QTC Boards

QTC has delegated its powers to two Boards, including:

  • the Queensland Treasury Corporation Capital Markets Board, which was established in 1991 and manages all of QTC’s affairs other than those relating to certain superannuation and other long-term assets, and
  • the State Investment Advisory Board, established in July 2008 as the Long Term Asset Advisory Board, which advises in relation to certain superannuation and other long-term assets that were transferred to QTC from Queensland Treasury on 1 July 2008.

Capital Markets Board

QTC’s Capital Markets Board comprises six non-executive Board members appointed by the Governor-in-Council. Prior to appointment to the Board, consideration is given to each proposed Board member’s qualifications, experience, skills, strategic ability, and commitment to contribute to QTC’s performance and achievement of its corporate objectives.

Board responsibilities

The Board has adopted a charter that, in accordance with the Board’s delegated powers, sets out the roles and responsibilities of the Board and its members. These include:

  • leading QTC and approving its strategic direction
  • approving Board-owned policies and charters
  • overseeing organisational culture, values and behaviours, including risk
  • ensuring compliance with legal, tax and regulatory obligations
  • approving QTC’s financial statements, budget, performance review framework and remuneration framework
  • appointing or dismissing the Chief Executive and monitoring executive leadership pipeline risks, and
  • approving the Internal Audit plan and overseeing the external audit program.

The Board holds regular Board meetings (typically monthly) and may, whenever necessary, hold additional meetings.

Remuneration and performance

Board members’ remuneration is determined by the Governor-in-Council. Details are disclosed in QTC’s Annual Report.

In order to ensure continuous improvement and enhance overall effectiveness, the Board conducts an annual assessment of the performance of the Board, its committees and individual Board members.

Conflict of interest

Board members are required to monitor and disclose any actual, potential or perceived conflicts of interest. If an actual, potential or perceived conflict exists, the affected Board member may not receive any Board papers, attend meetings or take part in decisions relating to that declared interest, unless the Board determines that a declared interest does not disqualify a Board member from participating in a decision.

Board committees

The Board has established three committees to assist the Board in overseeing and governing various QTC activities.

QTC places great emphasis on ensuring that each committee has the appropriate mix of skills and experience that will allow each committee to perform its responsibilities effectively. Each year, the chair of each committee is required to facilitate the assessment of their committee’s performance and take any necessary action to enhance their committee’s role, operational processes or membership.

Each committee reports to the Board and is required to:

  • after each committee meeting, provide minutes to the Board
  • prepare timely reports to the Board outlining relevant matters considered at a particular meeting together with the committee’s opinion and recommendations, and
  • as soon as practicable after the end of each year, provide to the Board a report about the committee’s operations and achievements for the year.
Risk and Audit Committee

In accordance with its charter, the Risk and Audit Committee is a decision-making and advisory body responsible for overseeing and assisting the Board with:

  • the appropriateness and effectiveness of QTC’s enterprise-wide risk management system (including the enterprise-wide risk management framework, the risk appetite statement and risk management strategies) and the internal control framework
  • risk and risk management, including carriage of the risks attributed to the Risk and Audit Committee
  • the effectiveness of internal control processes
  • the integrity of the financial statements and associated year-end and interim processes, and
  • the adequacy and effectiveness of audit activities.

The Risk and Audit Committee must have at least three members who are also required to be members of the Board. The current members of this Committee are:

  • Karen Smith-Pomeroy, Committee Chair
  • Neville Ide, and
  • Anne Parkin.

The Committee is required to meet at least four times a year, and operates in accordance with the Audit Committee Guidelines: Improving Accountability and Performance issued by Queensland Treasury.

Funding and Markets Committee

In accordance with its charter, the Funding and Markets Committee is a decision-making and advisory body responsible for overseeing and assisting the Board with:

  • funding and markets-related key policies and compliance with relevant legislation
  • the alignment of funding and markets activities with QTC’s policies and risk appetite
  • QTC’s risk appetite, risk tolerance and risk mitigation strategies for funding and markets activities
  • assessing QTC’s ability to access suitable funding markets to meet the State’s borrowing requirements and maintain appropriate levels of liquidity
  • liquidity pool performance, and
  • Cash Fund and Asset Liability Management Portfolio performance.

The Committee must have at least three members who are also required to be members of the Board. The current members of the Committee are:

  • Jim Stening, Committee Chair
  • Gerard Bradley
  • Neville Ide, and
  • Tonianne Dwyer.

The Committee must hold meetings at least four times a year.

Human Resources Committee

In accordance with its charter, the Human Resources Committee is a decision-making and advisory body responsible for overseeing and assisting the Board with:

  • human resources-related key policies and compliance with relevant legislation
  • the framework for remuneration and performance reviews
  • the integrity and consistency of QTC’s corporate culture
  • succession planning for the executive management team, executive development and talent pipeline risks
  • strategic workforce planning and operational resource planning, and
  • people material risks.

In addition, the Committee shall oversee the adequacy and effectiveness of risk management (including residual risks) relating to people and culture.

The Committee must have at least three members who are also required to be members of the Board. The current members of the Committee are:

  • Tonianne Dwyer, Committee Chair
  • Gerard Bradley
  • Anne Parkin, and
  • Karen Smith-Pomeroy.

The Committee is required to hold at least three meetings a year, two of which are timed around the QTC performance reviews in June and December.

State Investment Advisory Board

The State Investment Advisory Board, formerly the Long Term Asset Advisory Board, was established in July 2008 following the transfer of certain superannuation and other long-term assets from Queensland Treasury to QTC.

State Investment Advisory Board members
Name Title Board position
Frankie Carroll Under Treasurer Chair
Maria Wilton Independent Member
Philip Graham Independent Member
Tony Hawkins Independent Member