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Future Fund Act 2006
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Department of Finance
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C2023C00110 (C17)
29 June 2023
-
31 October 2023
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Part 1—Introduction
1 Short title
2 Commencement
3 Object
4 Simplified outline
5 Definitions
6 Financial assets
7 Crown to be bound
8 Extension to external Territories
9 Extra territorial application
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Part 2—The Future Fund
10 Simplified outline
11 Establishment of the Future Fund
12 Establishment of the Future Fund Special Account
13 Operation of the Future Fund
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Part 3—Investment of the Future Fund
14 Simplified outline
15 Objects of investment of the Fund
16 Investment of the Fund
17 Management of investments of the Fund
18 Future Fund Investment Mandate
18A Limitation on Future Fund Investment Mandate
19 Board to be consulted on Future Fund Investment Mandate
20 Compliance with Future Fund Investment Mandate
21 Board must not trigger the takeover provisions of the Corporations Act 2001
23 Borrowing
24 Investment policies
25 Derivatives
26 Additional financial assets
27 Securities lending arrangements
28 Investment managers
30 Refund of franking credits
32 Realisation of non financial assets
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Part 4—The Future Fund Board of Guardians
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Division 1—Introduction
33 Simplified outline
Division 2—Establishment and functions of the Future Fund Board of Guardians
34 Establishment of the Future Fund Board of Guardians
35 Board’s functions
36 Board’s ordinary powers
37 Board is a body corporate
38 Membership
39 Application of the Corporations Act 2001
Division 3—Terms and conditions for Board members
40 Term of appointment and related matters for Board members
41 Remuneration and allowances of Board members
42 Leave of absence of Board members
43 Resignation of Board members
44 Termination of appointment of Board members
45 Other terms and conditions of Board members
46 Acting Board members
Division 4—Meetings
47 Holding of meetings
48 Who is to preside at a meeting
49 Quorum
50 Voting
51 Records of meetings
Division 5—Resolutions without meetings
52 Resolutions without meetings
53 Record of resolutions
Division 6—Reporting obligations
54 Nominated Minister may require Board to prepare reports or give information
55 Keeping the responsible Ministers informed etc.
Division 6A—Periodic investment reports
55A Periodic investment reports
55B Reporting rules
55C Board to be consulted on reporting rules
Division 7—Duties of Board members etc.
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Subdivision A—Civil obligations and criminal offences
56 Care and diligence—civil obligation
57 Good faith—civil obligation
58 Use of position—civil obligation
59 Use of information—civil obligation
60 Good faith—criminal offence
61 Use of position—criminal offence
62 Use of information—criminal offence
Subdivision B—Other provisions relating to civil penalty provisions and criminal offences
63 Compliance with statutory duties
64 Interaction of sections 56 to 62 with other laws etc.
65 Reliance on information or advice provided by others
66 Finance Minister requiring person to assist
67 Insurance for certain liabilities of Board members
Subdivision C—Consequences of breach of duty
67A Consequences of breach of duty—civil penalty provisions
67B Compensation orders
67C Disqualification order for contravention of civil penalty provision by Board members
67D Exception to disqualification order
67E Relief from liability for contravention of civil penalty provision etc.
Division 8—Conflict of interests
68 Material personal interest—Board member’s duty to disclose
69 Board member may give other Board members standing notice about an interest
70 Interaction of sections 68 and 69 with other laws etc.
71 Restrictions on voting
72 Ministerial power to make declarations and class orders
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Part 5—The Future Fund Management Agency
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Division 1—Introduction
73 Simplified outline
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Division 2—Establishment and functions of the Future Fund Management Agency
74 Establishment of the Future Fund Management Agency
75 Functions of the Agency
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Division 3—Management and staff of the Future Fund Management Agency
76 Duties of the Chair
77 Staff of the Agency
78 Consultants and persons seconded to the Agency
79 Chair not subject to direction by the Board on certain matters
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Division 4—Other provisions
80 Application of the Public Governance, Performance and Accountability Act 2013
81 Annual report
82 Consultants and advisers to the Board
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Part 6—Miscellaneous
83 Nominated Minister
83A Delegation by the nominated Minister
83B Delegation by the Board
84 Miscellaneous receipts to be credited to the Fund Account
84A Exemption from taxation
84B Franking credits
84C Board must not have a significant stake in a foreign listed company
85 Regulations
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Schedule 1—Credits of amounts, and transfers of financial assets, to the Future Fund
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Part 1—Introduction
1 Simplified outline
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Part 2—Credits of amounts to the Future Fund
2 Credit of $18 billion to the Fund Account
3 Credit of additional amounts to the Fund Account—Ministerial determinations
4 Duration of subclause 3(1) determinations
5 Credit of amounts to the Fund Account—gifts
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Part 3—Transfers of financial assets to the Future Fund
6 Transfers to the Fund—Commonwealth owned financial assets
7 Transfers of financial assets to the Fund—gifts
8 Ministerial directions about transferred financial assets
9 Continuing effect of instruments relating to transferred financial assets
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Schedule 2—Debits of amounts from the Future Fund
1 Simplified outline
2 Purposes of the Fund Account
3 Board must ensure that there is sufficient money to cover the main purposes of the Fund Account
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Schedule 2A—Inter fund transfers
1 Simplified outline
1A Transfers from the Future Fund to the Future Drought Fund
5 Transfers from the Future Fund to the DisabilityCare Australia Fund
5A Transfers from the Future Fund to the Disaster Ready Fund
6 Transfers from the Future Fund to the Medical Research Future Fund
7 Transfers from the Future Fund to the Aboriginal and Torres Strait Islander Land and Sea Future Fund
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Schedule 3—Target asset level declarations
1 Simplified outline
2 Designated actuary
3 Target asset level declarations
4 Reliance on projections when making target asset level declarations etc.
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Endnotes
Endnote 1—About the endnotes
Endnote 2—Abbreviation key
Endnote 3—Legislation history
Endnote 4—Amendment history
