Public sector Chief Executives are required to annually attest whether their agency’s investment and asset management practices meet Cabinet’s expectations.
Cabinet Office circular CO (23) 9: Investment management and asset performance in departments and other entities (the Circular) requires agency chief executives to provide an annual attestation to the Treasury outlining the agency’s compliance with the requirements of CO (23) 9 and associated guidance. This requirement was introduced to:
- Increase chief executive engagement in investment and asset management
- Help Cabinet understand agency compliance with the Circular; and
- Increase overall compliance with the Circular to improve investment outcomes.
Approach
We ask chief executives (for all agencies that are subject to the circular) to verify their agency’s investment and asset management practices and state whether these practices are consistent with the requirements of the Circular for the past financial year. These requirements at a high level cover the agency’s approach to:
- Financial management
- Strategic planning and asset management
- Investment planning
- Reporting; and
- Investment assurance
Chief executives can say whether their agency meets the requirement, whether the requirement does not apply to their agency, or that their agency does not yet meet the requirement and is working towards meeting the requirement. Where the requirement does not apply, or is not being met, we also ask the chief executive to provide us with reasons why and the steps which the agency is implementing to reach compliance.
We report on attestations we collect to the Minister of Finance and to Cabinet with a view of overall compliance across the public sector. We also use this information to inform advice on improvements to investment and asset management policy and the performance of the investment management system. This report is provided to Cabinet through our Quarterly Investment Reporting.
We use the Crown’s Financial and Information System (CFISnet) to communicate process details for chief executives and agencies completing the attestation. An exemplar of the attestation form is linked below.
Please note: we are aware that agencies are currently unable to meet the requirement to publish business cases on the Public Service Intranet. We will update this page once resolved and in the interim will not be reporting to Cabinet the level of public sector compliance for this requirement.
| Doc. Date | Creator | Title Sort descending |
|---|---|---|
| The Treasury | ||
| The Treasury |