Sydney Water Act 1994

The annual report of the operations of the Corporation is to include, in the form of a comparison, details of the investment performance of the Corporation in respect of its surplus funds and of the investment performance of the appropriate Treasury Corporation investment facilities.

The appropriate Treasury Corporation investment facility is (in respect of any particular surplus funds) the one chosen by the Corporation from among the investment facilities made available by the Treasury Corporation to public authorities for investment of their surplus funds.

The Corporation’s choice of investment facility is to be made on the basis of the nature and term of the underlying liability to which the particular surplus funds relate, as determined in accordance with guidelines issued by the Treasurer.

The Corporation is to notify the Treasurer of its choice of investment facilities for the purposes of the comparison, giving reasons for its choice, within 1 month after the beginning of the financial year to which the report relates.

The Treasurer can disallow the Corporation’s choice of investment facility and substitute the Treasurer’s own choice (advising the Corporation accordingly), in which case the comparison is to be based on the Treasurer’s choice of investment facility.

The following provisions apply to a comparison required by this clause—

investment performance is to be stated as an annual compound percentage rate of return,

the investment performance of an investment facility made available by the Treasury Corporation is as advised to statutory bodies by the Treasurer from time to time,

the comparison is to relate to investment performance during the financial year to which the report relates.

For the purposes of the comparison, the following matters are to be as determined in accordance with guidelines issued to statutory bodies by the Treasurer from time to time—

which cash assets of the Corporation are to be considered to be its surplus funds,

the method of calculating investment return, including the method of calculating an annual return from an actual period of investment of less than a year,

the method of calculating and comparing investment return where there is a difference between the period of actual investment of funds and the period over which the return of the relevant Treasury Corporation investment facility is measured.