QIC’s active Board, committees and tailored policies and standards provide the perspective and structure for efficiency and integrity in corporate governance.
Our governance and accountability measures are well-designed to ensure these structures perform their duties to responsibly further our objectives and targets.
QIC has a corporate structure with clearly drawn lines of accountability and delegations of authority. Adherence to QIC’s policies and standards, including the Code of Conduct and Ethics, is required at all times, and the Board actively promotes a culture of risk awareness, quality and integrity.
Our staff are required to observe a high level of professional conduct when undertaking their business activities.
Material governance changes in FY20 included:
We place considerable importance on effective risk management, and have adopted a formal Governance, Risk Management and Compliance (GRC) framework designed to proactively identify, assess and manage risk.
We apply a 'three lines of accountability' approach to managing risks and compliance obligations. This forms part of QIC's broader Governance, Risk and Compliance Framework, which includes relevant Board committees, Executives, investment teams, the Risk Management Group and audit function.
More information on QIC's framework is available here.
Underlying this corporate governance framework, QIC has a robust internal framework designed to provide the rigour and challenge required to deliver the performance expectations of our clients.
Within QICGRE, we take careful consideration of the governance forums in place to ensure they are aligned with QIC forums and objectives, and provide robust oversight of our business.
At the date of this report, QICGRE has not been subject to any formal legal or enforcement actions from a regulator in respect of anti-competitive behaviour during 2020.
At the date of this report, QICGRE has not been subject to any formal legal or enforcement actions from a regulator in respect of non-compliance with laws or regulations during 2020.
At QIC, we believe it is the responsibility of all staff to ensure their personal conduct and behaviour is at all times professional, ethical and lawful.
We maintain a corporate Code of Conduct and Ethics policy which all staff are required to review and acknowledge on an annual basis.
QIC's Code of Conduct and Ethics is a broad framework of the required behaviours which apply to everyone who works at QIC.