Records Authority 2013/00234377

Future Fund Management Agency

Financial Management of Investments, Funds External Relations, Investment Management

2013

This is an accurate reproduction of the authorised records authority content, created for accessibility purposes

Introduction

The Future Fund Management Agency (FFMA) and the National Archives of Australia have developed this Records Authority to set out the requirements for keeping or destroying records for the core business areas of Funds External Relations, Financial Management of Investments and Investment Management. It represents a significant commitment on behalf of the FFMA to understand, create and manage the records of its activities.

This Authority is based on the identification and analysis of the business of the FFMA. It takes into account the agency's legal and organisational records management requirements, and the interests of stakeholders, the agency and the National Archives of Australia.

The Authority sets out those records that need to be retained as national archives and specifies the minimum length of time that temporary records need to be kept. This Authority gives the FFMA permission under the Archives Act 1983, for the destruction of the temporary records described after the minimum retention period has expired. Retention periods for these temporary records are based on: an assessment of business needs; broader organisational accountability requirements; and community expectations, and are approved by the National Archives of Australia on the basis of information provided by the agency.

As changes in circumstances may affect future records management requirements, the periodic review of this Authority is recommended. All amendments must be approved by the National Archives.

Application of this Authority

  1. This Authority is to be used to determine how long records must be kept. Records are matched to the relevant core business and records class in the Authority.
    • Where the minimum retention period has expired and the records are not needed for agency business they should be destroyed as authorised in this Authority.
    • Records that have not reached the minimum retention period must be kept until they do.
    • Records that are identified as Retain as National Archives (RNA) are to be transferred to the National Archives of Australia for preservation.
  2. This Authority should be used in conjunction with general records authorities such as:
    • the Administrative Functions Disposal Authority (AFDA) and/or AFDA Express issued by the National Archives to cover business processes and records common to Australian Government agencies;
    • General Records Authority (31) for source (including original) records that have been copied, converted or migrated.
  3. The Normal Administrative Practice (NAP) provision of the Archives Act 1983 gives agencies permission to destroy certain records without formal authorisation. This usually occurs where records are duplicated, facilitative or for short-term use only. NAP does not replace arrangements agreed to in this Authority but can be used as a tool to assist in identifying records for destruction together with an agency's Records Authority or Authorities, and with AFDA and AFDA Express. The National Archives recommends that agencies develop and implement a Normal Administrative Practice policy. Advice and guidance on destroying records as a normal administrative practice and on how to develop an agency NAP policy is available from the National Archives' website at www.naa.gov.au.
  4. Records that are reasonably likely to be needed as evidence in a current or future judicial proceeding or are subject to a request for access under the Archives Act 1983, the Freedom of Information Act 1982 or any other relevant Act must not be destroyed until the action has been completed.
  5. Records subject to a disposal freeze must not be destroyed until the freeze has been lifted. Further information about disposal freezes and whether they affect the application of this Authority is available from the National Archives website at www.naa.gov.au.
  6. Where the method of recording information changes (for example from a manual system to an electronic system, or when information is migrated from one system to a new system) this Authority can still be applied, providing the records document the same core business. The information must be accessible for the period of time prescribed in this Authority. The FFMA will need to maintain continuing access to the information, including digital information, for the periods prescribed in this records authority or until the information is transferred into the custody of the National Archives.
  7. In general, retention requirements indicate a minimum period for retention. The FFMA may extend minimum retention periods if it considers that there is an administrative need to do so, without further reference to the National Archives. Where the FFMA believes that its accountability will be substantially compromised because a retention period or periods are not adequate, it should contact the National Archives for review of the retention period.
  8. Records coming within 'Retain as national archives' classes in this Authority have been determined to be part of the archival resources of the Commonwealth under Section 3C of the Archives Act 1983. The determination of Commonwealth records as archival resources of the Commonwealth obliges agencies to transfer the records to the National Archives when they cease to be current and, in any event, within 15 years of the records coming into existence, under Section 27 of the Archives Act 1983.
  9. Records in the care of agencies should be appropriately stored, managed and preserved. Agencies need to meet this obligation to ensure that the records remain authentic and accessible over time. Under Section 31 of the Archives Act 1983, access arrangements are required for records that become available for public access including those records that remain in agency custody.
  10. Appropriate arrangements should be made with the National Archives when records are to be transferred into custody. The National Archives accepts for transfer only those records designated as national archives.
  11. Advice on how to use this Authority is available from the FFMA records manager. If there are problems with the application of the Authority that cannot be resolved, please contact the National Archives.

Contact Information

For assistance with this authority or for advice on other records management matters, please contact National Archives’ Agency Service Centre.

Queen Victoria Terrace
Parkes ACT 2600

PO Box 7425
Canberra Mail Centre ACT 2610

Email: recordkeeping@naa.gov.au
Website: www.naa.gov.au

Authorisation

Person to whom notice of authorisation is given:

Mark Burgess
Managing Director
Future Fund Management Agency
Level 43/120 Collins Street
Melbourne VIC 3001

Purpose:

Authorises arrangements for the alteration of records in accordance with section 26 of the Archives Act 1983.

Application:

All core business records relating to Financial Management of Investments, Funds External Relations and Investment Management.

This authority gives permission for the alteration of the records described. This authority will apply only with the consent of the agency currently responsible for the business documented in the records described.

Authorised by:

David Fricker
Director-General
National Archives of Australia

4 June 2013

Classes

Financial Management of Investments

The core business of managing the Funds' finances in relation to the investment management function.

  • The core activities include:
  • management and payment of fees to investment managers, custodians and other partners;
  • instructions to investment managers and custodians relating to investments;
  • financial transactions relating to administered items;
  • taxation obligations, transactions and rulings;
  • delegating powers and authorising actions; and
  • financial statements relating to administered items.
  • The performance of the core business is supported by general activities such as:
  • managing and participating in meetings and committees;
  • providing and receiving advice;
  • negotiating, establishing and implementing agreements;
  • liaising with external stakeholders;
  • reporting;
  • developing, implementing and reviewing policy and procedures;
  • conducting reviews and evaluations;
  • planning, conducting and facilitating audits; and
  • identifying, assessing and managing risks.

For financial and taxation advice relating to investments, use INVESTMENT MANAGEMENT.

For the acquisition of goods and services, use PROCUREMENT.

For financial management activities not relating to investment management including audits on departmental items, use FINANCIAL MANAGEMENT.

Class no Description of records Disposal action
61362

Records documenting:

  • management and payment of fees to investment managers, custodians and other partners.  Includes:
    • invoices, calculations  or other documents setting out any management performance or other fees or expenses paid or payable to a manager in relation to the management of a fund or asset;
    • analysis or reconciliation of fees payable; and
    • performance fee accruals.
  • instructions to managers and custodians. Includes:
    • proper instructions;
    • funding directions;
    • capital calls;
    • distributions; and
    • subscription offers and agreements.
Destroy 30 years after termination, completion or other cessation of manager or custodian agreement
61363

Records documenting:

  • financial transactions relating to administered items. Includes shareholder distribution statements and notice of loan repayments; and
  • taxation obligations and transactions in foreign countries. Includes income tax returns, certificates of foreign status of beneficial owner and taxation rulings.

Records documenting the following accountability activities relating to administered items:

  • audits (internal and external) qualified by the Auditor-General resulting in major or significant changes to practices; and
  • delegating powers and authorising actions.
Destroy 10 years after action completed
61364

Records documenting:

  • routine operational administrative tasks supporting the core business; and
  • financial management of investments activities, other than those covered in classes 61362 and 61363.
Destroy 7 years after action completed

Funds External Relations

The core business of managing the agency's relationship with external stakeholders.

The core activities include:

  • providing and receiving advice;
  • negotiating, establishing and implementing agreements;
  • preparing and presenting speeches and addresses;
  • representation on and participating in funds management bodies, groups and forums;
  • arranging or attending conferences or events; and
  • liaison with and visits to, or from other bodies.

The performance of the core business is supported by general activities such as:

  • managing and participating in meetings and committees;
  • reporting;
  • developing, implementing and reviewing policy and procedures;
  • conducting reviews and evaluations; and
  • identifying, assessing and managing risks.

For agency publications, use PUBLICATION.

For media releases and addresses and presentations made by Board members, use COMMUNITY RELATIONS.

For portfolio minister media releases, advice to the portfolio Minister and ministerial and cabinet submissions, use GOVERNMENT RELATIONS.

For relations with third parties with whom the agency has an investment management relationship, use INVESTMENT MANAGEMENT.

Class no Description of records Disposal action
61365

The following significant records documenting:

  • advice, visits, liaison, reports, reviews, evaluations or agreements involving stakeholders on matters that reflect or have resulted in significant regulatory or policy change or have far reaching corporate, social, economic, environmental, national or international implications;
  • addresses or presentations given by the agency head or high level agency staff at major occasions such as peak industry events;
  • high-level national or international conferences that are organised by the agency;
  • high-level internal and external committees where the agency provides the Secretariat, is the Commonwealth’s main representative, or plays a significant role. Includes establishment documentation, agenda, final versions of minutes, reports, briefing notes and tabled papers; and
  • representation on and participation in international funds management bodies and groups (eg International Forum of Sovereign Wealth Funds).
Retain as national archives
61366

Records documenting:

  • routine operational administrative tasks supporting the core business; and
  • funds external relations activities, other than those covered in class 61365.
Destroy 10 years after action completed

Investment Management

The core business of managing the investment of national funds established by legislation. Includes the Future Fund, Building Australia Fund, Education Investment Fund and the Health and Hospitals Fund.

  • The core activities include:
  • managing and participating in meetings and committees;
  • development, implementation and application of policies in accordance with legislation and regulations;
  • negotiating, establishing and implementing agreements;
  • due diligence regarding the viability and ongoing management of a manager, or an investment in a fund or asset, including those which are unsuccessful;
  • reporting on performance of individual investments in funds or assets;
  • managing rights and obligations relating to shareholdings in investment entities;
  • strategic planning of investments;
  • monitoring and reporting on fund exposure and whole of portfolio performance;
  • conducting reviews and evaluations; and
  • management of risk and compliance;
  • The performance of the core business is supported by general activities such as:
  • developing and implementing operational procedures;
  • project planning and management;
  • statistical data  analysis and modelling; and
  • management of investment reference and information material.

For the establishment and administration of the Board of Guardians, including minutes of Board meetings and supporting papers, use GOVERNING BODIES.

For the procurement of goods and services including research services to support the investment management activities, use PROCUREMENT.

For government reporting and advice to the portfolio Minister and ministerial and cabinet submissions, use GOVERNMENT RELATIONS.

For the management of the agency's library and information resources, use INFORMATION MANAGEMENT.

Class no Description of records Disposal action
61367

The following significant records documenting:

  • decisions relating to investment in assets and funds made by high-level internal committees, includes Asset Review Committee, Manager Review Committee and Investment Committee. Includes establishment documentation, agenda, final versions of minutes, reports, briefing notes and tabled papers;
  • development, implementation and application of policies in accordance with legislation and regulations (eg Statement of Investment Policies and Mandate interpretation and beliefs);
  • development, implementation and review of high-level risk management frameworks; and
  • high-level advice, reports, reviews, evaluations or agreements that reflect or have resulted in significant regulatory or policy change and/or have far-reaching social, economic or national implications.
Retain as national archives
61368

Records documenting:

  • formal agreements with third parties. Includes: international swap and derivatives association agreements, custody agreements, limited partnership agreements, futures clearing agreements; give up agreements; side letters; shareholder / co-investor agreements; acquisition and sales agreements (including options); finance agreements; clearing agreements; constituent documents (including company and trust constitutions); and confidentiality agreements for pre-appointment due diligence processes.
  • pre-appointment due diligence process and post-investment ongoing management of an investment, or investment manager or other third party that is approved, which are not subject to a confidentiality agreement. Includes:
    • internal and external advice, including legal, tax and other financial advice;
    • internal and external research into prospective investments, or prospective managers;
    • operational risk and compliance assessments and reporting;
    • completed operational due diligence questionnaires;
    • operational due diligence authorisations;
    • custodian product packs and instrument evaluation records;
    • regular reporting;
    • valuations;
    • service level agreements and key performance indicators;
    • performance reports;
    • investment manager presentations; and
    • meeting notes.
Destroy 30 years after divestment of investment, or cessation of agreement
61369 Records documenting the pre-appointment due diligence process of an investment, or investment manager or other third party that is approved, which are subject to a confidentiality agreement. Destroy 1 year after action completed or in accordance with confidentiality agreement whichever is the later
61370 Records documenting the due diligence process on the viability of an investment, or potential investment manager or other third party which are ultimately unsuccessful. Destroy 30 years after action completed
61371 Reference material on potential investments. Destroy 2 years after action completed
61372

Records documenting:

  • routine operational administrative tasks supporting the core business; and
  • investment management activities, other than those covered in classes 61367 to 61371.
Destroy 10 years after action completed
Copyright National Archives of Australia 2017