Statement of Corporate Intent MAC Business 1 July 2006 to 30 June 2009
Tabled paper 822
Tabled papers for 10th Assembly 2005 - 2008; Tabled papers; ParliamentNT
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2 MAC BUSINESS AS PART OF TIO GROUP 2.1 Corporate Background 2.1.1 Legislation TIO is a body corporate established under the Territory Insurance Office >Actand the Members of the Board are responsible to the appointed TIO Minister ("the Minister") for the Organisation's performance. The statutory objectives of the TIO Croup are detailed in Appendix A-1. The Long Title of the Motor Accidents (Compensation) Act is included in Appendix A-2. Recent amendments to the Act have included the appointment of a MAC Member to champion the interests of the MAC Fund exclusively from the interests of the TIO Group as a whole. The Board is also required to adopt a "conflict of interest policy". This policy is designed to provide a process for reconciling any issues of conflict identified between the MAC Fund and the TIO Group as a whole. 2.1.2 Governance Framework TIO is committed to achieving a high level of corporate governance and all practices are envisaged to be reviewed and updated regularly. A a government owned entity, TIO is not regulated by APRA and instead complies with the prudential requirements set down in the Act. Nevertheless, TIO has recognised the competitive advantages and inherent organisational benefits from maintaining a prudential framework consistent with other financial service providers and has progressively modelled its processes on the APRA standards. As a result of legislative amendments to the Act, TIO's prudential requirements will be significantly enhanced from 1 July 2006 through the creation of an APRA- derived regime. TIO will implement and monitor compliance with the revised prudential requirements while continuing to work toward best practice prudential practices. 2.1.3 Organisational Chart A diagram showing the organisational structure of the TIO Group is in Appendix B. TIO Group Key Corporate Strategies The following information is being provided on the basis that the MAC Business is expected to benefit from several of the broader TIO Group Key Corporate Strategies. Again, it should be noted that the MAC Business and the remainder of the TIO Group mutually benefit by sharing intellectual and physical resources. It is important to stress that the extensive process and outcomes of the TIO Group planning undertaken for 2005/2006 year remain valid for the Group (and hence MAC Business) now and into the future years of 2006/7 through to 2008/9. Nonetheless, as with any strategic plan, it needs to remain dynamic and amenable to change. As a result of the review of the 2005/2006 plan, we have found it necessary and appropriate to refocus and refresh TIO Group's key Corporate strategies to achieve success in the Key Result Areas. 8 Statement of Corporate Intent - MAC
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