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How does the Board work?
Under Section 10 of the Retirement Benefits Act 1993, the Retirement Benefits Fund Board is responsible for administering the Retirement Benefits Fund in the best interests of members and in accordance with the relevant legislation. Much of the administrative work required has been delegated to staff employed by the Board. The primary focus of the Board is on setting the high-level policy and strategy agendas.
The Board consists of five voting Members and a non-voting President. Three
of the Members are nominated by the Government, one Member is elected
by members of the Fund, one Member is nominated by the Tasmanian Trades
and Labor Council (TTLC), operating as Unions Tasmania and the President is nominated by the Government
with the agreement of the TTLC.
Four out of the six Members of the Board must be present to form a quorum
at a duly convened meeting. Decisions of the Board must be supported by
two-thirds of the voting Members present. Full and accurate minutes of
proceedings are kept for all Board meetings.
The Board has established two Committees and delegated an appropriate range of decision-making powers to each. The Investment and Asset Allocation Committee meets monthly and the Governance Committee meets bi-monthly. A regime of regular reporting back to the Board has been established.
- Investment and Asset Allocation Committee
The objective of this committee is to make a positive contribution to the
investment returns of the Fund through timely and appropriate investment
strategy development and asset class diversification. The Committee monitors
the performance of the Fund's investments and implements changes in investment
policies.
- Governance Committee
The objective of this committee is to ensure that administrative issues,
including marketing and communication, technology and infrastructure and
governance issues, are adequately monitored and directed. The Committee
establishes systems and processes designed to ensure that the Board exercises
fiduciary responsibility over the management and control of the Retirement
Benefits Fund and also maintains adequate reporting and control mechanisms.
Who are the Board members?
Damian Egan - President of the Board (non-voting)
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Nominee of the Minister, with the agreement of the Tasmanian Trades and Labor Council
Current term: 4/9/2006 - 3/9/2009
Board Member since 1995 and President since 1996
Chairman of the Governance Committee and the Investment and Asset Allocation Committee
Mr Egan is a partner in the legal firm of Murdoch Clarke, a member of the Federal Government Corporations and Markets Advisory Legal Committee, Board member of the Hobart City Mission Inc and several private companies.
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Andrea Schiwy - Deputy President of the Board
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Nominee of the Minister
Current term: 1/7/2007 - 30/6/2010
Member of the Governance Committee
Ms Schiwy is a member of the Social Security Appeals Tribunal, Nursing Board Tribunal and Legal Profession Disciplinary Tribunal.
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John Wilcox
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Nominee of the Minister
Current term: 1/10/2006 - 30/9/2009
Member of the Governance Committee
Mr Wilcox is a semi-retired Chartered Accountant.
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Kim Besharati
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Nominee of the Minister
Current Term: 4/9/2006 - 3/9/2009
Member of the Investment and Asset Allocation Committee
Ms Besharati is a Principal Policy Analyst in the InterGovernment and Financial Policy Branch within the Department of Treasury and Finance.
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Neroli Ellis
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Elected by members of the RBF Contributory Scheme
Current term: 1/7/2007 - 30/6/2010
Member of the Investment and Asset Allocation Committee
Ms Ellis is the Branch Secretary of the Tasmanian Branch of the Australian Nursing Federation.
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Lindsay Jones
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Nominee of the Tasmanian Trades and Labor Council (now operating as Unions Tasmania)
Current Term: 1/7/2007 - 30/6/2010
Member of the Investment and Asset Allocation Committee
Mr Jones is the Tasmanian Branch President of the CPSU (SPSFT) and is semi-retired.
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