Structure and Functions of TCorp
New South Wales Treasury Corporation (TCorp) is the central financing authority for the New South Wales public sector. Its principal object is to provide financial services for the benefit of the New South Wales Government, public authorities and other public bodies. The Treasury Corporation Act 1983 gives TCorp the power to:
provide finance for the New South Wales Government and public authorities
provide management or advice in relation to New South Wales Government and public authority assets and liabilities
accept funds for investment from the Government, public authorities and other public bodies
manage TCorp’s own assets and liabilities.
In order to carry-out these functions, TCorp requires powers to borrow, invest and undertake financial management transactions. These powers are derived from the Government Sector Finance Act 2018. TCorp has the same legal capacity, powers and authorities as a company under the Corporations Act 2001(Cth).
TCorp has a Board which is constituted in accordance with the Treasury Corporation Act. The legislation requires the Board to consist of the following members:
Secretary of New South Wales Treasury
Another Senior Officer of New South Wales Treasury appointed by the Secretary of the Treasury
TCorp's Chief Executive
Up to two directors appointed by the Governor on the recommendation of the Treasurer, to represent the interest of public authorities
Up to three directors appointed by the Governor on the recommendation of the Treasurer.
The Chairperson of the Board is the Secretary of New South Wales Treasury and the Senior Officer from New South Wales Treasury is the Deputy Chairperson.
TCorp has three Board Committees: (i) Audit and Risk Committee; and (ii) Human Resources Committee (iii) Board Investment Committee.
TCorp is audited annually by the Audit Office of New South Wales, which reports directly to the New South Wales Parliament.
TCorp engages an external audit services provider to undertake and conduct internal audit projects as agreed by the Audit and Risk Committee under its internal audit charter and to report findings independently to the Audit and Risk Committee.
The day-to-day management of TCorp is carried out by a team of eight Senior Executives that report directly to the Chief Executive.
Decision-Making Functions of TCorp that Affect General Members of the Public
TCorp's functions have an indirect impact on the public, through the provision of specialised financial services to the Government, public authorities and other public bodies.
TCorp does however interact with the public in respect of its Retail Bond Programme. Under this programme TCorp accepts funds for investment from the retail sector. TCorp issues domestic retail bonds known as New South Wales Waratah Bonds to the public for various terms at market interest rates.
Arrangements for Public Participation in Policy Formulation.
TCorp operates its borrowing, investment and liability and asset management functions in a competitive, commercial and market sensitive environment.
Policy is formulated by TCorp's Management and is then reviewed and endorsed by the TCorp Board. Given the scope of TCorp's activities, there are no formal mechanisms for public participation in the formation of policy, however TCorp will accept any feedback from members of the public, which should be addressed to TCorp's GIPA officer.
New South Wales Government Information Held by TCorp
TCorp holds a range of New South Wales Government information that consists of the following:
Accounting records: journals, reconciliations, bank statements, treasury management system computer reports, budgets, invoices and payment request vouchers.
Administration records: relating to the rental of premises, insurances, purchasing, business continuity requirements, disaster recovery publications which are required to maintain operating effectiveness as well as company secretarial correspondence and delegations register.
Client records: correspondence with TCorp clients maintained by the various TCorp business units which deal with clients on a range of financial services.
Credit ratings records: policy, correspondence and exposure reports.
Counterparty agreements and clearing house agreements: legal agreements setting out the terms and conditions of financial arrangements.
Employee and director personnel records: employee remuneration, performance appraisal and personnel records.
Executive records: Board papers, Board minutes, Executive Committee Minutes and Chief Executive correspondence.
Human resource management records: relating to human resource management policies and practices.
Information technology records: relating to information technology planning, acquisition, installation and disposal; including user and system manuals.
Investment facilities service records: monthly and quarterly reports and correspondence.
Marketing records: documenting the production of TCorp’s annual report, marketing presentations, functions and publications, planning and media resources.
Policy and procedural manuals: documenting TCorp’s policies and operational procedures.
Retail products records: administration and marketing of retail products undertaken by TCorp under the relevant legislative powers.
Transaction records: financial transactions, (including dealing dockets, asset and liability management records, files on various financial instruments, structured financing) documenting the financial transactions undertaken by TCorp, including: legal agreements and supporting documentation in relation to bond issuance programmes, agreements with derivative counterparties and brokers, economic documentation, valuation reports, marketing issues, papers on policies and miscellaneous treasury matters.
Public Access to TCorp Information
The public may seek access to TCorp's publicly available information in the following drop-down tabs on this Important Information page:
Other information that is frequently requested and is publicly available at the following links:
Other Publicly Available Information
Informal requests for information can be made to TCorp’s GIPA Officer (General Counsel 02 9325 9325). Provision of information is subject to any to any reasonable conditions which may be imposed by TCorp.
TCorp may release information in response to a formal request. Formal requests should be made by way of a formal ‘access application’, a copy of which can be found at http://www.ipc.nsw.gov.au/.
TCorp's policies relate to its principal objective of providing New South Wales Government and authorities with financial services. TCorp policies do not directly affect or are unlikely to affect rights, privileges or other benefits, or obligations, penalties or other detriments to which members of the public are or may become entitled, eligible or liable. TCorp policies that do not relate to its borrowing, investment and liability and asset management functions relate to its internal governance.
TCorp Policies that are Available to the Public Include:
Link Market Services Limited is the Registry for all of TCorp’s Domestic Inscribed Stock.
Requests for information held by Link Market Services is dealt with in accordance with the GIPA, Privacy Act and Anti-Money Laundering and Counter-Terrorism Financing legislation and the Registry’s open access policies. For more information in relation to Link Market Services Limited, please visit their website at www.linkmarketservices.com.au.
Further information about the operation of the GIPA Act and your rights under the GIPA Act can be obtained from the Office of the Information Commissioner by accessing the Office’s website at www.oaic.gov.au, by free phone on 1800 INFOCOM (1800 463 626), by emailing the Office of the Information Commissioner at email@example.com,by writing to the office at GPO Box 7011 Sydney NSW 2001, or by visiting the Office at Level 11, 1 Castlereagh Street, Sydney.