02Governance

CEFC ANNUAL REPORT / 2015–16

ABOUT OUR STAFF

At 30 June 2016, excluding Board members and including the CEO and six Executive members, the CEFC had a headcount of 69 staff (including 66 full-time equivalent) dedicated to fulfilling the CEFC’s key tasks across transactions origination, investment portfolio management, corporate treasury, finance, human resources, compliance, risk management, marketing and communications, stakeholder relations and administrative functions.

Given our investment and business focus, the CEFC’s staff are mainly drawn from private sector finance backgrounds. Although working for a public sector entity, CEFC employees are not public servants for the purposes of the Public Service Act 1999 and are instead employed under the CEFC Act. CEFC staff are employed on individual contracts with employment conditions and remuneration determined by the CEFC.

The organisation remains a relatively new one, still developing its operating platforms and maturing its structures as its portfolio builds and as the business evolves and responds to changing market circumstances. This requires the CEFC to progressively augment and deepen its skills base.

The CEFC has also shared expertise and experience with its international counterparts, in particular the UK Green Investment Bank (GIB), in specialist areas of our respective investment priority market sectors, emerging technologies, portfolio management and in the legal area. In mid-2015, a member of the GIB’s investment team joined the CEFC for a period of two months, and this was followed by a reciprocal exchange of a CEFC legal team member to the GIB in early 2016.

Terms of employment, remuneration and conditions

CEFC staff have their terms and conditions established under contract, with no eligibility for public sector terms, conditions or benefits except as provided by law. Staff remuneration may include a variable compensation component, noting the variable compensation plan is approved annually by the Board and is therefore not guaranteed. Executive employees’ remuneration is overseen by the Board’s Remuneration and Human Resources Committee. More information on payments made to employees in the reporting period is available at Note 2.1 and Note 5 in the Financial Statements.

CEFC staff travel and expense claims are usually dealt with on an indemnity and reimbursement basis.

Staff Profile: Age

CEFC staff have an average age of 42 years. This reflects the specialised role of the CEFC, and:

  • The need to hire experienced, senior practitioners within each functional area of the Corporation
  • The fact the CEFC does not currently have a graduate entry program. Consideration may be given to instituting such a program as the CEFC reaches further maturity.

Staff Profile: Gender and equal employment opportunity

The Corporation remains at near gender equity, with 46 per cent female employees and 54 per cent male employees. This is identical to the previous reporting period. Of the CEFC’s 69 employees (headcount basis, including the CEO but excluding Board members), eight are employed on a part-time basis, primarily to accommodate family responsibilities. To support staff in balancing their work and family commitments, flexible work arrangements are available to male and female employees, including senior employees. The CEFC’s Equal Employment Opportunity report for the 2015-16 year is available at Appendix B.

Staff Profile: Diversity

Of the CEFC’s headcount of 69 staff at 30 June 2016 (excluding the Board and CEO), almost 50 per cent (32) were born overseas, with almost 15 per cent (10) reporting English as a second language. No CEFC employees identified as Indigenous. In addition, there were no CEFC employees reporting as having a disability. Given the CEFC’s relatively small employment profile, the CEFC does not consider this as statistically significant.