Our accountabilities

VFMC people subscribe to a high level of accountability in their daily conduct, behaviours and investment approach. We are accountable to each other, our clients and the people of Victoria. Specifically, we adhere to a strict prudential standard, codes of conduct, risk framework and various internal policies and processes.

Prudential Supervision

As part of its management and operational oversight, VFMC is subject to independent and external prudential supervision.

VFMC’s current prudential supervisor and external auditor is KPMG.

Our annual financial report is also audited by the independent Victorian Auditor General’s Office.

Prudential Standard

We are accountable for managing significant assets on behalf of the Victorian Government and various entities.

VFMC therefore follows the Prudential Insurance Standard for Victorian Government Insurance Agencies.

This key policy framework helps us:

  • Implement and maintain appropriate financial management practices
  • Achieve consistent accountability and financial reporting standards
  • Implement appropriate risk management practices
  • Maintain appropriate governance frameworks

The prudential standard reflects the Audit Act 1994, Financial Management Act 1994, Standing Directions of the Minister for Finance and various government frameworks and guidelines.

Read more about Legislation

Codes of Conduct

Our people adhere to VFMC’s Code of Professional Conduct and the Code of Conduct for Victorian Public Sector Employees of Special Bodies.

Broadly, these codes cover:

  • Ensuring financial probity
  • Avoiding conflicts of interest
  • Acting with impartiality and accountability
  • Providing services to the community
  • Contributing to continuous improvement
  • Honesty in the workplace
  • Using delegated authority responsibly
  • Reporting unethical and criminal behaviour
  • Protecting VFMC’s reputation
  • Demonstrating respect
  • Protecting human rights

These codes of conduct also describe behaviours that exemplify the values in the Public Administration Act 2004.

Risk Management Framework

We have in place a robust Risk Management Framework to proactively identify, report and manage risks.

In addition, the Prudential Standard clearly sets out our approach to:

  • Dispute resolution
  • Best practice risk management
  • Periodic reporting on risk management

VFMC’s risk management approach is overseen by its independent Audit, Risk & Compliance Board Committee.

People policies and processes

VFMC supports the Public Sector Values set down in the Public Administration Act 2004:

  • Responsiveness
  • Integrity
  • Impartiality
  • Accountability
  • Leadership
  • Human Rights

We are also guided by strong people policies and processes, designed specifically for VFMC.

VFMC news

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VFMC named in the top 25 most responsible asset allocators

The Responsible Asset Allocator Initiative (RAAI) at New America seeks to mobilise large pools...

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Victorian Funds Management Corporation Chief Executive Officer Announcement

VFMC announces the re-appointment of Ms Lisa Gray as Chief Executive Officer effective Friday,...

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VFMC Announces New Director

The Chairman of Victorian Funds Management Corporation (VFMC), Mr James MacKenzie, is pleased to...

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Chief Investment Officer Russell Clarke’s interview with Investment Magazine

VFMC’s Russell Clarke: Centred and whole In the 12 months that Russell Clarke has...

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