History
The Corporation was established on 1 July 1994 under the Northern Territory Treasury Corporation Act to undertake the financial management of the Northern Territory's public finances.
The Corporation's mission and objectives are designed to enable the Corporation to advance the financial interests and development of the Territory and improve the market identification of the Northern Territory in both domestic and international capital markets.
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Corporate Governance
The Corporation's objective is to provide the Northern Territory Government with cost effective funding, efficient financial management and reliable service and advice. The Corporation's board and management are committed to achieving this objective while upholding high standards of corporate governance, transparency and accountability through controls, policies and frameworks.
Under section 5 of the Northern Territory Treasury Corporation Act, the Under Treasurer of the Northern Territory Treasury is designated as the Corporation sole and is subject to the direction of the Treasurer of the Northern Territory.
An Advisory Board and an Audit Committee has been established to assist the Under Treasurer with issues relating to the Corporation's operations.
Figure 8: Northern Territory Treasury Corporation's Corporate Governance Framework. Northern Territory Treasury Corporation Annual Report 2012.
Organisation Structure
Figure 9: Northern Territory Treasury Corporation's Reporting Structure. Northern Territory Treasury Corporation Annual Report 2012.
Advisory Board
Under section 8 of the Northern Territory Treasury Corporation Act, the Corporation has established an Advisory Board to assist the Under Treasurer with issues relating to the Corporation's operations.
The Advisory Board is constituted to be the Under Treasurer and no more than five other persons appointed by the Treasurer of the Northern Territory. The Board meets quarterly to review and monitor the performance of the Corporation, its business risks and its performance in relation to its objectives. It also provides guidance on policy, analysis of economic conditions and advice on aligning borrowing and investing intentions with interest rate expectations.
Current members of the Advisory Board are:
Back row: Alan Tregilgas, Alex Pollon, David Braines-Mead, Richard Ryan
Front row: Vicky Coleman, Anthony Cole, John Montague
Audit Committee
The Corporation's Audit Committee comprises the two external board members, Mr Richard Ryan and Mr Anthony Cole, and is chaired by Mr Ryan. The Committee provides advice to the Under Treasurer on operational issues and in relation to internal and external audits. The Audit Committee meets prior to all Advisory Board meetings, or as necessary.
KPMG undertakes the internal audit review of the Corporation's business while the Auditor-General of the Northern Territory performs the external audit of the Corporation's activities.
Senior Management Group
The Corporation reports to the Treasury's Senior Management Group (SMG), which is responsible for the strategic policy direction of Treasury and its agencies. This includes managing performance and improving management and business practices.
The main role of SMG is corporate governance and developing corporate capabilities, such as people, systems and environment.