Governance
Board policies
In accordance with industry standards and regulatory requirements, the Board has introduced a range of policies which guide QSuper’s corporate governance practices. These include:
- Fit and Proper policy, which establishes the standards of fitness and propriety required of Board members and other responsible officers, and stipulates the minimum competencies required, the assessment and confirmation procedures, and ongoing training requirements
- an established code of conduct, which guides the ethical and behavioural expectations of the Board
- Conflict of Interest policy, including procedures for the Board to identify and resolve any conflicts of interest. Board members must disclose potential conflicts of interests and may be excluded from participating in discussions on matters where a potential conflict exists.
Board members must act in accordance with the covenants of section 52 of the Superannuation Industry (Supervision) Act 1993.
The Executive Committee and QSuper Limited have also established policies and procedures to ensure management and staff meet high standards of professionalism and integrity, and adhere to industry standards and legal requirements. The Executive Committee and QSuper Limited are committed to providing continuing professional educational opportunities, documenting processes and procedures, and formulating, progressing, and promoting a comprehensive strategic plan.
Auditor independence
The external auditor, the Queensland Audit Office (QAO), audits all QSuper entity financial statements. QAO also reviews various aspects of the work performed by the internal auditor (Ernst & Young), and reviews the QSuper internal risk and compliance programs. The QAO makes recommendations about issues warranting further attention. Any recommendations are considered and acted upon, following assessment by QSuper management, the Audit and Risk Committee, and the Board.
Risk management and compliance
As QSuper is a complex superannuation fund with significant funds under management, the Board takes risk management seriously, and has devoted considerable effort to continually improving QSuper's risk management framework. The Board significantly upgraded the framework during 2006 and 2007 to be both at the leading edge of the industry and consistent with best practice. The framework enables QSuper to operate prudently and protect the interests of its members.
Fraud and ethics
QSuper has a fraud and corruption control policy in place, which was developed with the assistance of the Crime and Misconduct Commission. The policy is consistent with the Australian standard on Fraud and Corruption Control AS8001.
QSuper’s culture promotes responsible and ethical behaviour from all staff. Periodic training maintains staff awareness of the importance of ethics. Employees who have concerns about ethical issues or potential fraud are encouraged to report these to the internal Ethics and Fraud Control Officer.