435th NSWALC Council Meeting Communique

1 November 2022

The NSW Aboriginal Land Council (NSWALC) met for its 435th meeting in Parramatta from Wednesday October 12 to Thursday October 13, 2022.

A number of topics were discussed including the NSWALC Investment Fund performance, Audited Financial Statements and potential future partnerships.

Committee Reports

The NSWALC Council receives regular briefings and updates from a number of Committees including the Governance, Audit and Risk, Finance and Investment Committees.

The NSWALC Governance Committee Chair and Independent Member Paul McNab and Independent Member Thomas Kim met with Council for a general governance discussion. Mr McNab was previously reappointed as Chair in February 2022, and Mr Kim was appointed as additional Independent Member on the same date.

National Indigenous Advancement Agency Delegation

The National Indigenous Australians Agency (NIAA) met with Council to discuss how NSWALC and NIAA can partner and work together to support and deliver outcomes for Aboriginal communities across NSW.

AMS Redfern 50th Anniversary Sponsorship Approval

Council approved a sponsorship request for the Aboriginal Medical Service Redfern’s 50th Gala Dinner to be held on November 26, 2022.

The Aboriginal Medical Service Cooperative Ltd was established in 1971, and was initially staffed by rostered volunteer doctors, nursing sisters and Shirley Smith (Mum Shirl) as field officer.

NSWALC will also provide in-kind support to the event via its Media & Communications Team. This includes the production of a short film about former NSWALC Employee, the late Sol Bellear’s significant role at the AMS, which will be shown at the event.

Investment Fund and Financial Statements

The Council received the NSWALC Investment Fund report for the September quarter which recorded a negative 0.5% return for the period, and negative 6.5% for the previous 12 months. It recorded positive 2.8%, 4.2% and 6.9% for the previous three, five and 10-year periods.

These figures are in line with market returns, given continuing inflationary pressures, rising official interest, the war in Ukraine and ongoing global supply chain disruptions due to COVID.

It was also noted that the Strategic Asset Allocation is modelled for such events, and changes made to the portfolio in late 2020 continue to help mitigate losses in the current environment and see the portfolio positioned for recovery in the prevailing environment.

Council reviewed and noted the Audited Financial Statements of NSWALC Resources and NSWALC Properties. The annual audit of the NSWALC Consolidated Financial Statements await finalisation, due to a NSW Audit office delay.