Performance Audit of Centrecorp Aboriginal Investment Corporation Pty  Ltd
64 Pages
English
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Performance Audit of Centrecorp Aboriginal Investment Corporation Pty Ltd

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Learn all about the services we offer
64 Pages
English

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score/foldNovember 2008Performance Auditof Centrecorp AboriginalInvestment Corporation Pty LtdOffice of Evaluation and Audit (Indigenous Programs)score/foldNovember 2008Performance Audit of Centrecorp Aboriginal Investment Corporation Pty LtdOffice of Evaluation and Audit (Indigenous Programs)Cover Image Tingari Dreaming at Walukurtitje 2001 Linda Syddick Napaltjarri (c. 1937 - )Acrylic on Canvas Copyright Linda Syddick Napaltjarri Licensed by VISCOPY, SydneyCommunity: Napaltjarri Orientation: vertical Society: Viscopy Category: Painting© Commonwealth of Australia 2008ContentsAbbreviA tioNs iieXeCUtive sUMMAr Y 1executive summary 2Introduction 2Audit Objective 2Audit Scope 2Audit Methodology 3Background 3Key Findings 6Conclusion 8Centrecorp Response 8Recommendations 10 iAUDit FiNDiNGs AND CoNCLUsioNs 131. Centrecorp’s structure and operations 14Background 14Centrecorp structure and operations 14Aims and objectives of Centrecorp 192. source and application of Australian Government funding 21Source of funds 21Application of funds 233. Financial performance and position 29Financial performance of relevant businesses 29Financial position of relevant businesses 30Financial performance and position of Centrecorp 314. Corporate governance and transparency 34Trust arrangements 34Board membership 36Management of conflicts of interest 38Reporting to the Australian Government 40Reporting to shareholders 42Public profile ...

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November 2008
Performance Audit of Centrecorp Aboriginal Investment Corporation Pty Ltd
Office of Evaluation and Audit (Indigenous Programs)
November 2008
Performance Audit of Centrecorp Aboriginal Investment Corporation Pty Ltd
Office of Evaluation and Audit (Indigenous Programs)
!
Cover!Image Tini!Din!t!Wlukutitj 2001 LindaSyddickNapaltjarri(c .1937-)

AcryliconCanvas CopyrightLindaSyddickNapaltjarri LicensedbyVISCOPY,Sydney

Community: Napaltjarri Orientation:vertical Society:Viscopy Category: Painting

©CommonwealthofAustralia2008

AbbreviAtioNs eXeCUtive sUMMArY executive summary Introduction AuditObjective AuditScope AuditMethodology Background KeyFindings Conclusion CentrecorpResponse Recommendations AUDit FiNDiNGs AND CoNCLUsioNs 1. Centrecorp’s structure and operations Background Centrecorpstructureandoperations AimsandobjectivesofCentrecorp 2. source and application of Australian Government funding Sourceoffunds Applicationoffunds 3. Financial performance and position Financialperformanceofrelevantbusinesses Financialpositionofrelevantbusinesses FinancialperformanceandpositionofCentrecorp 4. Corporate governance and transparency Trustarrangements Boardmembership Managementofconflictsofinterest  ReportingtotheAustralianGovernment Reportingtoshareholders Publicprofile Directorsfees 5. benefits for Aboriginal people in Central Australia Increasedassetbase Employmentoutcomes Charitabledonations Foundation APPeNDiCes AppendixA–ListofDirectorships

Contents
ii 1 2 2 2 2 3 3 6 8 8 10 13 14 14 14 19 21 21 23 29 29 30 31 34 34 36 38 40 42 42 45 47 47 47 49 52 53 54
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Abbreviations
ABA ABTA ADC ATSIC CAACT CAAMV CACT CAIC Centrecorp (thecorporation) Centrecorp CDC  OEA IBA
AboriginalsBenefitAccount AboriginalsBenetTrustAccount AboriginalDevelopmentCommission AboriginalandTorresStraitIslanderCommission CentralAustralianAboriginalCharitableTrust CentralAustralianAboriginalMotorVehicles CentralAboriginalCharitableTrust CentralAboriginalInvestmentCorporation TheindividualcorporateentityCentrecorpAboriginalInvestment CorporationPtyLtd GeneralreferencetotheactivitiesofCAACTandCACT AboriginalandTorresStraitIslanderCommercial DevelopmentCorporation OfceofEvaluationandAudit(IndigenousPrograms) IndigenousBusinessAustralia

Executive Summary
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Executive Summary
executive summary Introduction 1. TheOfficeofEvaluationandAudit(IndigenousPrograms)(OEA)wasrequestedby theformerParliamentarySecretarytotheMinisterforFinanceandAdministration toauditCentrecorpAboriginalInvestmentCorporationPtyLtd(Centrecorp)and CAAMVPtyLtdundersection193X(1)(b)oftheTorrandtraiesSAobanlirigdnalsItre Act2005nda,enerepYseeyPtNyeinomnereNeydtLpeY(inaccoominees)tihdrnaecw paragraph14.2ofthednoCdnasmreTheGortnsfitioseihSraofartneYnerepeynytPdLt (stipulatedbyIndigenousBusinessAustralia)followingconcernsraisedoveralack oftransparency. 2.FollowingthechangeofGovernmentinNovember2007,thenewMinisterfor FinanceandDeregulationissuedarequeston20February2008forOEAtocontinue theaudit. 3. FieldworkwasconductedatCentrecorp’sofficesinAliceSpringsbetween26and 28ofSeptember2007andbetween21and24ofApril2008. Audit Objective 4.TheobjectiveoftheauditwastoexamineCentrecorp,YeperenyeNomineesand CAAMVPtyLtd’scorporategovernancearrangements ,thesourcingandapplication ofAustralianGovernmentfundsandbenetsthataccrueforAboriginalpeoplein CentralAustralia. Audit Scope 5. Theauditexamined: •ngKiscore,rprrangemerativeaeeneCtntnsebwtsehTerutcurtethfostnimiad Canyon(Wattarka)ResortTrust,YeperenyeNominees,CAAMVPtyLtdandany otherassociatedindividualsandorganisations. •porategovernancTehcronotbuticnoisngn,ulidohetoratisanrggnarraefstneme limitedto: - decisionmaking - conflictsofinterest - internalcontrols - boardarrangements. •ontubtetdilimto:gn,ulidicnnusdoffionicatappldnasecruoS -AustralianGovernmentfunding(includingsharetransfersandloans)and incomereceivedfromAustraliaGovernmentfunding distributionofincome,protsandbenetstoAboriginalpeopleand -organisations.

Executive Summary
Audit Methodology 6. Theauditinvolved:  DiscussionswithstaffandDirectorsofCentrecorp ,KingsCanyonResortTrust, YeperenyeNomineesandPeterKittleMotorCompany.  ReviewofrelevantIndigenousBusinessAustralia(IBA)andAboriginaland TorresStraitIslanderCommission(ATSIC)lesanddocumentationinrespectof Centrecorpandrelatedentities. ntmeeegrarefsnarterahsentandnagreemee,dlaogartndlerentvaewvifoeR documentation. tothinearcresrelaGneitno.softheorganisadadinimartsnoitoherapeontians rtlaAsubAroainthesoftralCenslaicnatnemetatauethfndtedileaRivgwienoi CharitableTrust(CAACT),CentralAboriginalCharitableTrust(CACT),Yeperenye NomineesPtyLtd ,YeperenyePtyLtd,KingsCanyonNomineesPtyLtd,Kings Canyon(Wattarka)ResortTrust ,CAAMVUnitTrustandAliceCarCentrePtyLtd. veRweitfobehiontitaenumocdgninnalpssenisutd.tyLyePerenYpetfopscener tutiontiethnsconoitfoaxEanimationredocumentreancneadngvotngtilao Centrecorp ,CAACT,CACT,YeperenyeNominees,YeperenyePtyLtd,KingsCanyon NomineesPtyLtd,KingsCanyon(Wattarka)ResortTrustandCAAMVUnitTrust.  ExaminationofBoardminutesinrespectofKingsCanyonNomineesPtyLtdand YeperenyeNomineesPtyLtd. 7.OEAwasnotprovidedwithaccesstotheCentrecorp,CAACT,CACTorAliceCar CentrePtyLtdBoardMinutesandsupportingpapersasManagementindicated thattheyarelikelytoincludecommerciallysensitivepapersthatdonotrelatetothe commercialentitysupportedbyGovernmentfunding. 8.Certaincommercial-in-condenceinformationisnotcontainedinthisreport. Background 9. Centrecorpisaprivatecompany,registeredon10January1985 .Ithasfivesharesand wasestablishedbytheCentralLandCouncil(threeshares),TangentyereCouncilInc (oneshare)andCentralAustralianAboriginalCongress(oneshare) .Centrecorpwas createdfollowingnegotiationbytheCentralLandCouncil(CLC)ofacorridorofland toaccommodatetheNTGaspipeline.Aconditionoftheleaseoflandforthepipeline accesswasthatCentrecorphadtherighttonegotiateaninterestinthegaspipeline. However,Centrecorphadnocapitaltotakeuptheopportunityandagroupofpeople raisedthefundsanddonatedthemtothetrusttoacquirea1.5%interestinNTGas. TheCLCcreatedCentrecorptoholdtheshares,asunders.23(1)(ea)oftheAboriginal LandRights(NorthernTerritory)Act1976ytibilnitonnacslicnialalciannrcuLandCou, orreceivenancialbenetinassistingAboriginalpeoplewithcommercialactivities.

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