| Objectives | Performance measures | Results for 2006/07 |
| To achieve cost effective funding for clients through management of TCorp’s funding program and balance sheet activities. | To meet or exceed budgeted revenue from management activities. | Revenue from management activities was $65.8 million, which was marginally below budget ($68.1million). Whilst there were limited opportunities for specific offshore capital markets funding during the year, strong demand for TCorp’s Global Exchangeable Bonds saw further diversification of the investor base. |
| To effectively execute portfolio assignments for clients through management of debt and asset management portfolios and Hour-Glass Investment Facilities. | To outperform neutral benchmarks for managed debt portfolios. | TCorp performed on benchmark for the 19 managed debt portfolios. |
| To outperform the general market of fixed interest managers. | TCorp performance from duration management of debt portfolios was in line with the median performance of the broader universe of fixed interest managers. | |
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To achieve the debt interest cost forecast for the General Government sector. |
The debt interest outcome was well within the agreed target range. | |
| To generate strong returns for the Hour-Glass Investment Facilities, and outperform industry benchmarks. | Returns across the Hour-Glass Investment Facilities were again strong, with double digit returns recorded for growth oriented funds. Cash and Bond Facilities as indexed funds performed slightly ahead of benchmark, before the deduction of fees. The Medium Term Growth Facility performed slightly under benchmark, while the Long Term Growth Facility generated strong absolute returns although below benchmark performance for the year. Specific client sector investments in the growth sectors also generated strong returns. | |
| To outperform neutral benchmarks for discretely managed fixed income asset portfolios. | Discretely managed cash and bond portfolios performed broadly in line with their individual benchmarks. | |
| To effectively execute risk management and structured finance assignments for clients. | To add economic value through TCorp’s involvement in risk management and structured finance projects for clients. | TCorp assisted in assessing and implementing a range of structured finance, asset procurement and PPP transactions. TCorp has received positive feedback from NSW Treasury and other clients. |
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To meet client and market needs through enhanced resource management and allocation. |
To provide cost-efficient services to TCorp’s client base. | Cost effective lending, investment, portfolio management, reporting and advisory services were provided to a total of over 150 public sector clients with continued business growth during the year |
| To maintain or improve clients’ level of satisfaction measured by an annual survey. |
The 2007 survey yielded very good results, evidencing TCorp’s strong reputation and high service standards with clients across our business activities. |