As Victoria’s investment specialist, VFMC is a strong advocate for disclosure as part of its governance framework. We know that transparency and trust, and investment skill and performance, are two sides of the same coin.
We attract diverse investment specialists from Victoria, Australia and around the globe. Clients rely on our talent to achieve strong and sustainable investment performance and optimised portfolios.
VFMC’s approach is to link remuneration and reward to performance, which helps attract and retain the brightest talent for our clients.
Under Ministerial Directions and the Financial Management Act 1994, VFMC reports annually on its Board and executive remuneration.
This includes disclosure of base and total remuneration for responsible persons, such as Directors and the Chief Executive Officer.
As part of our commitment to transparent decision-making, relationships with third-parties and financial probity, we regularly report on our use of consultancies.
In 2022–2023 VFMC continued to invest in the business and seven consultancies, where total fees were in excess of $10,000, were used to support the business, with annual expenditure of $801,000. This compares to an expenditure in 2020–2021 of $1,015,000.
Details of individual consultancies (valued at $10,000 or greater) 2022-2023
| Consultant | Purpose of consultancy | Start date | End date | Expenditure (ex GST) |
|---|---|---|---|---|
| Cutter Associates |
Investment consulting |
Apr-23 | Jun-23 | $300,000 |
| First Treasury | Investment Risk System – IT consulting | Jul-22 | Oct-22 | $89,000 |
| HCL Australia Services | IT Consulting | Jul-22 | Jun-23 | $390,000 |
| Megan Dwyer & Co | HR consulting | Aug- 22 | Jun-23 | $135,000 |
| Mercer Investments (Australia) Ltd | HR and investment consulting | Jul-22 | Sep-22 | $45,000 |
| Right Lane Consulting | Business planning | Nov-22 | Jun- 23 | $115,000 |
| Transform | Branding, visual identity and project management | Jul-22 | Oct-22 | $27,000 |
| Total | $801,000 |
Please note that the table above excludes Professional Services Fees.
Under section 39 of the Victorian Funds Management Act 1994, VFMC is not an agency or prescribed authority under the Freedom of Information Act 1982.
VFMC does not tolerate corrupt or improper conduct by employees, nor the taking of reprisals against those who come forward to disclose corruption or impropriety.
We are bound by the Protected Disclosures Act 2012. This Act encourages and facilitates people in making disclosures of improper conduct by public officers and public bodies, and detrimental action taken in reprisal.
VFMC will take all reasonable steps to protect people who make such disclosures and afford natural justice to those subject of the disclosure.
We encourage the reporting of known or suspected incidences of improper conduct or detrimental actions.
To the extent possible, VFMC can prepare the following information for the relevant Minister on request:
Members of the public can contact VFMC directly in writing using the details below:
Paul Shanley
Chief Finance and Risk Officer
Victorian Funds Management Corporation
Level 13
101 Collins Street
Melbourne VIC 3000
Ph: +61 3 9207 2900