ETU VICTORIA – INDEPENDENT STRONG UNITED
Members please note that the operating reports for the years ended 31 December 2013, 2014 and 2015 have been amended to correct the total number of members reported.
| As at 31 December
The ETU takes its stewardship of your money very seriously.
Within the ETU Victorian Branch office we have an Accountant (CPA) and an Assistant Accountant that are supervised by the General Manager Business Services, who is a member of the union leadership team. The finance team use a state of art cloud based accounting system to manage the accounts of the union and its associated entities.
Finance, Audit, Risk and Remuneration Committee
The Finance, Audit, Risk and Remuneration Committee (FARR) of the ETU has an independent Chair and consists of the State Secretary, Assistant State Secretaries, Treasurer, In House Lawyer and General Manager Business Services. The FARR Committee provides strategic direction to the function of financial management as well as advice on good corporate governance. The FARR committee meets five times per year and provides recommendations to the State Secretary to present to the Branch Executive.
The Branch Executive meets monthly and reviews the monthly financial statements at all levels. As your representatives the Branch Executive ensures that all financial transactions are consistent with the relevant policies and procedures in place relating to finance for the ETU.
Revenue from Income Protection
The ETU receives some income from the income protection services provided by Protect. At the State Secretary’s recommendation the Branch Executives has decided to allocate these funds to the retraining of unemployed members to assist them in their transition to new roles.
The ETU employs an external Fund Manager to invest our cash assets. The current fund manager is Pitcher Partners Investment Services Pty Ltd. A set of stringent policies and investment guidelines is in place to manage and spread the risk associated with financial investments. These policies and guidelines are consistent with investment rules applied to superannuation funds.
To ensure that the assets of the members are protected, the ETU has established a number of trusts. Several of these trusts primarily contain the property assets of the ETU in which we work, these property assets have increased in value over the years. Other trusts contain investment funds. One particular trust, Distress, Mortality & Training Trust (DM&T) supports members in need. The most common expenditure from the DM&T is payment of ambulance costs, mortality payments and hardship payments. The funds to support these payments come from income form the Protect Income Protection scheme.
A full consolidated Annual Report is prepared annually and is available to members through the ETU website and can be accessed by clicking the following link: Financial Statements to 31 December 2016
The leadership team of the ETU believes in financial transparency and is happy to answer any questions that you may have on the financial management of the ETU. If you have any queries please contact, in the first instance, the General Manager Business Services, Rod Dalglish, on 03 8329 0000.