Investment and Commercialisation Committee (ICC)

The Committee was established by Senate resolution 9/06 of 19 February 2006. The Terms of Reference were:

To bring best practice to the University's investment and commercialisation strategy in terms of governance, stewardship, sustainability and growth, including operational aspects of investment management relating to managing external fund managers. The specific functions and activities include:

• forwarding matters of policy and concept to Senate for approval;
• recommendations to Senate of mandates and parameters for all asset classes within which funds can be invested;
• recommendations to Senate on investment earning targets and spending goals;
• recommendations to Senate on asset allocation bands, at acceptable levels of risk, to achieve those earning targets;
• regularly review approved investment strategies for all asset classes and if necessary recommend to Senate appropriate changes;
• regularly review and the efficiency and effectiveness of risk management strategies used to manage the portfolio;
• appoint external fund managers and monitor the placement of funds with and/or withdrawal of funds from those managers in accordance with asset allocations and mandates approved by Senate;
• maintaining close liaison with external fund managers and monitor their performance;
• monitor the performance of all in-house investments including the efficiency of the Treasury function;
• monitoring investment markets for new or alternate investment opportunities;
• provide advice to Senate on Preserved Capital Trusts and endowment funds;
• monitoring the return from royalties/ licence fees, and patents as well as equity in start up companies attempting to commercialise intellectual property;
• monitoring the commercial performance and manage the risk of private equity investments undertaken by the University of Sydney;
• annually review and recommend changes to the strategy to the financial performance of all commercial ventures and joint ventures approved under the Commercial Activities Guidelines;
• inform Senate on and monitor commercialisation initiatives and performance;
• asset management and asset performance monitoring;
• ensuring optimum Balance Sheet management against best practice performance indicators and risk profiles; and
• monitoring the performance of commercial activities managed in-house.

Following an extensive review of Senate committees in 2009, major changes to the committee structure were implemented in 2010. 

The revised role of the Investment and Commercialisation Committee (ICC) was to monitor and advise Senate on matters relating to the University’s investment portfolio and commercialisation activities with particular reference to: the appropriateness of policies and the success of investment and commercialisation strategies; sustainability and ensuring the effective management of risk in areas covered by the Committee’s remit.

The Committee was authorised by Senate to receive recommendations as to the appointment and retirement, as appropriate, of consultants and external managers, and make such decisions subject to reporting to Senate after the event. It oversaw and approved strategies for management of University investments (including policies, mandates, asset allocations, earnings targets, spending goals, and financial risks).

The Committee had oversight of the management of the University’s long term investment portfolio, known as the Future Fund, and in that role might consider and approve major capital expenditure projects and strategic initiatives which were funded entirely from the Future Fund and which had previously been approved by the Building and Estates Committee. The Committee provided advice on the investment mandate for the Future Fund, which balanced support for a broad range of core University objectives with seeking to achieve appropriate commercial returns, strategies and policies supporting the recruitment and management of its academic and non-academic staff. [source: Annual Report 2010 and 2013]