Finance & Investments Committee Charter

Functions of the Committee

The Finance & Investments Committee (Committee) is a Committee of the Board of Directors (Board) of NRMA.

The Committee does not have executive powers or financial responsibility, except as set out in this Charter, or as delegated by the Board from time to time. 

Responsibilities

The responsibilities of the Committee are:

1. To review and make recommendations to the Board in respect to:

1. the annual Budget of the consolidated entity;
2. an annual review of the performance of the investment portfolio (in line with the requirements set out in the Investment Policy Statement) and to advise the Board on matters arising from that review; and
3. the triennial review (next due in 2008) of the Investment Policy Statement and to advise the Board on matters arising from that review; and
4. any strategic or non-strategic direct investments, or initiatives of a financial nature, which are beyond the scope of the Investment Policy Statement, or which are within the scope of the Investment Policy Statement but which the Committee determines should be referred to, or discussed with, the Board,

AND

2. To consider, review and, if appropriate, approve:

1. proposals which are within the context of the approved strategies of NRMA (as determined in accordance with the Business Plan, from time to time) and which are within the limits set out in the Investment Policy Statement in respect to:
• business opportunities or investments (including direct investments in individual assets up to a limit of 5% of the portfolio (as defined in the Investment Policy Statement));
• new products with the potential to generate or diversify revenue or provide benefits to Members; and
• strategic or non-strategic initiatives of a financial nature, which are outside the CEO´s delegated authority (or which are within the CEO´s delegated authority but which the CEO determines should be referred to or discussed with the Committee);
  
2. recommendations regarding investment policy from time to time. This responsibility includes:
• the risk and return objectives, asset allocation benchmarks and ranges of investments;
• the appointment of investment managers, custodians and advisers;
• the risk/reward profile of NRMA; and
• policy and corporate governance guidelines, such as ethical investments, proxy voting and the Company being a responsible corporate shareholder,
  
3. regularly review the performance of the investment portfolio in line with the requirements set out in the Investment Policy Statement;
4. perform any other review or function that may be requested of the Committee by the Board from time to time.

Independent Advice

The Committee may consult independent experts at the expense of NRMA where it considers such consultation necessary to carry out its duties.

Frequency of Meetings

The Committee will meet at least four times per calendar year and additionally as required.

Membership and Protocols

Membership of the Committee and the protocols and processes applying to the Committee will be in accordance with the Protocols For NRMA Board Committees document.