The National Foundation for Medical Research and Innovation (ABN: 85 001 422 895) is endorsed as a Tax Concession Charity (TCC) and Deductible Gift Recipient Item 1 (DGR 1).
The Directors of the Foundation and management are committed to achieving and demonstrating the highest standards of corporate governance. Committed to continual improvement processes, the governance charter for the Foundation was last reviewed and updated in 2015. The review of the Foundation’s governance frameworks considers best practice guides, including those published by the Australian Securities Exchange and Standards Australia. The Foundation’s governance charter supplements its Constitution and details the policies, processes and expectations for the directors, members of the Research Advisory Committee (RAC), staff and contractors of the Foundation. The governance charter is reviewed annually and updated when necessary.
One of the primary responsibilities of the Board is to be the custodian of the purpose of the Foundation as set out in the mission statement within the Foundation’s Constitution.
“To advance innovations in medical research related to the nature, prevention, diagnosis, treatment and incidence of disease and other health problems that have a significant impact on the health of humans”
Specific responsibilities include:
- Continually develop and drive the vision of the Foundation;
- Identify any critical gaps in medical research funding in the community;
- Achieve a greater profile within the research community;
- Grant funding to applicants whose research supports the mission of the Foundation;
- Provide guidance to the Research Advisory Committee in respect of the type of research project that the Foundation may fund;
- Attract funding through donations, bequests and any other suitable avenues; and
- Grow and monitor the financial capital base of the Foundation.
The Board has formally delegated day-to-day management of the organisation’s operations and the implementation of the Foundation’s strategy and policy initiatives to the Chief Executive Officer and senior executives.