Future Fund Governance Committee

Objectives and Responsibilities

The Terms of Reference of the Future Fund Committee are set out in the Future Fund Committee Charter, adopted by Council on 28 February 2023

• To endorse the investment strategy for the Future Fund;
• To monitor and oversee the investment activities conducted within The Fund;
• To recommend investment decisions as and when required in accordance with prevailing legislative and CN governance requirement;
• To approve the appointment, renewal, termination of the Independent Fund advisor; and
• To review investment reports provided by staff.

The Future Fund Committee can form working parties to investigate, consider, and provide expert advice on defined tasks and consider issues within its Charter which are referred to it by Council.

Committee Charter

• Future Fund Governance Committee Charter

Meetings

The Future Fund Committee meets at least four times per year. Future Fund Committee business is confidential and meetings are closed to the general public.

Membership

Membership of the Future Fund Committee is constituted by three Councillors appointed by the elected Council and one Executive Director.

Councillor members are nominated by resolution of the elected Council on commencement of each new Council term.

Current Members

• Nick Tobin (Independent Chairperson)
• Lord Mayor Cr Nuatali Nelmes (Councillor representative)
• Cr Jennie Barrie (Councillor representative)
• Cr Declan Clausen (Councillor representative)
• Chief Executive Officer (ELT representative)
• Executive Director Corporate Services (ELT representative)
• Brian Hrnjak (Independent member)
• Frances Agelavu (Independent member)

The Committee has no executive powers and cannot make decisions on behalf of Council. The Committee’s decisions are recommendations only and primary responsibility for management of Council rests with the Council and the CEO. A quorum is constituted by attendance of a majority of the Committee members, including at least one independent member.

Reports

The Committee will provide an annual report to Council, the Asset Advisory Committee and the Audit and Risk Committee which sets out the performance of the Future fund against its purposes over the past year.