Penny Wong (SA, Australian Labor Party, Minister for Finance and Deregulation) Share this | Hansard source

I thank the senator for her question. The Clean Energy Finance Corporation is obviously an important aspect of the clean energy package that the government has put forward. I was pleased yesterday to see the announcement that the inaugural chair of the corporation is Ms Jillian Broadbent, who would be known to senators as a member of the board of the Reserve Bank, a director on the boards of Woolworths and the Australian Stock Exchange and previously a director of Woodside, Coca-Cola and Qantas.

The government, through the Treasurer, has asked Ms Broadbent to conduct a review of the investment mandate of the corporation and its governance structures, because we are of the view that it is important that these structures meet the highest standards of corporate governance practice. We have also appointed Mr David Paradice and Mr Ian Moore to assist Ms Broadbent in establishing the new body. Mr Paradice has over 20 years experience in funds management and manages a $6.6 billion investment fund. Mr Moore is an actuary with some 20 years of actuarial experience and an expert in risk and return profiles and debt and equity financing.

This is an extremely impressive team and one that reflects the priority the government assigns to ensuring that the Clean Energy Finance Corporation structures and processes are robust. We propose to pass legislation for the corporation in the first half of 2012. I indicate very clearly to the senator that we are working very closely with experts and people of significant standing in the private sector to ensure this corporation works effectively and manages taxpayers' funds most effectively.