Understanding Victorian Funds Management Corporation

The Victorian Funds Management Corporation, or VFMC, is a unique entity that plays a significant role in managing the state's assets.

It was established in 1994 as a statutory corporation, and its main objective is to manage and invest the state's funds in a responsible and sustainable manner.

The VFMC is responsible for managing a portfolio of assets worth billions of dollars, which includes investments in real estate, shares, and other financial instruments.

As a result, the VFMC has a significant impact on the state's economy and finances.

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The Victorian Funds Management Corporation (VFMC) is an agency of the Government of Victoria in Melbourne. It was established by the Victorian Funds Management Act 1994.

The VFMC's role is to provide investment and funds management services to Victorian public authorities. They control a total of about $70 billion in assets.

These assets are mainly used to pay superannuation entitlements to serving and former state public servants. This is a significant responsibility, and I can imagine the importance of managing these funds wisely.

The VFMC has faced challenges in the past, including poor investment decisions during the 2008 financial crisis. They invested in the Queensland-based company, Life Settlements Wholesale Fund, which suffered losses.

In recent times, the VFMC has also faced a decline in funds under management, dropping by AU$2.4 billion to $72.1 billion in 2022. This is likely due to the economic impacts of the Covid pandemic.

However, the VFMC has also shown a commitment to sustainability, with a goal to meet 'net zero' criteria for the majority of its portfolio in 2023.

VFMC has a strong commitment to managing risks and opportunities posed by climate change in its role of delivering its clients' long-term risk and return objectives.

The corporation aims to achieve net-zero portfolio greenhouse gas (GHG) emissions by 2050 across the majority of funds under management.

VFMC has identified the segments of the portfolio where it has the greatest opportunity to engage with companies and influence real-world change, including Australia and listed equity.

The fund invests in a diverse range of assets in Australian and international markets, using internal and external investment managers.

VFMC considers that organizations that effectively manage material ESG issues improve risk-adjusted returns, which is why it excludes Tobacco and cluster munitions producers from its investment process.

The corporation integrates ESG factors in its internally managed portfolio and external manager selection process.

VFMC is an active owner, voting all of its proxies and engaging directly or collaboratively with portfolio companies on issues such as enhanced disclosure of climate change risk.

Here are the key areas where VFMC focuses its efforts to drive real-world change:

Victorian Funds Management Corporation is an active owner, voting all of its proxies and engaging directly or collaboratively with portfolio companies on issues such as enhanced disclosure of climate change risk.

The firm's investment process excludes Tobacco and cluster munitions producers, as they consider organizations that effectively manage material ESG issues improve risk-adjusted returns.

VFMC integrates ESG factors in their internally managed portfolio and their external manager selection process, demonstrating a commitment to responsible investing.

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The Victorian Funds Management Corporation is a public sector superannuation fund. It was established in 1988 as a public sector superannuation fund.

The corporation has a significant presence in the Australian superannuation industry, with a large number of members and a substantial investment portfolio. It has a strong focus on providing excellent returns for its members.

The corporation is headquartered in Melbourne, Victoria, and has a team of experienced investment professionals managing its investments.

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Company Alignment Assessment is a crucial step in evaluating a company's commitment to sustainability. In 2022, a company within our listed Australian Equity portfolio underwent a targeted engagement program, which revealed that Scope 3 emissions significantly outweighed Scope 1 and 2 emissions.

The company had a climate action plan to achieve net zero by 2030, but its targeted Scope 1 and 2 emissions only covered 6% of its carbon footprint. This highlighted the need for a more comprehensive approach to addressing Scope 3 emissions.

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VFMC worked with the company to evolve its approach, reviewing industry pathways, peer comparisons, and approaches to decarbonisation for end customers. This collaborative effort led to the company engaging with its customers in the steel value chain and committing to work with them to develop decarbonisation technologies.

The company's efforts resulted in an engagement target with customers representing 50% of their total Scope 3 emissions, and a sector-wide Scope 3 emissions reduction target of 42% by 2040. This will be pursued through research and development in technologies such as low-carbon sintering technology and carbon capture and utilisation.

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The executives at XYZ Corporation are a key part of the company's leadership team, responsible for making strategic decisions that drive growth and innovation.

The CEO, John Smith, has been with the company for over 10 years and has a proven track record of success in the industry. He has a Bachelor's degree in Business Administration from Harvard University.

The CTO, Jane Doe, oversees the company's technology and product development teams, ensuring that our products and services meet the highest standards of quality and innovation. She has a Master's degree in Computer Science from Stanford University and has over 15 years of experience in the tech industry.

The CFO, Michael Brown, is responsible for managing the company's finances and ensuring that we are always financially stable and secure. He has a Bachelor's degree in Accounting from the University of California, Berkeley.

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The Victorian Funds Management Corporation (VFMC) has a robust operations framework in place to ensure the effective management of its funds.

VFMC operates as a trustee and investment manager, with a focus on providing high-quality investment services to its clients.

It has a strong governance structure, with a board of directors that oversees its operations and makes key strategic decisions.

VFMC has a dedicated team of professionals who work together to manage the day-to-day operations of the corporation.

In the United States, the average employee spends about 1,700 hours per year on meetings.

The typical American employee checks their email over 150 times per day.

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