Innovation Australia (the Board), is an independent statutory body established to
assist with the administration of the Australian Government's industry innovation and
venture capital programs. Through these programs, Innovation Australia seeks to
increase and support the level of investment and innovation activity in Australian
industry and improve the commercial success.
Established on 27 September 2007, Innovation Australia is an amalgamation of the
former Industry Research and Development (IR&D) Board and the Venture Capital
Registration (VCR) Board (formerly known as the Pooled Development Funds
Registration Board). On its establishment, Innovation Australia assumed the roles,
responsibilities and powers of the two former Boards and, as such, it carries
responsibility for past decisions taken by the former Boards.
Innovation Australia reports to Senator the Hon Kim Carr, Minister for Innovation,
Industry, Science and Research.
Innovation Australia operates under the auspices of the Industry Research and
Development Act 1986 (IR&D Act). The aim of the IR&D Act is to promote the
development, and improve the efficiency and international competitiveness of,
Australian industry by encouraging research and development, innovation and venture
The IR&D Act was amended in September 2007 by the Tax Laws Amendment (2007
Measures No. 5) Act 2007, which established Innovation Australia and thereby
consolidated the administration and oversight of the Government's innovation and
venture capital programs as prescribed in the IR&D Act, the Pooled Development
Fund Act 1992 (PDF Act) and the Venture Capital Act 2002 (VC Act).
The Board also advises Government on income tax law (Income Tax Assessment Act
1936 and the Income Tax Assessment Act 1997) as they operate in relation to those
Financial Manage ment Responsibilities of Innovation Australia unde r the
Amendments were made to the IR&D Act with effect from 11 September 2004 to
remove ambiguity between the Financial Management and Accountability Act 1997
and the IR&D Act. The amendments removed prospectively the powers of the Board
to commit, approve or recommend expenditure of Australian Government funds and
further safeguarded members from any personal liability stemming from Board
The Board therefore retains financial responsibilities for all grant, loan and licence
agreements which were in place at 10 September 2004. This approach, while avoiding
the need to amend existing program documentation (including agreements), has
nonetheless complicated the Board’s working environment requiring two operational
models until all existing agreements are concluded. In the case of the now closed
R&D Start and Biotechnology Innovation Fund (BIF) programs, contractual
obligations may run until 2014 and 2011 respectively.
Innovation Australia has been involved in many key program outcomes which are
highlighted in Section 1.
The Board’s functions are set out in the IR&D Act and associated Ministerial
Directions. The Board's responsibilities include:
providing expert advice, technical assessments, merit rankings and monitoring
of applications under the Climate Ready program, Re-Tooling for Climate
Change program, Innovation Investment Follow-on Fund (IIFF) and the
Green Car Innovation Fund (GCIF)
administering the Commercialising Emerging Technologies (COMET)
program, Innovation Investment Fund (IIF), Renewable Energy Equity Fund
(REEF), Pre-Seed Fund (PSF), Pharmaceuticals Partnerships Program (P3 ),
Commercial Ready and Commercial Ready Plus programs, Renewable Energy
Development Initiative (REDI), Industry Cooperative Innovation Program
(ICIP) and the (ACIS Stage 2) Motor Vehicle Producers (MVP) R&D scheme
and the R&D Start program
administering aspects of the R&D Tax Concession
registering, monitoring and revoking of registration of Pooled Development
Funds (PDF), Venture Capital Limited Partnerships (VCLP), and Early Stage
Venture Capital Limited Partnerships (ESVCLP) and making determinations
in relation to these entities
to advise the Minister about the operation of the IR&D Act, the PDF Act and
the VC Act and the Commonwealth's income tax laws as they operate in
relation to those Acts.
Additional Functions Ministerial Directions require Innovation Australia to carry out
the following activities:
provide general advice to the Minister on industry innovation assistance
study issues, opportunities, trends and performance relating to industry
research, development and innovation
promote and market industry innovation activities, programs and benefits by
acting as Ambassadors for industry innovation
monitor the administration, delivery and performance of programs for which it
has responsibility and advise the Minister of outcomes
maintain the effectiveness and integrity of programs for which it has
responsibility for, including undertaking legal action if require
collect and analysing data on program performance, assessing whether
programs are meeting their objectives and advising the Minister
cooperate with independent evaluations of the programs for which the Board
has administrative responsibility.
Innovation Australia and its committees engage in activities which support its
decision- making and advisory functions. The Board also contributes its views and
practical advice in relation to the programs for which it is responsible to the Minister
through regular correspondence and meetings.
Innovation Australia derives various powers from the provisions of the IR&D Act.
Section eight of the Act gives the Board power to take all necessary and convenie nt
action to ensure the proper performance of its functions.
Members of Innovation Australia are appointed in writing by the Governor-General,
through Executive Council. The IR&D Act provides for a maximum of 15 Board
members, including the Chair and an ex-officio member. At a meeting of the Board,
four members constitute a quorum.
Innovation Australia Committee members are appointed by the Minister for
Innovation, Industry, Science and Research. Committees operate under delegation
from the Board and comprise of a Chair and up to six members. At a Committee
meeting, three members are required to form a quorum.
Board and Committee members are predominantly drawn from industry and academia
and their qualifications and experience cover a large number of commercial and
technical areas of expertise.
Innovation Australia and its Committee members, other than the ex-officio members,
are remunerated in accordance with determinations set by the Remuneration Tribunal.
Appendix V provides details Innovation Australia and Committee members as at
30 June 2009.
ORGANISATION AND MANAGEMENT
Innovation Australia uses a committee structure to help administer and provide expert
advice on innovation and venture capital programs.
On 30 June 2009, eight Committees existed under Innovation Australia; each
committee has the following specific functions:
Tax Concession Committee — determines the eligibility of industry R&D
across all sectors including providing advice to the Commissioner for Taxation
about the eligibility of R&D activities for which the Concession is claimed. The
R&D Tax Concession Program is jointly administered by the Board and the
Australian Taxation Office.
Commercialising Eme rging Technologies (COMET Committee) — advises
Innovation Australia on matters relating to the administration of the COMET
Climate Ready Committee — provides independent expert advice and merit
ranks eligible applications received under both the Climate Ready and the
Re-Tooling for Climate Change Programs. The Committee is also responsible
for monitoring ongoing project activity under the former Renewable Energy
Development Initiative (REDI) Program.
Innovation Grants Committee — monitors and assesses requests for variations
and compliance of activities under Commercial Ready, Commercial Ready Plus
and the R&D Start Programs (all closed to new applications).
The Green Car Innovation Committee (GCIC) — provides independent
expert advice and merit ranks eligible applications received under the Green Car
Innovation Fund. The Committee is also responsible for the monitoring of
ongoing activity under the Automotive Competitiveness and Investment Scheme
Motor Vehicle Producers Research & Development Scheme.
Innovation Investment Follow-on Fund (IIFF) Committee — provides
independent expert advice and merit ranks eligible applications received under
the Innovation Investment Follow-on Fund.
Pharmaceuticals Committee — monitors activities under the Pharmaceuticals
Partnerships Program (P3 ) including the provision of advice on operational
issues such as variation requests made by successful applicants and conducts
annual company reviews.
Venture Capital Committee — assists Innovation Australia to administer the
suite of venture capital investment programs by assessing applications for fund
manager licences and for fund registrations for the following programs
Innovation Investment Fund (IIF); Renewable Energy Equity Fund (REEF); Pre-
Seed Fund (PSF); Pooled Development Funds (PDF); Venture Capital Limited
Partnerships (VCLP) and Early Stage Venture Capital Limited Partnerships
PARTNERS IN DELIVERY
AusIndustry, the principal program delivery division of the Department of Innovation,
Industry, Science and Research (DIISR) provides primary support to Innovation
This support is provided by AusIndustry staff in the national, state, territory and
regional offices and includes AusIndustry secretariat as well as project report services,
technical assessment and promotional services.
AusIndustry officers also advise customers about other government industry support
Responsibility for policy aspects of the Innovation Australia’s programs resides with
the DIISR’s Innovation and Manufacturing Divisions.
The R&D Tax Concession is administered jointly by Innovation Australia, through
AusIndustry, and the ATO.
The DIISR and the Department of Environment, Water and Heritage and the Arts
(DEWHA) have joint policy responsibility for the REDI Program.
REEF is administered by Innovation Australia on behalf of DEWHA, which has
policy responsibility for the program and provides specialist advice and support to the
Board. AusIndustry manages the delivery of the REEF Program with the private
sector fund manager CVC Reef Managers Limited.
Mr David Miles AM
Mr Carlos Broens Ms Margaret Calvert Mr Roger Harley
Managing Director Partner Director
Broens Industries Pty Ltd Norcal Fawkner Capital
Management Pty Ltd
The Hon Bill Hassell AM Mr Leslie Hosking Ms Elizabeth Lewis-Gray
Proprietor Company Director Managing Director
Hassell Advisory Services Gekko Systems Pty Ltd
Dr Deborah Rathjen Dr Peter Riddles Dr Jonathan Spring
Chief Executive Officer Director Managing Director
and Managing Director ViciBio Pty Ltd CEOS Pty Ltd
Mr Peter Thomas Mr Bill Peel PSM Mr Kenneth Windle
Director Executive General Chairman and Chief
TFG International Pty Ltd Manager Executive Officer
AusIndustry Advent Pharmaceuticals
INNOVATION AUSTRALIA MEMBERS AS OF
30 JUNE 2009
Absent: Mr Adrian Brien AM
Structure of Innovation Australia – as at 30 June 2009
This diagram shows the relationship between the Innovation Australia, its programs
and Committee responsibilities as at 30 June 2009.
MEETINGS OF INNOVATION AUSTRALIA
Innovation Australia held eight meetings during 2008-09:
1 July 2008 Canberra
12 August 2008 Canberra
22 September 2008 Parliament House-Canberra
27 October 2008 Canberra
9 December 2008 Canberra
25 February 2009 Canberra
8 April 2009 Brisbane
20 May 2009 Canberra
Innovation Australia also considered a number of matters Out-of-Session.
MARKETING AND PROMOTION
As well as administering innovation programs, Innovation Australia undertakes other
activities to promote industry innovation in Australia.
In April 2009, Innovation Australia hosted a showcasing event in Brisbane. The event
provided an opportunity for customers to engage Board members in discussion of
their projects and experiences of the Board’s programs.
At the national level, a range of marketing activities promoting Innovation Australia
related programs for 2008-09 included:
91,024 product related and general branding items distributed
1,024,219 website visits
8,219 hotline inquiries
22 Ministerial media releases distributed, 44 editorials were prepared and
circulated to 209 business publications.
Other key marketing activities for 2008-09 included:
a focus on attracting potential customers to Innovation Australia’s range of
continued development of strategic partnerships and cross-promotions with
customers and stakeholders, such as industry associations
showcasing Innovation Australia customers for marketing purposes
effective marketing of programs such as Climate Ready, Early Stage Venture
Capital Limited Partnerships, Green Car Innovation Fund, Innovation
Investment Follow-on Fund and Retooling for Climate Change.
A list of Ministerial media announcements is listed is at Appendix X.
Innovation Australia’s Automotive Committee was established in September 2007 to
assist Innovation Australia in its role in relation to recommending ACIS Stage 2 Motor
Vehicle Producer Research and Development (R&D) Scheme (MVP R&D Scheme)
projects for funding to the Minister's Delegate, the Secretary of the Department of
Innovation, Industry, Science and Research. The MVP R&D Scheme is part of the
post-2005 assistance package for the Australian automotive industry and will provide
funding for R&D from 2006 to 2010.
The role of the Automotive Committee is to act as an independent expert panel and to
provide assessments and rankings for projects against the merit criteria, as well as
assist in monitoring project variations under the MVP R&D Scheme.
The Committee held one meeting on 23 September 2008 in Melbourne and one
‘Out-of-Session’ on 19 November 2008 during the 2008-09 financial year.
23 September 2008 Melbourne
19 November 2008 Out-of-Session
The Committee considered three variations to approved R&D projects.
The responsibility for ongoing activity under the MVP R&D Scheme was transferred
to the Green Car Innovation Committee after the Automotive Co mmittee functions
were revoked on 30 April 2009.
GREEN CAR INNOVATION COMMITTEE
Innovation Australia’s Green Car Innovation Committee was established in
April 2009 to assist Innovation Australia in its role in undertaking technical
assessments and providing advice to the Program Delegate specific to the Green Car
Innovation Fund (GCIF) and monitor ongoing activities under the ACIS Stage 2
Motor Vehicle Producer Research and Development Scheme (MVP R&D Scheme).
The role of the Green Car Innovation Committee is to provide technical assessments
and merit rankings for projects against the GCIF merit criteria, along with
assessments of variations and other technical assessments and advice under GCIF. In
addition, the Green Car Innovation Committee will assist in the monitoring of project
variations under the MVP R&D Scheme. Responsibility for the MVP R&D Scheme
was transferred to the Green Car Innovation Committee after the Automotive
Committee functions were revoked in April 2009.
The Committee held one meeting during the 2008-09 financial year, on 25 June 2009
At its 25 June 2009 meeting the Committee considered two applications. One
application was deferred for consideration pending further information but was
subsequently not supported. The other was referred to Innovation Australia for
consideration as the grant amount sought was greater than $5 millio n. It was not
supported during the 2008-09 reporting period.
TECHNOLOGIES/ INDUSTRY COOPERATIVE
INNOVATION PROGRAM COMMITTEE
Innovation Australia’s COMET/ICIP Committee was established to assist Innovation
Australia with the ongoing oversight of the Commercialising Emerging Technologies
(COMET) program and the Industry Cooperative Innovation Program (ICIP).
The role undertaken by the COMET/ICIP Committee is broken down into the
categories of COMET responsibilities and ICIP responsibilities.
The Committee’s role in relation to the COMET program is to:
oversee and endorse the program guidelines and other key governance
documents prior to their consideration by the Board
report to the Board on the performance of the program
advise the Board (and through it the Department of Innovation, Industry,
Science and Research) on issues and options related to the longer term
directions of the program for possible input to the policy development process
review the progress of the COMET Operational Plan on a quarterly basis and
submit reports to the Board for consideration.
The COMET/ICIP Committee has no decision making powers and is not involved in
the day-to-day management of the COMET program. It nonetheless ensures that any
significant matters coming to its attention are referred to AusIndustry and reported to
the Board as appropriate.
The Committee's role in relation to ICIP is to provide technical assessments, merit
rankings of eligible applications and advice on operational issues related to the
The Committee held four face-to-face meetings and two teleconferences during
17 July 2008 Teleconference
13 August 2008 Canberra
5 November 2008 Canberra
26 February 2009 Canberra
21 May 2009 Canberra
27 May 2009 Teleconference
The Committee was involved in the following operational policy activities throughout
provided input to the Commonwealth Commercialisation Institute Government
reviewing and commenting on the COMET Program Evaluation
reviewing and commenting on amendments to the Key Performance Indicators
reviewing and finalising the annual COMET Strategic Plan and Operational
monitoring workflow and application rates in light of the challenges presented
by the broader economic environment
monitoring commercialisation outcomes achieved by the program.
The COMET/ICIP Committee was revoked on 26 May 2009.
A COMET Committee was established on 26 May 2009 to oversight the COMET
Program and Innovation Australia directly oversees any continuing activity from
CLIMATE READY COMMITTEE
The Climate Ready Committee was established in August 2008.
The role of the Climate Ready Committee is to provide independent expert advice and
merit rank applications received under the Climate Ready and Re-Tooling for Climate
Change Programs (some smaller Re-Tooling for Climate Change grants are
considered by a Departmental Panel). The Climate Ready Committee also monitors
ongoing activities under the Renewable Energy Development Initiative (REDI)
The Climate Ready Committee held five meetings and one teleconference during
19 & 20 November 2008 Canberra
8 December 2008 Melbourne
23 & 24 February 2009 Canberra
7 April 2009 Melbourne
7 & 8 May 2009 Canberra
3 June 2009 Teleconference
The Climate Ready Committee also considered a number of matters out of session.
The table below details applications considered by the Climate Ready Committee.
Applications Applications Applications
considered (no.) approved (no.) approved ($m)
applications 188 71 55.92
applications 44 21 2.60
Eight Climate Ready applications were referred to Innovation Australia and two were subsequently
The Climate Ready Co mmittee also considered variation requests for projects supported under the
Climate Ready and REDI Programs.
The Re-tooling for Climate Change table includes applications for grants of up to $100,000, which
were referred to a Depart mental Panel. The approved applications field does not include applicants
who were offered funding but did not take up the offer.
INNOVATION INVESTMENT FOLLOW-ON
The Innovation Investment Follow-on Fund (IIFF) Committee was established on
28 April 2009 to assist Innovation Australia in its role in relation to recommending
projects for funding under the IIFF program.
The IIFF program, announced in March 2009, is a temporary, targeted fund
established to address the lack of capital available to promising innovative companies
during global financial crisis.
The role of the fixed-term IIFF Committee is to act as an independent expert panel to
assess and merit rank eligible applications under the IIFF Program and provide
recommendations for support to the Program Delegate.
Round 1 applications for the IIFF Program closed 19 June 2009 with 20 applicants.
The IIFF Committee is expected to meet early in 2009-10 to consider applications
received in the Round.
INNOVATION GRANTS COMMITTEE
The Innovation Grants Committee (IGC) was established on 1 August 2008.
The IGC is responsible for monitoring and assessing requests for variations and other
matters as required under grant agreements such as dealing with Intellectual Property
and change of company control matters under legacy programs including Commercial
Ready, Commercial Ready Plus and R&D Start.
The Innovation Grants Committee held seven meetings during 2008-09:
12 September 2008 Canberra
15 October 2008 Teleconference
26 November 2008 Teleconference
11 February 2009 Teleconference
25 March 2009 Teleconference
3 June 2009 Teleconference
17 June 2009 Teleconference
The IGC also considered a number of matters Out-of-Session.
The IGC considered a number of matters as required under grantee agreements
including variations as listed in the table below.
considered (no.) approved (no.)
program 4 4
The Pharmaceuticals Committee was established to assist Innovation Australia as an
expert advisory panel and provide recommendations to the Minister's delegate on all
matters relating to the functions of the Board under the Pharmaceuticals Partnerships
Program (P3 ).
P3 is a merit-based competitive grants program that provides assistance for a portfolio
of R&D projects to be undertaken in Australia by companies in the pharmaceuticals
industry. During application rounds, the Committee was responsible for assessing,
ranking and recommending P3 applications for grants. As the last funding round of
the program was conducted in 2006-07, the Committee’s responsibilities since then
have involved ongoing monitoring of activities under the program, including the
provision of advice on operational issues such as variation requests made by
successful applicants and conducting annual company reviews including some site
The Committee held two meetings, one teleconference and two Out-of-Session
processes during 2008-09:
21 July 2008 Out-of Session
11 August 2008 Out-of Session
21 August 2008 Melbourne
10 December 2008 Canberra
11 February 2009 Teleconference
The Committee reviewed a number of variation requests for changes to companies’
R&D portfolios and conducted the companies’ annual reviews. The Committee also
provided input in relation to the Pharmaceuticals Industry Strategy Group (PISG).
RENEWABLE ENERGY COMMITTEE
Innovation Australia’s Renewable Energy Committee was established in
September 2007 to act as an independent expert panel for the Renewable Energy
Development Initiative (REDI).
In July 2008, the Renewable Energy Committee considered one matter
The responsibility for ongoing activity under the REDI Program was transferred to the
Climate Ready Committee after the Renewable Energy Committee functions were
revoked in April 2008.
Three sectoral committees — the Biological Committee, the Engineering and
Manufacturing Committee, and the Information, Technology and
Telecommunications Committee were established under Innovation Australia in
The Committees were established to assist the Board in its functions with regard to
undertaking technical assessments and providing advice to the Program Delegate
specific to the Commercial Ready Program. In addition, the Committees assessed
requests for variations to current agreements for the Commercial Ready and
R&D Start programs.
In July 2008, the Engineering and Manufacturing Committee and Information,
Technology and Telecommunications Committee each considered one matter
Out-of-Session. The Biological Committee met via teleconference on 31 July 2008.
The responsibility for ongoing activity under the Commercial Ready and the
R&D Start Programs was transferred to the Innovation Grants Committee after the
Sectoral Committees functions were revoked in August 2008.
TAX CONCESSION COMMITTEE
Innovation Australia’s Tax Concession Committee (TCC) was established to advise
and assist Innovation Australia with its administration of the R&D Tax Concession
The TCC assists with the administration of the R&D Tax Concession under delegation
from the Board, discharging its statutory responsibilities under the Part IIIA of the
Industry Research and Development Act 1986 (the IR&D Act).
This includes the registration of companies wishing to claim the R&D Tax Concession
and assessment of the eligibility of R&D across all industry sectors, in particular
providing advice to the Commissioner for Taxation on the eligibility of activities
claimed for the R&D Tax Concession.
During 2008-09, the TCC held formal meetings and teleconferences as follows:
19 July 2008 Canberra
2 September 2008 Video conference
5 November 2008 Canberra
16 December 2008 Sydney
5 March 2009 Canberra
16 April 2009 Sydney
28 May 2009 Melbourne
During the financial year, significant activities of the TCC included:
statutory determinations on the eligibility of R&D activities and compliance issues
relating to the R&D Tax Concession
provision of advice on departmental strategy papers in relation to revision of the
Board’s R&D Plan Guidelines, assessment of R&D eligibility (section 39L of the
IR&D Act), provisional certificates for overseas R&D activities (section 39ED),
advance registration (section 39HH) and requests for internal review of Board
decisions (section 39S)
provision of advice on standard operating procedures for administration of the R&D
provision of advice on R&D policy, drawing on its experience in administering the
R&D Tax Concession
approval of the 2008-09 Registration Application Form
contribution to the Board’s submission to the Cutler Review of the National
The TCC Chair presided over meetings of the R&D Tax Concession Administration
Consultative Group in Sydney, Melbourne, Adelaide, Brisbane and Canberra in
October and November 2008, and in Sydney, Melbourne, Perth, Adelaide, Brisbane
and Canberra in May and June 2009. The principal role of the Administration
Consultative Group is to provide feedback and comment to Innovation Australia, the
Department of Innovation, Industry, Science and Research, and the Australian
Taxation Office on operational and administration issues, such as application forms,
guidelines and delivery mechanisms, from the perspective of customers and
practitioners of the R&D Tax Concession, in order to improve the delivery of the
VENTURE CAPITAL COMMITTEE
The Venture Capital Committee (VCC) was established in September 2007 to assist
Innovation Australia administer the programs previously managed by the Fund
Management Committee of the former IR&D Board, and the Venture Capital
Registration Board (formerly the Pooled Development Funds Registration Board).
The VCC assists Innovation Australia by administering the following venture capital
tax concession and co- investment programs:
Pooled Development Funds (PDF)
Venture Capital Limited Partnerships (VCLP)
Early Stage Venture Capital Limited Partnerships (ESVC LP)
Innovation Investment Fund (IIF)
Renewable Energy Equity Fund (REEF)
Pre-Seed Fund (PSF).
Innovation Australia has delegated to the VCC the functions and powers set out in the
Pooled Development Funds Act 1992 (PDF Act), the Venture Capital Act 2002 (VC
Act), and the Income Tax Assessment Act 1997 (ITAA). They include:
registering, monitoring, and revoking the registration of:
o Pooled Development Funds 1 [PDF Act]
o Venture Capital Entities [PDF Act]
o Early Stage Venture Capital Limited Partnerships [VC Act]
o Venture Capital Limited Partnerships [VC Act]
o Australian Venture Capital Funds of Funds [VC Act]
o Eligible Venture Capital Investors [VC Act]
making decisions in relation to the above entities [PDF Act, VC Act, ITAA]
provision of advice to the Minister for Innovation, Industry, Science and
Research (the Minister) on the operation of the PDF Program and related tax
provisions [PDF Act]
publicising the advantages that flow from a company being a PDF and the
requirements for becoming and remaining a PDF [PDF Act].
Innovation Australia has also delegated to the VCC a range of responsibilities related
to the management of the IIF Program, the REEF Program and the PSF Program.
Innovation Australia’s functions and powers for these programs are set out in
Ministerial Directions and Guidelines.
Reg istrations under the PDF Act closed on 21 June 2007.
Members appointed to the VCC are also invited to take up director positions on the
five wholly-owned Australian Government companies established to invest the
Government's capital into the venture capital funds licensed under IIF Rounds 1 and 2
and the PSF and REEF programs.
During the 2008-09 financial year the VCC held seven meetings, two teleconferences
and three Out-of-Sessions.
8 August 2008 Melbourne
4 September 2008 Melbourne
7 October 2008 Teleconference
28 October 2008 Melbourne
28 November 2008 Melbourne
15 December 2008 Teleconference
23 February 2009 Melbourne
11 March 2009 Out-of-Session
23 March 2009 Out-of-Session
15 April 2009 Melbourne
19 May 2009 Melbourne
1 June 2009 Out-of-Session
The VCC continued with its commitment to meet fund managers on a yearly basis,
meeting with IIF, PSF and REEF fund managers throughout the year.
The VCC dealt with the following major issues during 2008-09:
monitoring the activities of the three fund managers recommended for support
under IIF Round 3 Tranche 2
continuous monitoring and engagement with a number of IIF and REEF fund
managers experiencing structural issues.
During the year, the VCC considered twenty determination requests from IIF (4)
managers and PSF (16) managers. The types of determinations and number for each
Type of Determination No. of
Eligibility of investment 2
Exceeding the maximum investment in an investee company 14
Decisions under the PDF Act
The VCC made 23 decisions under the PDF Act:
Type of Decision No. of Decisions
Section 20 – PDF acquiring shares 1
Section 25 – PDF not to commit more than 30 per cent of its committed capital to 4
Section 29 – Board approval for a PDF to enter into a transaction 2
Section 31 – Limit on shareholding in a PDF 4
Section 45 – Automatic revocation of registration for not being a corporation 4
Section 46 – Revocation or registration on application by PDF 6
Section 47 – Revocation of registration at Board's discretion 2
Decisions under the VC Act
The VCC made 14 decisions under the VC Act:
Type of Decision No. of Decisions
Section 13-1 – Registration of a VCLP 4
Section 13-5 – Conditional registration of a VCLP 2
Section 13-1(1A) – Registration of an ESVCLP 1
Section 13-5(1A) – Conditional registration of an ESVCLP 4
Section 17-25 – Revocation on application by partnership 1
Section 25-10 – Determine that a requirement does not apply 2