As a Commonwealth statutory corporation that holds money on its own account, EFIC is a Commonwealth authority and subject to the Commonwealth Authorities and Companies Act 1997 (Cth) ("CAC Act") and to regulations and orders made under it. The CAC Act sets out requirements in relation to aspects of EFIC's corporate governance, financial management and reporting which are additional to those in the Export Finance and Insurance Corporation Act 1991 (Cth) ("EFIC Act").
The CAC Act covers matters including:
- EFIC’s requirement to report to the Minister for Trade and Competitiveness and, through the Minister, to Parliament
- contents of EFIC’s annual report of operations
- audit of EFIC’s financial statements by the Auditor-General
- banking and investment powers of EFIC
- submission to the Minister of EFIC’s budget estimates each financial year
- compliance by EFIC with General Policy Orders of the Government
- conduct of EFIC’s directors, officers and employees.
For more information about the Commonwealth Authorities and Companies legislation, visit the Department of Finance and Deregulation website.