About disclosure at VFMC

As Victoria’s investment specialist, VFMC is a strong advocate for disclosure as part of its governance framework. We know that transparency and trust, and investment skill and performance, are two sides of the same coin.


Performance and remuneration

We attract diverse investment specialists from Victoria, Australia and around the globe. Clients rely on our talent to achieve strong and sustainable investment performance and optimised portfolios.

VFMC’s approach is to link remuneration and reward to performance, which helps attract and retain the brightest talent for our clients.

Our remuneration framework:

  • Aligns with the wider investment management industry to help attract and retain talented employees
  • Involves individual performance plans that are reviewed regularly and evaluated annually
  • Considers VFMC’s overall performance against investment returns and individual employee performance against agreed objectives
  • Includes performance linked incentives to reward value added outcomes and client service, comprising:
    • A short term (one year) cash-based capped incentive scheme where the VFMC portfolio outperforms its investment benchmarks and a separate qualitative component
    • A long term (three year) cash-based capped incentive scheme where investment outperformance only is achieved.

Executive remuneration

Under Ministerial Directions and the Financial Management Act 1994, VFMC reports annually on its Board and executive remuneration.

This includes disclosure of base and total remuneration for responsible persons, such as Directors and the Chief Executive Officer.

Annual Report

Investment performance


As part of our commitment to transparent decision-making, relationships with third-parties and financial probity, we regularly report on our use of consultancies.

In 2021 – 2022 VFMC continued to invest in the business and seven consultancies, where total fees were in excess of $10,000, were used to support the business, with annual expenditure of $1,015,000. This compares to an expenditure in 2020 – 2021 of $1,465,000.

 Individual consultancies ($10,000+) 2021-22


Consultant Purpose of consultancy Start date End date Expenditure (ex GST)
First Treasury Investment Risk System – IT consulting Jul-21 Jun-22 $451,000
Mercer Investments (Australia) Ltd HR and investment consulting Jul-21 May-22 $153,000
Aon Advisory HR consulting Jul-21 Dec-21 $37,000
Megan Dwyer & Co HR consulting Feb- 22 May-22 $24,000
Right Lane Consulting Strategic business review Jul-21 Mar-22 $129,000
Transform Communications Branding, visual identity and project management Jul-21  Jun- 22 $43,000
HCL Australia Services IT consulting Jul-21 Jun-22 $178,000

Please note that the table above excludes Professional Services Fees.

Public interest

Freedom of Information

Under section 39 of the Victorian Funds Management Act 1994, VFMC is not an agency or prescribed authority under the Freedom of Information Act 1982.

Protected Disclosure

VFMC does not tolerate corrupt or improper conduct by employees, nor the taking of reprisals against those who come forward to disclose corruption or impropriety.

We are bound by the Protected Disclosures Act 2012. This Act encourages and facilitates people in making disclosures of improper conduct by public officers and public bodies, and detrimental action taken in reprisal.

VFMC will take all reasonable steps to protect people who make such disclosures and afford natural justice to those subject of the disclosure.

We encourage the reporting of known or suspected incidences of improper conduct or detrimental actions.

Information on request

To the extent possible, VFMC can prepare the following information for the relevant Minister on request:

  • Declarations of pecuniary interest
  • Details of shares held by senior officers
  • Details of publications produced
  • Details of changes in prices, fees, charges, rates and levies
  • Details of major research and development
  • Details of overseas visits undertaken and their objectives
  • Details of major promotional, public relations and marketing activities
  • Details of assessments and measures to improve employee occupational health and safety
  • A general statement on industrial relations and details of time lost through industrial accidents and disputes
  • A list of major committees
  • Details of consultancies and contractors


How to contact us

Members of the public can contact VFMC directly in writing using the details below:

Paul Shanley
Chief Finance and Risk Officer 

Victorian Funds Management Corporation
Level 13
101 Collins Street
Melbourne VIC 3000

Ph: +61 3 9207 2900

[email protected]


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