Agriculture Victoria Services Pty Ltd
Agriculture Victoria Services is a private company incorporated under the provisions of the Corporations Act 2001. The Government of Victoria beneficially owns 100% of the Company's issued capital with the shareholder being represented through the Minister for Agriculture.
Originally established as Daratech Pty Ltd in 1986, the Companys name was changed to Agriculture Victoria Services in 1998.
The primary role of the Company is to protect, manage and commercialise intellectual property generated by the Department of Primary Industries research and development divisions.
AVS has five million issued shares that are held non-beneficially on behalf of the State of Victoria by Dr Bruce Kefford and Dr Clive Noble who are also directors of the Company and employees of the Department of Primary Industries. The shares are subject to a declaration of trust that requires shareholders to exercise their rights: "In such manner as the Minister of the State for Agriculture or his delegate shall from time to time direct".
The directors 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 members, four of whom are from outside the public sector.
The Board currently has three sub committees:
Audit and Risk Management Committee
The Audit and Risk Management Committees (ARMC) purpose and objectives are defined in the Audit Committee Charter and include oversight and advice on matters of accountability, compliance performance and risk. ARMC members are appointed for a three-year period with the term of the current committee commencing on 1 October 2011.
The ARMC is comprised of:
The Audit & Risk Management Committee is assisted in the discharge of their duties by HLB Mann Judd who were appointed as the Company's internal auditors for a three year period from 2009 to 2012.
The Investment Committee is constituted under the AVS Investment Policy and Procedure. It is responsible for assisting and advising the Board on matters relating to the investment of funds and their periodic review and valuation. All directors are members of the Investment Committee.
The Remuneration Committee meets on an as-needed basis to determine, approve and set remuneration terms and conditions for Company employees. All directors are members of the Remuneration Committee