ETU VICTORIA – ACTIVE, UNITED, FIGHTING FOR U

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.

Financial Management

The ETU takes its stewardship of your money very seriously. 

Financial Staffing

Within the ETU Victorian Branch office, we have a Finance Manager who is a member of the FARR Committee. The finance team use a state of the 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 and Finance Manager. 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.

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 Executive has decided to allocate these funds to the retraining of unemployed members to assist them in their transition to new roles.

Funds Management

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.

Trusts

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, Hardship, Welfare & Training Trust (DHW&T) supports members in need. The most common expenditure from the DHW&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 2018

OFFICER AND RELATED PARTY DISCLOSURE STATEMENT in accordance with Section 293J Fair Work (Registered Organisations) Act 2009

Section 293J Fair Work (Registered Organisations) Act 2009 requires the CEPU Victorian Branch to disclose to members the top five Rankings of Officers – Relevant remuneration and non-cash benefits, and payments to related parties and declared persons or bodies.

Disclosure period 1 January 2018 to 31 December 2018

Top Five Rankings of Officers – Relevant remuneration and non-cash benefits

The actual amount of relevant information is broken down as follows:-

Ivan Balta                 Wages $212,766      Superannuation $36,507

Troy Gray                 Wages $197,841      Superannuation $33,413

Arron Harris             Wages $177,809      Superannuation $30,345

Rodney Dalglish     Wages $162,377      Superannuation $31,007

Daniel Filazzola      Wages $149,171      Superannuation $25,010   

Payments to related parties and declared persons or bodies

The CEPU Victorian Branch did not make any payments to related parties or declared persons or bodies that are required to be disclosed

Transparency

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 President, Danny Filazzola on 03 8329 0000.