Corporate Governance
Protect's roots are with the electrical industry
Jointly owned by the Electrical Trades Union Victorian Branch (ETU) -75%, and the National Electrical and Communications Association Victoria Chapter (NECA) - 25%, Protect Severance Scheme No 2 Pty Ltd as trustee for Protect Severance Scheme No 2 (trading as Protect) is an Approved Worker Entitlement Fund that fully complies with regulations under the Income Tax Assessment Act.
The Protect Trust Deed sets out the rules and obligations of the Fund and together with Corporations Law, is the cornerstone of our strong governance position and agenda.
Board of directors
The Boards of the trustee companies of the Protect funds are each comprised of two independent voting directors, two representatives nominated by NECA and three representatives nominated by ETU.
The directors of the employer and employee organisations are appointed to represent the interests of their members in the management and governance of the Protect funds. The two independent directors have been appointed to the Board of the trustee companies to provide additional investment, governance and compliance expertise. The Chairs of the Boards and Board sub committees are either one of the two independent directors.
Industry divisions
Protect divisions include:
- Electrical
- Electrical NSW ACT
- Manufacturing (Metals)
- Maritime
- Fire Rescue NZ
- Civil Construction
Only the Electrical Division sits on the Board, represented by the ETU Victorian Branch and the NECA Victorian Chapter.
Distributions
Severance and redundancy funds are invested for each of our divisions, with a relatively conservative investment strategy that preserves workers’ accounts. After funding administration costs, any surpluses made over and above the amounts owing to workers, may be distributed as trust distributions to the corresponding divisions owners.
