We are committed to maintaining best practice corporate governance standards that are fit-for-purpose for ARPC’s operations.
Our governance framework is set out in the Terrorism and Cyclone Insurance Act 2003 (TCI Act). We are a corporate Commonwealth entity and a part of the Treasury portfolio of Agencies. The responsible Minister for policy matters is the Assistant Treasurer and Minister for Financial Services, the Hon Stephen Jones MP. The responsible Minister for governance matters, for example, board appointments, is the Treasurer, the Hon Dr Jim Chalmers MP.
The Public Governance, Performance and Accountability Act 2013 (PGPA Act) defines ARPC as a corporate Commonwealth entity and that the Board, being the governing body of ARPC, is the accountable authority of ARPC. The Board is required to meet its obligations within the PGPA Act and the Public Governance, Performance and Accountability Rule 2014 (PGPA Rule).
Under the TCI Act, the Board appoints the Chief Executive of ARPC. The CEO manages the affairs of ARPC, subject to the directions of, and in accordance with, policies determined by the Board.
In addition to the statutory framework, ARPC’s corporate governance framework is underpinned by the Board Charter, the Audit, Risk, and Compliance Committee Charter, the Enterprise Risk Management Framework, and a suite of policies and procedures.
ARPC’s external auditor is the Australian National Audit Office, and its internal audit function is outsourced.