While the legal entity that is represented as a signatory to the Principles for Responsible Investment (PRI) is the Australian Capital Territory (Territory), the body politic established by section 7 of the Australian Capital Territory (Self-Government) Act 1988 (Cwlth), the commitments that derive from the ACT Government’s endorsement of the PRI apply to specific financial investment asset portfolios managed by the Treasury stream (Treasury) of the Chief Minister, Treasury and Economic Development Directorate (CMTEDD). Of important note, the financial investment operations are not performed by a separate legal entity to the body politic.
The range of responsibilities of CMTEDD is extensive and extends beyond just financial investment operations. CMTEDD leads the ACT Public Service (ACTPS) and provides strategic advice and support to the Directorate's Ministers and the Cabinet on policy, financial and economic matters, service delivery and whole of government issues. The Directorate facilitates the implementation of government priorities and drives many new initiatives.
The Directorate is responsible for: collecting and managing taxation revenue; managing the Government's financial investment assets and debt liabilities, including the defined benefit superannuation financial investment assets and liabilities; and providing advice to the Government and ACT agencies on the Territory's budget and financial management, economic and revenue policy, federal financial relations, and workers compensation policy. The Directorate is also responsible for Shared Services which provides financial, ICT and HR support across Government.
The Directorate focuses on facilitating business development, investment, tourism and events, sport and recreation, arts, and other government activity, often in coordination with the private sector, to increase the economic performance of the ACT. The Directorate is also responsible for land release and facilitating projects through the office of Coordinator-General, as well as Procurement and Capital Works. Additionally, the Directorate established the Office for LGBTIQ Affairs to coordinate and support strategic government projects and policy to promote Canberra as the most welcoming city in Australia for LGBTIQ people.
As an Australian Sovereign entity the ACT Government is responsible for delivering a broad range of services in relation to Health, Education, Community Services, Housing, Transport, Policing, Emergency Services, Sport and Tourism. It is within this context and the unique position of being an Australian Sovereign entity that the underlying investment activities are conducted with a specifically targeted approach, and in a manner that complies with legislative and government procedural requirements.
Asset Liability Management within the Treasury division of CMTEDD has responsibility for the financial investment operations of the Territory. For the purposes of this PRI Assessment Response, all references to the Territory entity responsible for the financial investment activities will be Treasury.