The Northern Territory Aboriginal Investment Corporation (NTAIC) - Audit and Risk Committee 

 

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The Northern Territory Aboriginal Investment Corporation (NTAIC) Background
The NTAIC will empower Aboriginal people to activate the economic potential of their land and strategically invest in their communities and businesses to grow wealth for generations to come. 

The NTAIC is established by amendments to the Aboriginal Land Rights (Northern Territory) Act 1976 (ALRA). The NTAIC has been co designed by NIAA and the Northern Territory (NT) Land Councils. The NTAIC shifts control of decisions over a significant amount of Aboriginals Benefit Account (ABA) funds into Aboriginal hands.  The ABA is a Special Account that receives monies from the Commonwealth based on the value of royalties generated from mining on Aboriginal land in the NT.


The NTAIC will be a significant new economic vehicle in the Territory. It will invest in projects that will grow long term wealth and support Aboriginal economies and support important social and cultural priorities.  The NTAIC Board will also manage a substantial financial market portfolio. The NTAIC will receive grant funding of $180 million over the first three years of operation and an endowment of $500 million to invest.

The investment priorities of the new corporation will be set out in a Strategic Investment Plan, prepared by the Board, through engagement with Aboriginal people and organisations in the NT. 

An Aboriginal controlled interim Board has been established and will operate until the NTAIC formally commences by December 2022. The interim Board becomes the permanent Board once the NTAIC commences, which must be before 13 December 2022. 


About the NTAIC Audit and Risk Committee
As a corporate Commonwealth entity, section 45 of the PGPA Act requires the NTAIC to have an Audit Committee. The Audit Committee is a committee of the Board and supports NTAIC governance by providing independent advice to the Board (as the accountable authority), regarding the appropriateness of financial and performance reporting and systems for risk oversight and management and internal control.  
Drawing on its skills and experience, the Committee will review information provided to it by internal audit and the NTAIC’s management. In order to understand and review the NTAIC’s processes and systems, the Committee will actively pursue information from relevant areas of the NTAIC. 


The Committee will engage with management in a constructive and professional manner in discharging its functions and formulating its advice to the Board on NTAIC risk, control and compliance frameworks. The Committee is expected to meet virtually or in person (in the NT) at least four times a year but may hold any number of special meetings to consider specific responsibilities of the committee.

The interim Board is seeking 2-3 candidates to fill the Audit and Risk Committee once the NTAIC has commenced on or before 13 December 2022. The interim Board operates from April 2022 until NTAIC commencement with limited powers. The interim Board is not empowered to establish an Audit Committee under the ALRA. Once the NTAIC commences, the permanent Board will formally appoint the Audit committee members and the successful candidates terms will commence.


Committee Member remuneration will be set by the Remuneration Tribunal, consistent with the remuneration process for other similar entities.


Interim Board requirements for NTAIC Audit and risk Committee members   

The interim Board has also set the following additional criteria for members of the Audit and Risk Committee. Ideally, Audit and Risk Committee members should:

  • Have audit and risk expertise, preferably experience in working in audit and risk with either of the ‘Big four consultants’ Deloitte, PricewaterhouseCoopers (PwC), KPMG, and Ernst & Young or similar organisations;  
  • be NT based (while preference will be given to NT based candidates, all suitable applicants with the right skillsets are encouraged to apply and will be considered); 
  • have good cultural knowledge throughout the NT; 
  • have legal knowledge and experience; and
  • have accounting knowledge and experience. 
     

How to Apply

Please submit applications to Nicholas.Gounis@niaa.gov.au with the subject line, NTAIC Audit and Risk committee. Your application should include a short Expression of Interest (maximum one page) and an up to date CV which clearly details your skills and experience as relevant to this role. 

Applications close Monday, 15th August 2022 COB. 

 

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