Agriculture Victoria Services Pty Ltd

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Corporate Governance

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AVS has established a comprehensive governance framework to ensure that the Company complies with its legal obligations, meets expected standards of propriety and delivers against its corporate responsibility to provide intellectual property and commercialisation services to the Department.

 

Company Incorporation status

 

AVS is a private company incorporated under the provisions of the Corporations Act 2001 (Cth). The Victorian Government beneficially owns 100 per cent of the Company’s issued capital with the shareholder being represented through the Minister for Agriculture. Originally established as Daratech Pty Ltd in 1986, AVS’ name was changed to Agriculture Victoria Services Pty Ltd in 1998.

 

AVS has five million issued shares that are held non- beneficially on behalf of the State of Victoria by the Secretary of DEDJTR, Richard Bolt. The shares are subject to a declaration of trust that requires the shareholder to exercise their rights in such manner as the Minister for Agriculture, the Honourable Jaala Pulford MP, or her delegate shall from time to time direct.

 

Responsibilities and Composition of the Board of Directors

 

The directors of AVS are responsible for the overall corporate governance of the Company including the setting of direction, establishment of goals and monitoring of performance.

 

The Board currently consists of six Non-Executive Directors. Directors are appointed in accordance with the Victorian Government’s Appointment and remuneration guidelines for Victorian government boards, statutory bodies and advisory committees. 

 

Board committees

 

  The board has three sub-committees:

 

1.       Audit and Risk Management Committee

 

The purpose and objectives of the Audit and Risk Management Committee (ARMC) are defined in the AVS ARMC Charter and include oversight and advice on matters of accountability, compliance, performance and risk management.

 

The main responsibilities of the ARMC are to:

 

 

 

-     effectiveness and efficiency of operations

 

-     reliability of financial reporting

 

-     compliance with applicable laws and regulations

 

 

 

2.       Remuneration Committee

 

The Remuneration Committee meets on an as- needed basis to determine, approve and set remuneration terms and conditions for Company employees.

 

3.       Investment Committee

 

The Investment Committee is constituted under the AVS investment policy and procedure. It is responsible for assisting and advising the AVS board on matters relating to the investment of AVS funds and their periodic review and valuation.

 

Employment Principles

 

AVS operates on the following employment principles:

 

  Employee appointment principles

 

AVS is committed to applying merit and equity principles when appointing staff. The selection processes ensure that applicants are assessed and evaluated fairly and equitably on the basis of the key selection criteria and other accountabilities without discrimination.

 

Employee appointment principles

 

The Public Administration Act 2004 (Vic) established the Victorian Public Sector Commission (VPSC). The VPSC’s role is to strengthen public sector efficiency, effectiveness and capability, as well as advocate for public sector professionalism and integrity.

 

AVS has a range of policies and practices that are consistent with the VPSC’s employment standards and provide for fair treatment, career opportunities and the early resolution of workplace issues. AVS also advises its employees on how to avoid conflicts of interest, how to respond to offers of gifts and how the Company deals with related misconduct.