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.

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

Prudential Standard

The Victorian Government (the Government) has significant financial assets and liabilities that need to be managed in a professional and efficient manner. Prudential supervision encourages and promotes prudent behaviour by managers with the objective of ensuring the long-term solvency or viability of an institution and, in turn, protecting the interests of all stakeholders. The Government has established an overarching framework of legislation, policy and guidelines for the management of public sector agencies. This framework applies to a wide variety of agencies, both large and small, and is quite broad in nature. The purpose of the Prudential Standard: VFMC and the Centralised Investment Model (the CIM Standard or this Standard) is to complement and build upon this general framework by establishing specific requirements relating to the management of investments under the Government’s Centralised Investment Model. As such, this Standard, which documents the roles, responsibilities and obligations of the parties to the Government’s Centralised Investment Model, should be implemented in conjunction with the broader Government framework.

Codes of Conduct

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

Fiduciary Investors Symposium

VFMC CEO Lisa Gray participated in a panel discussion at the Fiduciary Investors Symposium...

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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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