Summary

The bill: establishes the Higher Education Endowment Fund (HEEF) to generate earnings for capital expenditure and research facilities in higher education institutions; grants the Treasurer and Finance Minister the power to credit cash amounts to the HEEF; grants the Future Fund Board of Guardians (the Board) statutory responsibility for managing the investments of the HEEF; expands the Future Fund Management Agency’s operational activities to provide executive support to the Board and be responsible for the operational activities associated with the investment of the HEEF; requires responsible ministers to issue an Investment Mandate to the Board regarding the investment of the HEEF and determine rules for the maximum level of payments from the HEEF; and establishes the Higher Education Endowment Fund Advisory Board to advise the Education Minister on matters related to the making of grants to eligible higher education institutions.