Lindsay Tanner (Melbourne, Australian Labor Party, Shadow Minister for Finance) Share this | Hansard source

My question is again to the Treasurer. I refer to his previous statement that he had no capacity to influence the Future Fund’s decision to appoint Northern Trust as its global custodian, notwithstanding its involvement in the Enron scandal. Isn’t it the case that section 18 of the Future Fund Act empowers the Treasurer and finance minister to issue investment mandate directions to the Future Fund regarding how the fund manages its investments, and that such directions have actually been issued? What requirements are contained in these directions obliging the fund to ensure that all contractors employed by the fund to handle its investment transactions will act prudently?

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