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02 Governance

Other Legislation, Australian Government Policies and Key Governance Events

PGPA Act 2013 and Compliance with Finance Law

As a corporate Commonwealth entity, the CEFC’s activities are governed by the PGPA Act and its subordinate instruments. The PGPA Act imposes various duties, responsibilities and accountabilities on the CEFC Board (both as a collective and as individuals) and on CEFC’s Executive and staff members.

There were no significant issues of non-compliance with finance law identified and reported to the responsible Ministers in 2017-18.

Note 1 to the Financial Statements contains more information about how the PGPA Act impacts the financial governance of the organisation and the preparation of the accounts.

Statutory Review

An independent statutory review of the CEFC commenced during the year. This review is a requirement of the CEFC Act. At the time of writing, we understood the review was nearing its conclusion. 

Australian Government Energy and Environmental Policies

Broadly speaking, the intersection of energy and environment policy again took centre stage in national policy development and debate in 2017-18, reflecting Australia’s commitments to the Paris Agreement, the impacts of rising gas and electricity prices, and the entry of new technologies.

Much of 2017-18 was spent by the Australian Government and Council of Australian Governments (COAG) considering policy solutions to the energy trilemma of affordability, reliability and decarbonisation. This was ongoing at the end of the reporting period.

Other Statutory Requirements Affecting the CEFC

As a corporate Commonwealth entity which participates actively and commercially in the finance sector, the CEFC complies with a range of other statutory reporting requirements. These are outlined below. An index to reporting requirements can be found in Appendix A.

Equal Employment Opportunity (Commonwealth Authorities) Act 1987

The CEFC is required to report annually under the Equal Employment Opportunity (Commonwealth Authorities) Act 1987. A full report can be found in Appendix B.

Environment Protection and Biodiversity Conservation Act 1999

The CEFC is required to report annually under the Environment Protection and Biodiversity Conservation Act 1999. A full report can be found in Appendix C.

Work Health and Safety Act 2011

The CEFC is required to report annually under the Work Health and Safety Act 2011. A full report can be found in Appendix D.

Judicial Decisions and Parliamentary Committees

The CEFC is not aware of any judicial decisions or decisions of administrative tribunals in 2017-18 that have had, or may have, a significant effect on the operations of the CEFC. There were also no particular reports about the CEFC made by the Commonwealth Ombudsman or the Office of the Australian Information Commissioner.

There were no reports about the CEFC from the Auditor-General other than the 2017-18 annual audit report accompanying the financial statements (as reproduced in the CEFC 2016-17 Annual Report).

As far as the CEFC is aware, the only Parliamentary Committee reports which substantially involved the CEFC during 2016-17 were as follows:

  • Senate Environment and Communications Legislation Committee Reports on Additional estimates 2017-18 (May 2018) and on Budget estimates 2018-19 (June 2018)
  • The Senate Environment and Communications Legislation Committee Report into Provisions of the Clean Energy Finance Corporation Amendment (Carbon Capture and Storage) Bill 2017 (8 May 2018)
  • Senate Environment and Communications References Committee reports on Never waste a crisis: the waste and recycling industry in Australia (26 June 2018), and Current and future impacts of climate change on housing, buildings and infrastructure (13 August 2018)
  • House of Representatives Standing Committee on Environment and Energy report Powering our future (December 2017).
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