The Charter of the NHFIC Board governs the Board’s operations. It sets out the Board's role and responsibilities, composition, structure and membership requirements.
The NHFIC Board established an Audit and Risk Committee in compliance with section 45 of the PGPA Act and PGPA Rule section 17 – Audit Committee for Commonwealth entities and the duty imposed on the Board under section 16 of the PGPA Act to establish and maintain a system of risk oversight and management. Its role is to provide independent assurance to the Board.
Pursuant to section 17 of the PGPA Rule, the Audit and Risk Committee’s primary function is to review the appropriateness of the Board’s financial reporting, performance reporting, system of risk oversight and management, and system of internal control for NHFIC.
The Audit and Risk Committee is not responsible for the executive management of these functions.
In addition to its primary functions under the PGPA Rule, or to complement them, the Audit and Risk Committee:
Makes recommendations to the Board on the appointment, assessment and removal of NHFIC’s internal auditors, and oversees their independence
Reviews and approves NHFIC’s external and internal audit fees, plans and their scope
Provides an effective forum for communication between NHFIC’s Board, management and internal and external auditors.
The primary responsibility of the Committee is to assist the Board to execute on NHFIC’s strategy and achieve the optimal pricing on bonds issued by NHFIC in the wholesale debt capital market; optimise the use of funding sources for its AHBA loans business; optimise the investment of NHFIC’s capital and reserves and short-term surplus cash; and manage NHFIC’s exposures to interest rate risk and liquidity risk.
The primary responsibility of the Committee is to review and make recommendations to the Board in relation to the payment of bonuses at NHFIC and the CEO remuneration.
The primary responsibility of the Committee is to assist the NHFIC Board with the oversight and management of work undertaken by the research function in accordance with NHFIC’s Investment Mandate.
A key function of NHFIC is to provide finance to proponents eligible under NHFIC’s Investment Mandate. The Credit Committee is an advisory committee that has been established to assist the NHFIC Board with the objective oversight and management of credit risk arising from this key function.
The Executive Risk Committee identifies and monitors significant risks to NHFIC, maintains and promotes NHFIC’s risk management frameworks and policies, manages risks in line with those frameworks and policies, and implements and oversees control processes and risk mitigation strategies.
At NHFIC we always aim to deliver high quality service, open and honest communication and we respect the confidentiality of the information provided to us.
In delivering high quality service, we will:
Invest time to fully understand your business and its needs
Use our industry knowledge and financing expertise to offer timely and tailored responses
Act with professionalism and integrity.