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Creating a Stronger NSW Creating a stronger NSW New South Wales Treasury Corporation Annual Report 2019 How to read this report This annual report was prepared in accordance with the NSW Treasury Annual Report Compliance Checklist. The sections About TCorp, Corporate performance, Operations overview include letters from the Chair and Chief Executive, TCorp aims and objectives, management structure, summary review of operations, management and activities and achievements. The Governance section includes our corporate governance framework, risk management and compliance, human resources overview, other required disclosures, financial statements and appendices. Electronic copies of current and previous reports are available at www.tcorp.nsw.gov.au. This report includes an index to help readers navigate it. © TCorp (New South Wales Treasury Corporation) 2019 Copyright in the material contained in this report is owned or licensed by New South Wales Treasury Corporation. Except where necessary for viewing the report on the TCorp website on your browser, or as permitted under the Copyright Act 1968 (Cth) or other applicable laws, no material in this report may be reproduced, adapted, uploaded to a third party, linked to, framed, broadcast, distributed or transmitted in any form by any process without the specific written consent of TCorp. Feedback We welcome your feedback on our report to help improve future editions – please contact the Head of Marketing on +61 2 9325 9325. Stay up to date Follow us on www.linkedin.com/company/ tcorp-nswtreasurycorporation/ i Contents 2019 year in review 3 Message from our Chair and Chief Executive 4 About TCorp 9 Corporate performance 15 Operations overview 33 Governance 49 Financials 69 Appendices 117 Index 130 Annual Report 2019 1 ABOUT TCORP CORPORATE PERFORMANCE OPERATIONS OVERVIEW GOVERNANCE History 1983 2015 Treasury Corporation Act 1983 Funds amalgamation sees (NSW) establishes TCorp as a funds under management central borrowing authority for grow to $72bn with the the state to issue its own bonds State Super Defined Benefit and attract investors to NSW. and Insurance and Care NSW (icare) investments combining with TCorp. Mid 1980s TCorp develops debt products 2016-17 to attract offshore investors to NSW. TCorp successfully manages the retirement of significant amount of state debt as a result of the 1988 NSW Government’s electricity asset transactions. TCorp launches TCorpIM Funds, facilitating investment on behalf of NSW entities and departments. 2018 TCorp launches inaugural green bond under the NSW 1996 Sustainability Bond Programme raising $1.8bn, the largest of its Debt management and advisory type ever issued in Australia. activities grow significantly in response to the government establishing state-owned TCorp launches NSW Generations corporations in the utilities sector. Fund with an initial $10bn - the world’s first dual purpose sovereign wealth fund that 2009 supports intergenerational equity. TCorp’s prudent approach to Funds management volumes risk management results in it increase to over $100bn, placing navigating the global financial TCorp in the top five asset crisis without credit losses. It managers in Australia and generates a record dividend for within the top 100 globally. NSW and significant interest savings for clients. 2 New South Wales Treasury Corporation FINANCIAL STATEMENTS APPENDICES INDEX 00 2019 year in review Delivered substantial benefits for the NSW public sector $8.5bn $3.7bn Absolute investment Investment returns returns over clients’ objectives $903mn $260mn Year-to-date added value for Local government loans the NSW Generations Fund approved to fund projects While building a stronger TCorp $107bn $75bn Assets managed on behalf TCorp’s balance of NSW public sector sheet $8.9bn $1.8bn Longer-dated bonds issued to Largest green bond a diversified investor base ever issued in Australia $124mn $117.5mn Profit generated Dividend returned to the state Generating positive cumulative returns for NSW since funds amalgamation, 1 July 2015 $23.4bn $7. 9bn Cumulative absolute Cumulative investment returns investment returns over clients’ objectives >$50mn Savings on manager fees and other investment management costs Annual Report 2019 3 ABOUT TCORP CORPORATE PERFORMANCE OPERATIONS OVERVIEW GOVERNANCE Message from our Chair On behalf of the board, I am pleased to present the 2018-19 TCorp Annual Report. The year was one of continual progress and consolidated growth as TCorp built on several years of transformational change, begun in 2015. We have continued our Strategic focus milestones. This reflects the fact best-in-class journey with that TCorp is an agile organisation The transformational change our funds under management which is well progressed on its that started several years ago growing to $107bn, making us path of transformational change. has delivered substantial savings one of Australia’s largest asset and more efficiencies than we This growth and development all managers; we issued Australia’s had initially targeted. contribute to building our capacity largest green bond; and we to service the citizens of NSW delivered significant value to NSW We took advantage of a very and to provide better and more through our work on initiatives successful year in terms of overall efficient financial outcomes for the like the NSW Generations Fund. funds management, outperforming state of NSW. We’ve continued to evolve our various client benchmarks for all organisation with a review of our our funds, with absolute returns of We are well on our way to culture, and the development $8.5bn. These investment returns becoming a large, globally-respected of our team and capabilities to are now available to support institutional investment management support our growing business. operations of our public sector and financial markets business. clients and assist in delivering the Historically, TCorp has been government’s key priorities and a more inwardly-focused service Driving cultural change projects for the benefit provider to the NSW Government, of the people of NSW. Like most financial institutions responding to clients when in Australia, TCorp has taken needed. Over the past four years, It is important to note that this heed of the findings of the Royal we have turned that around and transformational change was not Commission into Misconduct in are now in a position of partnering at the expense of our day-to-day the Banking, Superannuation with government, NSW Treasury performance. We achieved robust and Financial Services Industry. and all parts of the public sector, risk management and strong as well as the external financial investor performance with no While not directly implicated, markets, to provide strategic slippage in business-as-usual TCorp is supportive of the financial advice and solutions. activities. We recognise that while commission’s findings with ambitious change is exciting, it is regards to the importance of This multi-faceted partnership critically important to achieve such culture and conduct. We have concept has built TCorp into change without taking unnecessary used the opportunity to review an integrated investment risk or negatively affecting the our corporate culture and to better management and financial bottom line for us and our clients. articulate the kind of people and markets business that delivers workplace needed to execute our high-performing financial Over the past financial year, we long-term strategy and deliver outcomes to the government met and exceeded targets and on promises to our partners and agencies that are our clients. also reached a number of strategic stakeholders. 4 New South Wales Treasury Corporation FINANCIAL STATEMENTS APPENDICES INDEX 00 Over the past financial year, we met and exceeded targets and also reached a number of strategic milestones. This reflects the fact that TCorp is an agile organisation which is well progressed on its path of transformational change. This was a very detailed process We look forward to helping the significant increase in other work undertaken with the support of government and its agencies commitments. Mr Chronican the board, senior management implement this programme. recently advised that he will and all staff. step down from the board later This coming year, we will continue this year. Our review concentrated on our investment management transparency, governance, transformation process with the Following Mr Chronican taking respect for clients and each introduction of our new state-of-the- his leave of absence in March, other, reliability and working art information technology system. I was appointed as the Chair. collaboratively. We looked at I appreciate being entrusted We also expect to continue providing how we can better deliver on our with this important position. sound financial advice and risk promises, with a strategic, high management services to government value-add, client-centric focus. departments and agencies. Our thanks We recognise that a strong On behalf of the board, I would corporate culture is necessary to Board changes like to thank the whole TCorp deliver on strategic objectives. team for their hard work this year. During the past financial year, David Deverall, Chief Executive, Not only has this cultural shift Dr Kerry Schott AO retired from senior management and all the put TCorp in the best position to the board after serving for seven staff have done an outstanding deliver on our commitments, it has years. Ms Susan Doyle also retired job. The state government, our also
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