02 Governance, Structure & People INDEMNITIES AND INSURANCE PREMIUMS FOR OFFICIALS
INDEMNITIES AND INSURANCE PREMIUMS FOR OFFICIALS
The CEFC has made certain indemnities and insurances to ‘officers’ of the Corporation including Board Members and senior managers (for the CEFC, this is the Executive). The CEFC also indemnifies staff for items such as travel expenses on a reimbursement basis.
Comcover and Comcare insurance
These insurances have general application that include Board Members and the Executive among others as per the ordinary insurances required of Commonwealth entities.
Travel and expense reimbursement
The CEFC does not issue corporate credit cards for staff travel and expenses and instead, through its employment contract, indemnifies staff members (including the Executive) for reasonable travel and ancillary expenses incurred by staff in the performance of their duties, based on verified claims on a reimbursement basis.
Board Members do not generally require travel reimbursement as their expenses are met through allowances as determined by the Remuneration Tribunal (see Board Member Remuneration and Allowances).
Figure 38: Indemnities and insurance premiums for officers 2014–15
|
Indemnity/Insurance |
Officers Included |
Period of coverage |
Premium/Fees paid |
|
Comcover General liability Insurance coverage for Directors’ and Officers’ |
All Board Members and the CEFC Executive; General Counsel; all staff and office bearers |
1 July 2014 – 30 June 2015 |
$71,427 |
|
Deed of Insurance, Access & Indemnity with each Director and Officer |
All Board Members and the CEFC Executive; General Counsel |
10 May 2013 – 7 years after ceasing to be a Director or Officer of the Corporation |
Nil – indemnity only |
|
Supplementary Directors’ and Officers’ Insurance to fill in gaps in the Comcover coverage |
All Directors and Officers |
14 June 2013 – 14 June 2021 |
$590,665 |
|
Comcare Worker’s Compensation Insurance |
All Directors and Officers are covered as part of this policy |
1 July 2014 – 30 June 2015 |
$20,473 |
|
Indemnification for Reasonable Travel and Expenses |
All Directors and Officers |
on‑going |
Nil – indemnity only |