The Future Fund and its supporting arrangements were established by the Future Fund Act 2006.
The Building Australia Fund, the Education Investment Fund and the Health and Hospitals Fund were established by the Nation-building Funds Act 2008.
While matters relating to the establishment and operation of the Board and Agency and to the investment objectives and performance of each fund are addressed through the Future Fund Act 2006, the Nation-buiding Funds Act 2008 and the relevant Investment Mandates, the Government has, consistent with the Review of the Corporate Governance of Statutory Authorities and Office Holders (Uhrig Report), issued a Statement of Expectations to both the Board of Guardians and the Future Fund Management Agency. The Statement of Expectations is intended to further clarify the Government's objectives and priorities including standards of corporate governance, communication and liaison.
The Board and Agency have responded with Statements of Intent indicating their commitment to meeting the Government's expectations. Copies of the documents are available here: Statement of Expectations, Statement of Intent.