Forest and Wood Products Australia Limited (FWPA) has passed with flying colours an independent review required for funding under an agreement with the Commonwealth Government.

The corporate performance report issued by SED Consulting said FWPA is a well-run company that has met all its obligations.

The review was commissioned as part of FWPA’s obligations under its 5-year Statutory Funding Agreement (SFA) with the Commonwealth Government.

The consultants reviewed corporate documents such as strategic plans, annual reports and board papers, as well as feedback from stakeholders.

They examined how FWPA manages its internal board and management processes (‘corporate governance’), how it plans and reports upon its various activities, the processes it adopts in managing R&D, marketing and other investments, how well it communicates with its members and other stakeholders, and how it measures the benefits it is delivering.

“This is a great result for FWPA,” said Ric Sinclair, FWPA’s managing director. “It shows that we are heading in the right direction in building an organisation that has strong corporate governance, focused strategic programs and is delivering value to all stakeholders.”

The SED final report stated: “Where there were some areas of relative weakness early in FWPA’s existence these have generally been addressed over the review period.” The review period covered from the time FWPA formed in 2007, replacing the government-owned statutory authority (Forest and Wood Products Research Development Corporation).

A summary of Performance Review findings are as follows:

· Board and management structures and processes are sound, with the Industry Advisory Groups providing broad stakeholder input into planning and operations

· Some corporate documentation could be tightened up, and the consultants have made recommendations for several governance documents to be created or upgraded

· The planning and reporting process, from strategic plan to annual operating plan and annual report, is robust and meets all requirements, although some of the benefits arising from FWPA investments could be communicated more succinctly and clearly to stakeholders than they currently are

· Investments in R&D, promotion, tech transfer and standards are being managed in a manner consistent with those of similar industry service bodies

· Communication with members and other stakeholders is proactive and well regarded, especially the accessibility of senior management and the ‘R&D Works’ seminars

· FWPA is able to demonstrate objectively that it is delivering a positive benefit to its members and to taxpayers

A copy of the consultant’s report has been published on the FWPA website.

Report link: http://www.fwpa.com.au/FWPA_Performance_Review