Members please note that the operating reports for the years ended 31 December 2013, 2014 and 2015 have been amended to correct the total number of members reported.

 As at 31 December  2010 2011 2012 2013 2014  2015 
 Reported 17872 18671 18789 18807  17694  18151 
 Audited 17839 18655 19246 19537  18425  18120 
 Variance   -33 -16 457 550  561  -31 

Financial Management

The ETU takes its stewardship of your money very seriously. 

Financial Staffing

Within the ETU Victorian Branch office, we have a Finance Manager who is a member of the FARR Committee. The finance team use a state of art cloud-based accounting system to manage the accounts of the union and its associated entities.

Finance, Audit, Risk and Remuneration Committee

The Finance, Audit, Risk and Remuneration Committee (FARR) of the ETU has an independent Chair and consists of the State Secretary, Assistant State Secretaries, Treasurer and Finance Manager. The FARR Committee provides strategic direction to the function of financial management as well as advice on good corporate governance. The FARR committee meets five times per year and provides recommendations to the State Secretary to present to the Branch Executive.

Branch Executive

The Branch Executive meets monthly and reviews the monthly financial statements at all levels. As your representatives the Branch Executive ensures that all financial transactions are consistent with the relevant policies and procedures in place relating to finance for the ETU.

Revenue from Income Protection

The ETU receives some income from the income protection services provided by Protect. At the State Secretary’s recommendation, the Branch Executives has decided to allocate these funds to the retraining of unemployed members to assist them in their transition to new roles.

Funds Management

The ETU employs an external Fund Manager to invest our cash assets. The current fund manager is Pitcher Partners Investment Services Pty Ltd. A set of stringent policies and investment guidelines is in place to manage and spread the risk associated with financial investments. These policies and guidelines are consistent with investment rules applied to superannuation funds.


To ensure that the assets of the members are protected, the ETU has established a number of trusts. Several of these trusts primarily contain the property assets of the ETU in which we work, these property assets have increased in value over the years. Other trusts contain investment funds. One particular trust, Distress, Hardship, Welfare & Training Trust (DHW&T) supports members in need. The most common expenditure from the DHW&T is payment of ambulance costs, mortality payments and hardship payments. The funds to support these payments come from income form the Protect Income Protection scheme.

A full consolidated Annual Report is prepared annually and is available to members through the ETU website and can be accessed by clicking the following link: Financial Statements to 31 December 2018

Disclosure of Remuneration

Electrical, Energy and Services Division

Disclosure period 1 January 2018 to 31 December 2018
Disclosure period 1 January 2017 to 31 December 2017

Disclosure of the two highest paid officers in a Branch

Rule 23.4 requires the branch disclose to members of the branch the identity of the two highest paid officers and for those officers the actual amount of the officers’ relevant remuneration for the disclosure period and the value or form of the officers’ relevant non-cash benefits. Rule 23.5 requires that this disclosure be made within 6 months of the end of the financial year.

For the disclosure period 2018 the remuneration of the two highest paid officers was as follows:

Troy Gray  Wages $187,715 Allowances $10,126 Superannuation $33,413
Motor Vehicle Provided 
Ivan Balta Wages $172,208 Allowances $7,669 Superannuation $30,653
Motor Vehicle Provided

For the disclosure period 2017 the remuneration of the two highest paid officers was as follows:

Troy Gray  Wages $183,655 Allowances $9,903 Superannuation $32,690
Motor Vehicle Provided
Ivan Balta Wages $167,113 Allowances $7,500 Superannuation $29,746
Motor Vehicle Provided


The leadership team of the ETU believes in financial transparency and is happy to answer any questions that you may have on the financial management of the ETU.  If you have any queries please contact, in the first instance, the Finance Manager, Nick Ellery 03 8329 0000.