Last day to send submissions to Armidale Council
Final Day for Submissions to Armidale Council re Future Fund Board of Guardians Terms of Reference.
Today is the last day to make a submission to Armidale Regional Council on the proposed Future Fund Board of Guardians Terms of Reference.
The proposed Board of Guardians will include the Mayor, the General Manager, and several members with investment experience. Its role will be to advise on how, where and when to invest the community benefit contributions received from renewable energy companies through the Future Fund.
Under the current proposal, the majority of the investment earnings would be retained by Council to fund public amenities and services, while the balance would be distributed to community benefit projects recommended by a separate Community Benefit Panel. The Mayor and General Manager would not be members of that panel.
Before Council adopts these arrangements, there are several important questions for the community to consider:
Is this an appropriate governance model for managing a Future Fund that could eventually hold between $70 million and $100 million?
Should the Mayor and General Manager be members of the Board of Guardians, or should the Board consist entirely of independent members with demonstrated investment expertise?
Should the Board of Guardians be given the significant responsibility of determining how and where intergenerational funds are invested?
Should Council retain most of the investment earnings for its own projects and services, or should all investment earnings be allocated to community benefit projects recommended by the Community Benefit Panel?
Should the Board of Guardians be established before Council has adopted a comprehensive Constitution for the Future Fund that clearly defines its purpose, governance, investment philosophy, distribution principles and accountability arrangements?
Council has previously resolved to establish both a Community Benefit Framework and a Future Fund. However, there is still no single publicly available document that clearly explains the nature, scope, objectives and governance of the Future Fund. It is necessary for the Board of Guardians to understand what it is dealing with especially the parameters within which it has to operate.
Given the importance of this proposal and the significant public funds that may eventually be involved, it is reasonable for the community to seek greater clarity before these governance arrangements are finalised.
If you have a view on these matters, today is your last opportunity to make a submission to Council. Decisions made now will influence how tens of millions of dollars the Future Fund will be managed for current and future generations. This is an important opportunity to help shape a governance model that is transparent, accountable and in the long-term interests of our community.