- Our Organisation
As a corporate Commonwealth entity, NAIF is subject to the requirements of the PGPA Act in relation to corporate governance, reporting and accountability.
NAIF came into existence on 1 July 2016 as a corporate Commonwealth entity under the Northern Australia Infrastructure Facility Act 2016 (NAIF Act). The NAIF’s operations are governed by The NAIF Act and the Northern Australia Infrastructure Facility Investment Mandate Direction 2021 (Investment Mandate) and overseen by an independent Board.
NAIF is a portfolio agency within the Department of Infrastructure, Transport, Regional Development, Communications and the Arts. The responsible Ministers from 1 June 2022 are the Hon Madeleine King, MP, Minister for Resources and Northern Australia and Senator the Hon Katy Gallagher, Minister for Finance.
The duties of the Minister in relation to NAIF are set out in the NAIF Act. These include that the Minister appoints NAIF’s Board and provides direction to NAIF about the performance of its functions through the Investment Mandate which is jointly provided with the Minister for Finance. NAIF is required to take all reasonable steps to comply with the Investment Mandate.
NAIF’s Board is responsible for setting the strategic direction of NAIF, determining the corporate governance structures, setting the risk appetite, and making investment decisions. The Board Charter sets out its roles and responsibilities which builds off the Board’s legislative accountable authority.
Board Audit and Risk Committee
The NAIF Board constituted the Board Audit and Risk Committee (BARC), to advise the Board on financial and performance reporting, systems of risk management and oversight, and systems of internal control.
People and Remuneration Committee
The NAIF Board established a People and Remuneration Committee (PRemCo) effective 1 July 2019 which operates under a People and Remuneration Committee Charter. The PRemCo provides strategic advisory oversight of NAIF’s people, remuneration policies and strategies.
Strategic and Corporate Planning
NAIF has developed strategic documents that align with the commonwealth performance framework. The Strategic Plan sets out the purpose of NAIF, the key activities we will undertake to achieve our purpose and the results we expect to deliver.
NAIF has a comprehensive suite of governance policies that are appropriate for its size and functions. It is a tailored governance framework that incorporates statutory responsibilities under the NAIF Act, Investment Mandate, PGPA Act and other relevant legislation.
NAIF has regard to Australian best practice government governance principles, and relevant Australian best practice governance for commercial financiers as required by section 18(1) of the Investment Mandate.
NAIF maintains a program of periodic review of material changes to core governance policies, as part of the annual policy review schedule.
NAIF’s operations are independently reviewed to provide stakeholders with confidence in NAIF’s internal processes and externally reported information.
NAIFs appoints an independent internal auditor. The internal auditor has a rolling three-year Strategic Workplan. In formulating the plan, the key drivers are: NAIF’s core business, key organisational risks, priorities established by NAIF’s BARC and Executive, and NAIF’s business environment.
The Australian National Audit Office (ANAO) is NAIF’s external auditor. The ANAO provides an audit opinion on NAIF’s compliance with the Australian Accounting Standards and the PGPA Rule 2015. The opinion accompanies NAIF’s Financial Statements within each years Annual Report.
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