1 February 2022
RobertS
Right to Know
xxxxxxxxxxxxxxxxxxxxxxxxx@xxxxxxxxxxx.xxx.xx
BY EMAIL
Dear Sir/Madam
Your Freedom of Information Request
I refer to your request received by the Future Fund Management Agency (“
Agency”) by email
on 10 January 2022, requesting access under the Freedom of Information Act 1982
(“
FOI Act”) to documents as fol ows (the “
Request”):
… I am requesting the docs from 2020-21 tax year that are not in the annual report
and other fund docs online. Specifically the CountryByCountry report (masterfile,
cbcReport, localfile), MAAL (multinational anti avoidance Law), DivertedProfitsTax, &
Documentation showing Sovereign Future Fund ownership by the Australian
Government on behalf of We, the people.
I expect as a Global Parent Entity (GPE) the Future Fund documents I am requesting
wil show control and ownership remains within our Nation.
Should ownership of the Sovereign Future Fund not be the Australian Government as
defined in the 1901 Constitution, I request under FoI documents showing the manner
and legality that ownership was transferred, with the entity's PGE / Incorporated name.
Authorised decision-maker
I am authorised by the principal officer of the Agency under section 23(1) of the FOI Act to
make a decision on requests for access to documents. My name and designation are set out
below. This letter sets out my decision in relation to your request for access to information,
the reasons for that decision and your review rights in relation to the decision.
My decision in relation to your FOI application
My decision and the reasons for my decision in relation to the Request are set out in the
attached Statement of Reasons.
Review rights
If you are dissatisfied with my decision, you may apply for internal review or to the Information
Commissioner for review of the decision.
Level 14/447 Collins Street, Melbourne VIC 3000 Locked Bag 20010, Melbourne Vic 3001
Telephone: +61 3 8656 6400 Facsimile +61 3 8656 6500
A953511
www.futurefund.gov.au
Internal review
Under section 54 of the FOI Act, you may apply in writing to the Agency for internal review of
my decision. The internal review application must be made within 30 days of the date of this
letter to:
email:
xxx@xxxxxxxxxx.xxx.xx
post:
Future Fund Management Agency
Locked Bag 20010
Melbourne VIC 3001
Where possible, please attach reasons why you believe review of the decision is necessary.
The internal review wil be carried out by another officer within 30 days.
Information Commissioner (“IC”) review
Under section 54L of the FOI Act, you may apply to the Australian Information Commissioner
to review my decision. An application for IC review must be made in writing within 60 days
of the date of this letter, and be lodged in one of the fol owing ways:
online:
https://forms.business.gov.au/smartforms/servlet/SmartForm.html?formCode=ICR_10
email:
xxxxx@xxxx.xxx.xx
post: Director of FOI Dispute Resolution,
GPO Box 5218, Sydney NSW 2001
fax: 02 9284 9666
Complaint rights
If you are unhappy with the way we have handled your FOI request, you can make a complaint
to us. If we do not respond or you are not satisfied with our response, you can lodge a
complaint with the IC in writing in one of the ways provided above.
More information about IC reviews and FOI complaints is available on the Office of the
Australian Information Commissioner (OAIC) website at
https://www.oaic.gov.au/freedom-of-
information/reviews-and-complaints/.
Yours sincerely
Christina Erlenmaier
FOI Decision Maker
Encl.
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STATEMENT OF REASONS
EVIDENCE ON WHICH MY FINDINGS AND DECISION ARE BASED
In considering your Request, I relied on the fol owing information and documentary evidence:
•
your Request;
•
FOI Act;
•
FOI Guidelines issued by the Australian Information Commissioner under s 93A of the
Freedom of Information Act 1982; and
•
advice and information from various areas within the Agency.
BACKGROUND
The Future Fund Board of Guardians (“
Board”) manages six investment funds (“
Funds”)
which were established by enabling legislation and have specific purposes as set out in that
legislation. As also set out in that legislation, the investments of the Funds are held by the
Board for and on behalf of the Commonwealth of Australia. The Future Fund is the primary
fund in terms of being significantly larger than the other Funds and its object is to strengthen
the financial position of the Commonwealth by making provision for unfunded Commonwealth
superannuation liabilities.
The Board is responsible for deciding how to invest the assets of the Funds and invests the
assets of the Funds through external investment managers, as required by legislation. The
Board, supported by the Agency, manages the Funds to deliver risk adjusted returns over the
long term in accordance with the relevant Investment Mandate Directions for each of the
Funds from the Commonwealth Government.
The Board has a unique investment model and has developed a comprehensive investment
program using a wide variety of strategies in order to operate effectively in increasingly
competitive international financial markets. The Agency is responsible for the development of
recommendations to the Board on the most appropriate investment strategy for the Funds and
for the implementation of the strategy. The Board and the Agency concentrate on determining
the most efficient allocation of risk across investment markets to generate desired returns.
DECISION
I am satisfied that no document exists that fal s within the scope of your Request, and
accordingly I have decided to refuse access to the documents requested in your Request
(section 24A of the FOI Act). This decision is without prejudice as to whether an exemption
would have applied pursuant to the FOI Act had such a document existed.
ADDITIONAL INFORMATION
I note the fol owing additional information which might be helpful in the context of your specific
Request and in understanding why no documents exist that fall within the scope of your
Request.
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Confidential
1
In respect of your queries about ownership of assets, as mentioned above the relevant
Commonwealth legislation states that all assets of the Funds are held by the Board on behalf
of the Commonwealth of Australia. The Future Fund Act 2006 (Cth) also provides that the
Board is exempt from Australian income tax. As a result of that exemption, the Board is not
required to, and therefore does not, generate the specific documents referred to in your
Request.
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