New England Future Fund

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New England Future Fund

New England Future Fund Governance Framework

Armidale Regional Council is seeking community feedback on two key governance documents for the proposed New England Future Fund.

Background

At its April 2024 Ordinary Meeting, Council resolved (Resolution 60/24) to establish the New England Future Fund (the Fund), together with two supporting governance bodies: a Board of Guardians and a Community Benefit Panel. The Fund is intended to hold, invest and allocate community benefit contributions received through renewable energy Voluntary Planning Agreements (VPAs), in a way that preserves capital, promotes intergenerational equity and delivers enduring benefits for the Armidale Regional Council area.

Under the proposed model, Council remains the accountable decision-making authority for the Fund. The Board of Guardians is proposed to oversee and manage the Fund's investments, determine an investment strategy that maximises returns while preserving capital, and advise Council each year on the sustainable dividend available for community benefit purposes. The Community Benefit Panel is proposed to determine how its allocated share of that annual dividend is distributed to eligible community enhancement projects.

The draft Terms of Reference for the Board of Guardians were first placed on public exhibition for 42 days earlier this year (Resolution 105/26). During that exhibition, Council received 29 submissions from community members, community organisations, industry representatives and other stakeholders. While views differed on the preferred governance model, common themes emerged, including requests for greater clarity about the Board's role, stronger transparency and public reporting, enhanced conflict of interest provisions, and clearer explanation of how the Board of Guardians, the Fund, Council and the (at that stage unreleased) Community Benefit Panel would relate to one another.

Many of these issues concerned functions that are intended to sit with the Community Benefit Panel rather than the Board — particularly community participation, affected-area representation and how community projects would be selected and prioritised. Since the earlier exhibition, Council has developed draft Procedures for the Community Benefit Panel to respond to this gap, and has also amended the Board of Guardians Terms of Reference to strengthen governance, transparency and conflict of interest arrangements in response to submissions received.

Council is now exhibiting the updated Board of Guardians Terms of Reference together with the new Community Benefit Panel Procedures, so the community can consider the complete Future Fund governance framework as a whole.

Documents on exhibition

The following documents are on public exhibition:

Updated Draft Terms of Reference – Board of Guardians

  • Outlines the proposed role, membership and responsibilities of the Board of Guardians.
  • The Board would oversee investment of Future Fund contributions and advise Council on sustainable annual funding distributions.
  • Incorporates amendments made in response to the 29 submissions received during the Board's earlier exhibition, including strengthened conflict of interest provisions, expanded public reporting requirements, and a clearer governance overview describing how the Board, the Panel and Council relate to one another.

Draft Community Benefit Panel Procedures

  • Outlines the proposed role, membership and decision-making process of the Community Benefit Panel.
  • The Panel would determine how its allocated share of annual Future Fund funding is distributed to eligible community enhancement projects.
  • Sets out a scalable membership model, including a Councillor, a Council employee, a community member representing each affected renewable energy project area, and an equal number of community members representing the broader local government area.

Have Your Say

Council invites submissions on the draft documents.

You can provide feedback by:

All submissions received during the exhibition period will be considered before the documents are presented back to Council for consideration. Submissions must be addressed to the General Manager, Armidale Regional Council, PO Box 75A, Armidale, NSW 2350, or sent by email to council@armidale.nsw.gov.au with subject 'New England Future Fund Governance Framework'.

Submissions close: Tuesday 10 November 2026

New England Future Fund

New England Future Fund Governance Framework

Armidale Regional Council is seeking community feedback on two key governance documents for the proposed New England Future Fund.

Background

At its April 2024 Ordinary Meeting, Council resolved (Resolution 60/24) to establish the New England Future Fund (the Fund), together with two supporting governance bodies: a Board of Guardians and a Community Benefit Panel. The Fund is intended to hold, invest and allocate community benefit contributions received through renewable energy Voluntary Planning Agreements (VPAs), in a way that preserves capital, promotes intergenerational equity and delivers enduring benefits for the Armidale Regional Council area.

Under the proposed model, Council remains the accountable decision-making authority for the Fund. The Board of Guardians is proposed to oversee and manage the Fund's investments, determine an investment strategy that maximises returns while preserving capital, and advise Council each year on the sustainable dividend available for community benefit purposes. The Community Benefit Panel is proposed to determine how its allocated share of that annual dividend is distributed to eligible community enhancement projects.

The draft Terms of Reference for the Board of Guardians were first placed on public exhibition for 42 days earlier this year (Resolution 105/26). During that exhibition, Council received 29 submissions from community members, community organisations, industry representatives and other stakeholders. While views differed on the preferred governance model, common themes emerged, including requests for greater clarity about the Board's role, stronger transparency and public reporting, enhanced conflict of interest provisions, and clearer explanation of how the Board of Guardians, the Fund, Council and the (at that stage unreleased) Community Benefit Panel would relate to one another.

Many of these issues concerned functions that are intended to sit with the Community Benefit Panel rather than the Board — particularly community participation, affected-area representation and how community projects would be selected and prioritised. Since the earlier exhibition, Council has developed draft Procedures for the Community Benefit Panel to respond to this gap, and has also amended the Board of Guardians Terms of Reference to strengthen governance, transparency and conflict of interest arrangements in response to submissions received.

Council is now exhibiting the updated Board of Guardians Terms of Reference together with the new Community Benefit Panel Procedures, so the community can consider the complete Future Fund governance framework as a whole.

Documents on exhibition

The following documents are on public exhibition:

Updated Draft Terms of Reference – Board of Guardians

  • Outlines the proposed role, membership and responsibilities of the Board of Guardians.
  • The Board would oversee investment of Future Fund contributions and advise Council on sustainable annual funding distributions.
  • Incorporates amendments made in response to the 29 submissions received during the Board's earlier exhibition, including strengthened conflict of interest provisions, expanded public reporting requirements, and a clearer governance overview describing how the Board, the Panel and Council relate to one another.

Draft Community Benefit Panel Procedures

  • Outlines the proposed role, membership and decision-making process of the Community Benefit Panel.
  • The Panel would determine how its allocated share of annual Future Fund funding is distributed to eligible community enhancement projects.
  • Sets out a scalable membership model, including a Councillor, a Council employee, a community member representing each affected renewable energy project area, and an equal number of community members representing the broader local government area.

Have Your Say

Council invites submissions on the draft documents.

You can provide feedback by:

All submissions received during the exhibition period will be considered before the documents are presented back to Council for consideration. Submissions must be addressed to the General Manager, Armidale Regional Council, PO Box 75A, Armidale, NSW 2350, or sent by email to council@armidale.nsw.gov.au with subject 'New England Future Fund Governance Framework'.

Submissions close: Tuesday 10 November 2026

  • New England Future Fund - Formal submission

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Page last updated: 29 Sep 2026, 11:12 AM