The following policies and disclosures assist in managing our governance responsibilities.
Code of Conduct summary
AustralianSuper has a Code of Conduct for Employees and Directors which articulate the standards of behaviour expected of them. Employees and Directors of AustralianSuper are expected to carry out their duties and responsibilities professionally and ethically. Our Code of Conduct Summary provides a brief overview of the standards.
Conflicts of interests management
AustralianSuper’s Conflicts Management Policy addresses the identification, disclosure, recording and management of conflicts. Conflicts of interest (actual, potential or perceived) may arise where our employees, Directors or Responsible Persons hold interests in or owe duties to other entities in addition to those owed to the Trustee, AustralianSuper and its members. Our Conflicts Management Policy sets out how we manage conflicts of interests, ensuring that we act in the best interests of our members and beneficiaries. As part of our conflicts management processes, we also maintain a Relevant Interests and Relevant Duties register and a Gifts & Entertainment register. Read a summary of our Conflicts Management policy.
Anti-Bribery & Corruption statement
AustralianSuper has a zero-tolerance approach towards Bribery (including Facilitation Payments) and Corruption. We are committed to conducting all business in an honest and ethical manner. Our Anti-Bribery & Corruption statement sets out our approach to deal with any form of bribery and corruption.
Remuneration policy and disclosures
As an industry superannuation fund, AustralianSuper is run only to benefit members. Our remuneration practices reflect our members-first core value and the need to resource the fund to provide quality benefits and services to members. You can read a summary of our remuneration policy and disclosures in our Annual Report.
At AustralianSuper, we expect the highest standards of
behaviour from our staff, Directors and Committee Members and all staff have a
responsibility to report matters that involve Improper Conduct within the
organisation. We foster an open and transparent environment for reporting
Improper Conduct, treat all Whistleblower reports as serious and take all
reasonable steps to protect and support people who make a disclosure. The
AustralianSuper Whistleblower Policy can be read for more information on how,
and to whom, whistleblowing disclosures can be made and how AustralianSuper
will support and protect whistleblowers.
Board diversity and skills
The Trustee of AustralianSuper has approved a Board
Diversity Policy which sets out how it will achieve an appropriately diverse
Board, including the establishment of measurable objectives for achieving
gender diversity. This Policy is
consistent with the AustralianSuper's Diversity and Inclusion Strategy for
staff which seeks to support the vision of having ‘an engaged workforce which
consistently delivers high performance’.
AustralianSuper recognises the benefits of having a diverse
Board. A diverse Board membership will include and make good use of differences
in the skills, experience, background and other characteristics of Directors
and thereby facilitate consideration of a broader range of opinions in
decision-making and enhancing Board performance.
The Board has in recent years been conscious of the need to increase the
number of female Directors on the Board, with the initial focus for achieving
diversity at Board level being gender based.
The Board has set a measurable objective to maintain at least 50% female Board composition. As at 30 June 2023, the Board exceeded this target with 7 out of 12 Directors being female.
of gender balance at Board, Executive and Management level at AustralianSuper
are provided in the Annual Report to members.
Reporting made by AustralianSuper to the Workplace Gender Equality
Agency under the Workplace Gender Equality Act 2012 is also available here.
A collective representation of the Board’s skills can be
found here. The Board Skills Matrix sets out the key
skills and experience that the Board is looking to achieve in its membership
and the number of Directors with each skill / experience.
Further details about the experience and background of all
our Directors is available here.
Board evaluation policy
The Trustee of AustralianSuper recognises that Board
evaluation is an important governance tool which fosters discussion on whether
the Board is meeting its objectives, is performing well overall and is
continuing to successfully deliver on its primary objective of maximising members’
Our Board Evaluation Policy requires the Board to formally
consider whether it is meeting the objectives that it has set for itself collectively. Part of this process includes consideration
of the Board’s overall skills and culture.
The evaluation process also includes an assessment of how individual Directors
have performed each year. An internal evaluation
process is undertaken annually under the leadership of the Board Chair and an
external independent review is undertaken every third year (at a minimum). The process for assessing the performance of
the Board and Directors may include face to face meetings between Directors and
the Chair (and the external consultant where an independent review is
undertaken), the completion and evaluation of self-assessment questionnaires,
group discussions and meetings with the Chairs of each Committee and the Chair
of the Board (or a combination of these processes).
Board evaluation at AustralianSuper gives all Directors the
opportunity for constructive feedback which assists the Board as a whole and Directors
individually to improve their ability to contribute to the work of the Board. The Board discusses the outcomes of each performance
review and uses this information as the basis for considering how it can add
further value to the performance of the Board. The Board evaluation process also
allows the Board to identify opportunities to address knowledge gaps in broad
and specific areas and to identify skill and experience requirements it may
need in the future.
The annual performance assessment for the Board was completed
in June 2023,
with the outcomes of the review reported to the Board. Annual performance
evaluations for senior management, including Executives have been completed for the period ending
30 June 2023.
For our related party disclosures refer to our Financial Statements under the 'Reports' tab above.