocational education and training infrastructure; and (iv) to make payments in relation to the creation or development of eligible education infrastructure; and (v) to make transitional HEEF payments; and (c) such other matters as the responsible Ministers consider relevant. (4) Directions under subsection (1) are to be known collectively as the Education Investment Fund Investment Mandate. (5) A direction under subsection (1) may set out the policies to be pursued by the Future Fund Board in relation to: (a) matters of risk and return; and (b) the allocation of financial assets. A policy relating to the allocation of financial assets must not be inconsistent with a policy relating to matters of risk and return. (6) Subsection (5) does not limit subsection (1). (7) Subsection (5) has effect subject to section 155. (8) The Education Investment Fund Investment Mandate prevails over subsection (12) to the extent of any inconsistency. (9) The responsible Ministers must not give a direction under subsection (1) that is inconsistent with this Act (other than subsection (12)). (10) A direction under subsection (1) must not take effect before the 15th day after the day on which it is given. (11) A direction under subsection (1) is a legislative instrument. > 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. (12) In the performance of its Education Investment Fund investment functions, the Future Fund Board must seek to: (a) maximise the return earned on the Education Investment Fund, consistent with international best practice for institutional investment; and (b) enhance the Commonwealth’s ability: (i) to make payments in relation to the creation or development of higher education infrastructure; and (ii) to make payments in relation to the creation or development of research infrastructure; and (iii) to make payments in relation to the creation or development of vocational education and training infrastructure; and (iv) to make payments in relation to the creation or development of eligible education infrastructure; and (v) to make transitional HEEF payments. > Note: Education Investment Fund investment function is defined in section 4. (13) Subsection (12) has effect subject to: (a) this Act; and (b) a direction under subsection (1).