Commonwealth Superannuation Corporation Annual Report 2017–18

Information on the performance of CSC’s functions in relation to each superannuation scheme and each superannuation fund administered by CSC (other than the 1922 scheme, DFRB, DFRDB, DFSPB, ADF Cover and PNG) during 2017–18 as set out in GAGSS Act.

See 7. Superannuation Schemes, CSS, PSS, MilitarySuper, PSSap, ADF Super, 1922 scheme, "DFRB, DFRDB and DFSPB, and PNG.

Information on the general administration of the DFRDB Act, the DFRB Act, the ADF Cover Act, the PNG Act and the 1922 Scheme Act during 2017–18 as set out in GAGSS Act.

See DFRB, DFRDB and DFSPB.

Information on the performance of CSC functions in relation to the DFSPB during 2017–18.

See 1922 scheme, DFRB, DFRDB and DFSPB, and PNG.

Financial statements in respect of the management of each superannuation fund administered by CSC in a form agreed between the Minister and the CSC Board.

See 8. CSS financial statements 9. PSS financial statements, 10. MilitarySuper financial statements, 11. PSSap financial statements, 12. ADF Super financial statements, 13. CSC financial statements

Details of the legislation establishing CSC.

See Regulated superannuation schemes.

A summary of the objectives and functions of CSC as set out in the establishing legislation.

See Our legislative objectives and functions.

A summary of the purposes of CSC as included in CSC’s corporate plan for the period.

See Managing and investing our funds, Administration of our schemes, Our services to members.

The names and titles of persons holding the position of responsible Minister or Ministers during 2017–18.

Responsible Ministers during 2017–18 were:

Senator the Hon Mathias Cormann, Minister for Finance

Senator the Hon Marise Payne, Minister for Defence

Any directions given to CSC by a Minister under an Act/instrument during 2017–18.

N/A – no directions were given during the year.

Any government policy orders that applied in relation to CSC under section 22 of the PGPA Act.

N/A – no government policy orders applied during the year.

Explanation of non-compliance with a direction or Government policy order (this requirement is intended to assist readers understand why a corporate Commonwealth entity has acted in a particular way.

N/A – no government policy orders applied during the year.

Annual performance statements for CSC for the period in accordance with section 39(1)(b) of the PGPA Act and section 16F of the PGPA Rule 2014.

See CSC’s Annual Performance Statements

A statement of any significant issue reported to the responsible Minister under section 19(1)(e) of the PGPA Act that relates to non-compliance with the finance law in relation to CSC (an outline of the action taken to remedy the non-compliance is also required).

N/A – no significant issue was reported to the responsible Minister during the year under this section.

Information on the accountable authority, or each member of the accountable authority, of CSC in 2017–18, which include the accountable authority/member’s name/s, qualifications, experience, the number of meetings attended and if a non-executive or executive member.

See 3. Our Board

An outline of the organisational structure of CSC (including any subsidiaries of CSC)

See Appendix 1: CSC organisational chart

An outline of the location (whether or not in Australia) of major activities or facilities of CSC.

CSC has two office locations: Canberra and Sydney.

Information in relation to the main corporate governance practices used by CSC in 2017–18.

See 4. Our governance

CSC’s decision-making process if:

• the decision is to approve CSC paying for a good/ service from another Commonwealth entity/ company; or providing a grant to another Commonwealth entity/company; and
• CSC and the other Commonwealth entity/company are related entities; and
• the value of the transaction (or if there is more than one transaction, the aggregate value of the transactions) is more than $10,000 (inclusive of GST).

If there is only one transaction, the value of that transaction must be included.

If there is more than one transaction, the number of transactions and the aggregate value of those transactions is also required.

(Two Commonwealth entities are related if an individual is a member/director of the board of both entities.)

N/A – these circumstances did not apply to CSC during the year.

Any significant activities and changes that affected the operations or structure of CSC during 2017–18.

Significant activities or changes may include:

• significant events such as forming or participating in the formation of a company
• operational and financial results of the entity
• key changes to the entity’s state of affairs or principal activities; and
• amendments to the entity’s enabling legislation and to any other legislation directly relevant to its operation.

N/A – no significant activities during the year.

Particulars of judicial decisions/administrative tribunals made during the period that have had, or may have, a significant impact on the operations of CSC.

No judicial or administrative tribunal decisions had a significant effect on CSC operations; CSC has a reconsideration process and a process for dealing with legal claims made by members.

Particulars of any report on CSC given in 2017–18 by the Auditor-General (other than a report under section 43 of the PGPA Act which deals with the Auditor-General’s audit of annual financial statements); or a Committee of either House, or both Houses, of Parliament; or the Commonwealth Ombudsman; or the Office of the Australian Information Commissioner.

N/A

If the accountable authority has been unable to obtain information from a subsidiary of the entity required to be included in the annual report – an explanation of the information that was not obtained and the effect of not having this information on the report.

N/A – CSC has no subsidiaries.

Details of any indemnity that applied in 2017–18 to the accountable authority, any member of the accountable authority or officer of CSC against a liability (including premiums paid, or agreed to be paid, for insurance against the authority, member or officer’s liability for legal costs).

N/A - no indemnity was applied.

An index of where CSC’s mandatory annual reporting requirements can be found within this annual report.

This report’s requirements table.

Details of how CSC’s Annual Report (i.e. this report) was approved and when approval was given.

This report must be approved by the CSC Board or a member of the Board, and must be signed by a member of the Board).

A statement that the CSC Board is responsible for preparing and giving the annual report to the responsible Minister in accordance with section 46 of the PGPA Act is also required.

CSC’s Board approved the report on 24 September 2018. See Letter of Transmittal

CSC’s Annual Report must comply with the presentation and printing standards required for documents which are to be presented to Parliament.

This requirement is met throughout the report.

CSC’s Annual Report must be presented in plain English and clear design to accommodate the needs and interests of both Parliament and other persons potentially interested in CSC’s report (which in specific terms means this report must be constructed in an accessible manner, with the information presented in relevant, reliable, concise, understandable and balanced way, using appropriate headings and adequate spacing, a glossary to define acronyms and technical terms, and tables, graphs, charts and diagrams instead of text wherever possible.

This requirement is met throughout the report (a HTML report version will also be available on the CSC website in late 2018 so the report content is accessible to people with a disability who are interested in CSC’s report).