2020 ESG report: Our governance

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:

  • Commencement of a process to establish an Investment Committee (IC) for Global Real Estate, to replace the GRE Investment Advisory Panel (GRE IAP). The GRE IC is to consider all investments and investment-related risks for the GRE Investment team. ‘Investments’ include acquisitions, divestments, capital projects, valuations and capital management. The Committee will commence in September 2020.
  • Establishment of separate Liquidity Committees for the QIC Property Fund (QPF) and the QIC Shopping Centre Fund (QSCF). The Committees were formed on 11 February 2020, and have the authority to make final recommendations to each Fund’s Trustee regarding certain Liquidity Matters.
  • Establishment of an Investor Advisory Committee (IAC) for QPF. The QPF IAC was formed on 1 July 2020, with its first meeting held in November 2020. The QPF IAC votes on related body corporate services or transactions and discusses and provides feedback on ESG matters in accordance with its Charter.
  • Establishment of an IAC for the QIC Office Fund (QOF). The QOF IAC provides a platform for QOF’s trustee to consult and/or obtain approval from investors on certain ESG matters and related party transactions. The QOF IAC was formed in July 2020.
Corporate Governance and Risk Management

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.

QIC's 'Three Lines of Accountability'

Three Lines of Defense

QIC Policies and Executive Standards

More information on QIC's framework is available here.

QIC Policies and Standards

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.

QIC GRE Governance Forums

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.

QIC GRE Cross-Functional Meeting Structure

QICGRE Cross-Functional Meeting Structure
Anti-Competitive Behaviour

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.

Non-Compliance With Laws

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.

Ethics and Integrity

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.

QIC's Code of Conduct and Ethics

Report Contact

To find out more about environmental, social and governance (ESG) work in QICGRE, contact:

Melissa Schulz
General Manager, Sustainability - GRE 

Send us an email

ESG 2020