Board of Directors’ Governance

The Board of Directors of WATC is responsible for the performance of the functions of WATC under the Western Australian Treasury Corporation Act 1986.

In order to ensure that WATC carries out its functions in the best interests of the State, clients and other stakeholders, the Board of Directors (the Board) of WATC sets the strategic direction of WATC, with the agreement of the Minister, and establishes the policies and principles under which WATC operates.

The corporate governance processes established by the Board ensure that they are able to fulfil WATC’s statutory obligations, guide the affairs of WATC and oversee WATC’s performance. The Board relies on and holds to account the Chief Executive Officer for the operational management of WATC and implementation of the strategic direction.

Board Composition

The membership of the Board is determined in accordance with Section 5B of the Western Australian Treasury Corporation Act 1986 (the Act) and comprises:

the Under Treasurer as Chairperson

an officer of the Treasury nominated by the Under Treasurer from time to time as the Deputy Chairperson

the Chief Executive Officer or Acting Chief Executive Officer of WATC

up to three other persons with relevant commercial or financial experience appointed by the Minister. These are the appointed directors.

An appointed director may hold office for a term not exceeding three years, which is specified in the instrument of appointment, but may be reappointed from time to time.
The directors of WATC at 30 June 2019 are shown in the table below.

Name	Position	First Appointed	Term Expires
Michael Barnes	Chairperson	Statutory	Statutory
Michael Reginald Court	Deputy Chairperson	1/07/2017	n/a
Kaylene Gulich¹	Chief Executive Officer	Statutory	Statutory
Catherine Nance	Director	15/07/1998	31/12/2019
Susan Murphy	Director	01/01/2019	31/12/2021
Grahame Searle	Director	01/01/2009	31/12/2019

¹ The Chief Executive Officer is the only director with executive responsibilities.
n/a: not applicable.

The Secretary to the Board was Steven Luff, Chief Financial Officer.

Board Responsibilities

The Board is responsible for the performance of the functions of WATC under the Act. These functions include:

to borrow moneys and lend moneys to the WA public sector

to develop and implement borrowing programs for the purposes of the Act

to manage the financial rights and obligations of WATC

to advise on financial matters, including debt management, asset management and project and structured financing

to manage investments for the Department of Treasury and other government agencies

to assist authorities with managing their financial exposures

to assist the State with the management of any debt raised prior to the establishment of WATC.
In fulfilling this role, the Board guides and monitors the affairs of WATC. This includes:

reviewing and establishing, with the Minister’s agreement, WATC’s Strategic Development Plan and Statement of Corporate Intent each year

monitoring the performance of WATC

ensuring that appropriate accounting, risk management, budgeting, compliance, information technology and internal control policies, systems and reporting processes are in place. These include WATC’s Risk Management Policy and Business Continuity Plan.

Performance Evaluation

As part of good governance, the Board undertakes to evaluate their performance each year.

Board Remuneration

The annual remuneration for WATC’s Board is as follows:

Name	Type of remuneration	Period of membership	2018/19 $
M Barnes	Not eligible	12 months	0
M Court	Not eligible	12 months	0
C Nance	Annual	12 months	47,648
S Murphy	Annual	6 months	20,552
J Seabrook	Annual	3 months	10,800
G Searle	Annual	12 months	16,886
K Gulich	Not eligible	5 months	0
J Collins V	Not eligible	7 months	0

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Annual Report 2019