Our commitment to excellence in governance is reflective of our intention to always act in the best financial interests of our members and to continue to build an innovative, responsive and customer-led organisation.
Introducing our Board
The Trustee Board consists of 9 directors: 3 member directors, 3 employer directors and 3 independent directors.
Board Committees
The Board has five Committees, which assist the Board in fulfilling its statutory, fiduciary, governance and regulatory responsibilities.
Key governance documents
We believe that corporate governance is fundamental to ensuring that the Trustee and the fund are managed properly and deliver long-term results to fund members.
Governance framework
Our governance framework ensures a consistent approach to governance, which includes key policies, principles and processes, and oversight of accountability within the Trustee.
As such, our governance framework supports us to make objective and transparent decisions which are in the best financial interests of our members.
The Board Charter sets out the authority, responsibilities and operation of the Trustee Board.
The Charter also guides and informs the Directors about their responsibilities and authorities when conducting the day-to-day business of the Board.
Board charter
PDF 204395 KB
The Trustee recognises the importance of the Board comprising Directors drawn from a range of personal and professional backgrounds, with diversity of personal characteristics and professional disciplines, including gender, ethnicity and geographic background, professional, business or occupational background and age.
The process for the nomination, selection and appointment of Employer Directors, Member Directors and Independent Directors, is detailed in our Board Appointment and Renewal Policy.
As a general principle, Directors are appointed for four-year terms and have a maximum tenure of 12 years.
This Policy also sets out the approach taken to manage the Board renewal, through effective succession planning processes that strikes an appropriate balance between ensuring continuity and bringing diversity and fresh perspectives, while recognising our obligations under the APRA Prudential Standards and the equal representation principles in the Superannuation Industry (Supervision) Act (the SIS Act).
In addition, this Policy provides the framework for the regular assessment of the performance of the Board as whole, Board Committees and Directors individually.
Board appointment and renewal policy
PDF 322255 KB
The Trustee is proud of its reputation as an ethical and professional company that aims to achieve the highest standard in everything it does.
The Code of Conduct (Code) outlines the required standards of conduct and demonstrated behaviours of our Directors, Employees and Contractors. The Code requires that our people act with the highest standard of integrity and keep confidential any information they are made privy to in their roles. The Code also addresses:
- The management of conflicts of interest;
- The management of gifts, benefits and hospitality;
- Personal conduct;
- Provisions in relation to the prevention of fraud
- Misuse of Company property; and
- Management and consequences of any breach.
Code of conduct
PDF 1831754 KB
The Compliance Management Framework forms a key part of the Fund’s risk management processes.
The Framework enables the Fund to manage its compliance obligations and to develop a culture where all Employees are aware of their compliance obligations and consider these obligations when performing their roles.
We acknowledge that the proper management of conflicts is important in protecting members’ interests.
Conflicts must be managed in order to comply with the Trustee’s fiduciary responsibilities and relevant legal obligations, so as to effectively eliminate or minimise the risk that a conflict might adversely affect our members, and the quality and integrity of the Trustee’s decisions and the financial services provided.
The Conflicts Management Policy documents the framework for managing situations that give rise to actual, potential and perceived conflicts of interests and duties (conflicts) for the Trustee, its Directors, Responsible Persons1 , employees and representatives. The Policy sets out the Trustee’s controls and processes for:
- Identifying and monitoring conflicts;
- Assessing and evaluating those conflicts;
- Deciding upon and implementing a response to those conflicts
- Managing those conflicts in accordance with the requirements to give priority to the duties to, and interests of, members and beneficiaries;
- Maintaining a record of all identified conflicts and the strategies to avoid or manage them; and
- Maintaining and disclosing the Register of relevant conflicts of interests and duties.
Further, the Policy is intended to ensure that where a conflict cannot be avoided:
- The duties to, and interests of, members receive priority over any duties to, and interests of other persons;
- The duties to members are met despite the conflict; and
- The interests of members are not adversely affected by the conflict.
Conflicts management policy
PDF 385369 KB
Register of relevant conflicts of interests and duties
PDF 741753 KB
The Fit and Proper Policy sets out:
- How the Trustee intends to comply with the relevant APRA Prudential Standard;
- Processes for assessing whether a person is ‘fit and proper’ to act as a Responsible Person;
- The induction and continuous development training programs for Responsible Persons;
- The ongoing monitoring of Responsible Persons to ensure that the requirements of the APRA Prudential Standard are being met; and
- The steps that may be taken if a Responsible Person is required to be removed from their position.
Our people are what makes us great and we clearly outline the ethical and behavioural standards expected of employees, as well as general terms and conditions of employment are captured in policies that collectively govern how we behave.
We regularly review our People and Culture policies to ensure they align with changing community expectations and to position the Fund as an employer of choice, as well as complying with all relevant legislation.
The Trustee operates the following Reserves:
- Operational Risk Financial Reserve - established to meet the requirements of Superannuation Prudential Standard 114 ‘Operational Risk Financial Requirement’, this reserve is intended to provide financial resources to address losses that may arise from operational risks. The target funding level for this reserve is 25 basis points (or 0.25%) of total member entitlements. The reserve is monitored on an ongoing basis and replenished with additional funds in the event the balance falls below the tolerance limit.
- Administration Reserve - established to facilitate the finance of current and future operational requirements of the Fund, this reserve is available to meet both day-to-day operational costs as well as one-off approved expenditures considered to be in the long-term interests of members.
- Investment Reserve – the Investment Reserve reflects the net investment earnings accumulated which have not yet been allocated to members. The daily value will represent the difference between the cumulative amount of net investment income (after fees and taxes) earned by the Fund and the cumulative returns provided to members via the unit price. The key component will represent the differences between the estimated tax rates utilised in the daily unit pricing and the actual investment tax experience of the Fund. This difference is trued up to the unit price on a regular basis.
- Insurance Reserve - the Insurance Reserve is used to fund the future service component of the death and disability benefits of certain defined benefit members (historical self-insurance policies).
Our remuneration disclosure document details the remuneration structure for Directors and Executive Officers of the Fund.
Remuneration disclosure
PDF 215754 KB
The Risk Management Framework captures the principles and methodologies relating to risk management.
The Risk Management Framework deals with the following matters:
- Approach to Risk;
- Definition of Risk;
- Determination of Risk Appetite and Tolerance;
- Responsibilities for Risk Management; and
- Strategies for mitigating risk.
A Risk Register is maintained to record and assess risks.
The risk management standard AS/NZS ISO 31000 Superannuation Industry (Supervision) Act 1993 and APRA Prudential Standard SPS 220 – Risk Management were considered in the development of the Risk Management Framework.
Our Supplier Management Framework provides an overarching methodology which outlines our approach to supplier procurement, contract management, monitoring and oversight, and termination arrangements. The Framework also applies to arrangements with third party suppliers, including all material business activities that have been, or are to be, outsourced.
The Framework also ensures that the outsourcing of material functions is effectively managed and that appropriate measures are in place to protect the best financial interests and meet the reasonable expectations, of members and to protect the financial position of the Fund.
A ‘Responsible Person’ of the Trustee is:
- A Director
- An Executive Officer
- The External Auditor, who is appointed to conduct an audit of the Fund
- An Actuary to perform an actuarial function
- A Company Secretary
- A person who performs activities for a connected entity of the Trustee where those activities could materially affect the whole, or a substantial part, of the Trustee’s business operations, or its financial standing, either directly or indirectly
- Any other person determined by APRA, in writing, to play a significant role in the management or control of the Trustee, or whose activities may materially impact on the interests, or reasonable expectations, of beneficiaries, or the financial position of the Trustee or the Fund.
The purpose of the Whistleblower Protection Policy is to encourage current and former employees, officers, contractors and suppliers to speak up when they see something that they do not believe is right.
We recognise that at times people may not feel comfortable raising matters through the normal management channels.
We have therefore implemented mechanisms whereby employees and others can report their concerns freely and without fear of repercussion.
Whistleblower protection policy
PDF 268284 KB
Additional information
Executive leadership team
This team leads the day-to-day operations of the business to ensure reliable and consistent delivery of products, services and communications to members and employers.
Product Disclosure Statements
View Product Disclosure Statements (PDS) and Target Market Determination (TMD) documents.
Retirement Income Strategy
Equip Super’s Retirement Income Strategy is an opportunity to build on what we do every day to help our members achieve their best possible retirement outcomes.
We acknowledge all First Peoples of the beautiful lands on which we live and work, and their enduring knowledge and connections to Country. We honour the wisdom of and pay respect to Elders past and present.