Statement of Expectations

IBA was initially established as the Aboriginal and Torres Strait Islander Commercial Development Corporation to assist and enhance Aboriginal and Torres Strait Islander people with economic self management and sufficiency, and to advance their commercial and economic interests through the accumulation and use of substantial capital asset.

While this remains IBA’s primary focus, the Australian Government will be looking to the IBA Board to respond to the Council of Australian Governments (CoAG) agenda by making a contribution to the Closing the Gap targets, and in particular the Indigenous Economic Development Strategy and the National Partnership Agreement on Remote Service Delivery.

In order to successfully achieve the required outcomes of this Statement of Expectations, I expect that IBA will:

• continue its primary focus of enhancing and promoting economic opportunities and achieve better economic outcomes for Indigenous people through commercial activities, including:
  • pursuing and expanding opportunities for joint venture partnerships with the private sector and Indigenous businesses
  • developing innovative partnerships with the private sector and government sectors to facilitate increased Indigenous participation in home ownership and business
• foster employment and education and training benefits flowing from investment and enterprise activities, having regard to the Closing the Gap targets in employment outcomes and educational attainment
• work with my Department and the Department of Employment, Education and Workplace Relations to develop options for actively contributing to the Indigenous Economic Develop Strategy
• work with native title holders to explore long term economic development and business opportunities arising from native title settlements
• where possible, explore opportunites in partnership with government and private sector and Indigenous groups for Indigenous business development and home ownership in the 29 priority communities under the CoAG National Partnership Agreement on Remote Service Delivery
• continue to brief me regularly on progress by IBA in the performance of its statutory functions and of key business issues being faced by the Board.

In performing its role and pursuing the particular priorities outline above, I expect that IBA will:

• continue to operate in accordance with all relevant legislation (including the Aboriginal and Torres Strait Islander (ATSI) Act 2005 (external website, new window), and the Commonwealth Authorities and Companies (CAC) Act 1997 (external website, new window) covering your responsibilities to your Annual Report, subsidiary’s financial statements, significant events, accounting records, transparency in the use of funds, financial accountability, conduct of directors and officers, director’s duty to disclose, compliance with General Policy Orders, subsidiaries’ activities and Audit Committee
• noting the focus the Board has placed on governance issues in the past, continue to maintain best practice standards of corporate governance appropriate to IBA by:
  • having regard to the ANAO’s Public Sector Governance Better Practice Guides and as appropriate the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations
  • ensuring IBA Board members remain aware of their roles and responsibilities and discharge their duties impartially with a high degree of dilligence, care and skill and at all times act in a manner that promotes the highest level of corporate governance in board operations
• continue to build organisational and workforce capabilities to meet current and future demands and expectations
• develop a protocol with my Department that sets out mechanisms for achieving effective communication and joint outcomes over the longer term. I have asked my Department to work with IBA on the development of an appropriate protocol.