| Management of investment funds
The ILC has accumulated surpluses from previous years. The ILC invests its funds in accordance with policy set by the ILC’s Board. Section 193K of the Act exempts the ILC from complying with section 18(3) of the CAC Act dealing with authorised investments. The investment portfolio is monitored by the Board and supplements annual payments from the Land Account to fund its functional and operational expenditure.
Accordingly, investment policy objectives are the protection of the investments’ capital value, maintenance of liquidity and achievement of a high rate of return with minimal risk.
The ILC had $38.7m in short-term deposits with banks at 30 June 2014.
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