In addition, we have a highly successful and constructive relationship with Savills. Savills provides the majority of employees who work in our shopping centres. There are currently 203 Savills employees working in our shopping centres.

While these staff are employed by Savills, we see them as part of our team within GRE. We work closely with Savills to ensure that our HR policies are reflected across the employee base. As an example, commencing 1 July 2021, QIC introduced Recharge Leave for all employees. This provides staff with three days of additional leave to support their mental and physical wellbeing. Savills reflected this policy, making three days of Recharge Leave available to all Savills staff working in our shopping centres.

¹ Total QICGRE employees excluding external consultants
² Maximum term employees on time-bound contracts
³ Project Workforce employees contracted to deliver a specific contract
⁴ In FY21, QIC tranferred the management of our US shopping centre assets to CBRE and Brookfield Properties.

At QIC, we know that our people perform at their best when they feel valued, happy, healthy, and encouraged to bring their whole and authentic self to work every day. To support this ethos, QIC launched a refreshed three-year Diversity and Inclusion (D&I) strategy in 2020, reinforcing our commitment to our five pillars of diversity and inclusion – Gender, LGBT+, accessibility, cultural and linguistic diversity (CALD) and First Nations people. Our diversity, inclusion and wellness commitments and progress are monitored by the QIC Limited Board and continue to be a performance objective for the organisation.

A strong and supportive approach to workplace flexibility has been maintained throughout FY21, ensuring our employees continue to benefit from the remote working and wellness routines that were realised during the first half of 2020, and maintaining a culture of high performance and outcomes for our clients. QIC has also provided proactive support to employees and their families as they navigate the evolving environment.

Over the past year, our investment in building our inclusion capability has increased through an organisation-wide Inclusive Leadership Workshop, focusing on our five pillars of diversity and providing employees with real life examples and practical actions to build on our inclusive culture in every interaction and conversation. Practical and tangible, the workshop has now been completed by over 350 QIC employees.

We also continue to embrace and share in the success of our employee-led networks and working groups – Balance, QPride, Young Professionals, and Reconciliation Action Plan (RAP). In July 2020, we were proud to add a new network to our business, QLife, which focuses on employee health and wellbeing.

The importance of these strategies and resulting initiatives continue to be a focus as we sustain our energy and momentum across the broad spectrum of Diversity, Inclusion and Wellness at QIC.

QIC’s Diversity and Inclusion Committee

QIC's working group for diversity and inclusion, which has representation from across the business (including several GRE employees), met several times through FY21. This group helps shape QIC’s diversity and inclusion focus initiatives, provides feedback to the Board and Executive, and ensures that QIC’s pursuit of a truly diverse and inclusive workforce is embraced and sustained.

The committee’s focus areas, targets and performance are as follows:

¹ During COVID-19, 100% of our people worked remotely
² The QIC Board has nine members. Currently, there are four female directors and five male directors.

Managing policies and practices

QIC's Human Resources & Remuneration Committee considers matters relating to human resource management policies and practices, including employee remuneration, performance management, organisational structure and design and succession planning at the senior executive level and for other business-critical roles.

Performance and reward

The key feature of QIC's performance-based reward framework is that performance payments are linked to investment outcomes as well as to the individual's contribution to defined KPIs which reflect stretch targets.

To measure individual contribution, a formal Performance Management Program (PMP) exists for all employees which sets out processes for planning, communicating, monitoring and reviewing an employee's or team's performance and work-related behaviour. Performance related conversations happen regularly throughout the year and culminate in an annual review for all employees.

Ongoing assessment and approval of remuneration

The HR & Remuneration Committee advises the Board on appropriate levels of employee remuneration after conducting an annual review of corporate and individual performance and considering industry comparisons and independent advice. The Board then determines the remuneration of the CEO. An Employment and Industrial Relations Plan is approved annually by QIC’s shareholding Ministers as part of the SCI development process. This plan outlines people priorities and areas of emphasis for the coming year.

Senior Leadership Team

In early 2020 QICGRE established a Senior Leadership Team (SLT) of 55 senior leaders from across our diverse team to drive the implementation of key organisational objectives in alignment with the refreshed GRE strategy. These senior leaders play a crucial role in modelling and driving our high-performance culture, so it is essential that they are aligned and have collective responsibility for GRE's performance.

The SLT continued its work to guide our business and lead GRE's strategy in FY21. Key to its ongoing work was the establishment during the year of a GRE SLT Charter, which outlines the purpose and responsibilities of the SLT, and provides guidance on collaborative behaviour. In May 2021, fortnightly meetings of the SLT were established, with four meetings held during the reporting period.

In October 2020, GRE appointed seven members of the SLT to be GRE Culture Ambassadors. At QICGRE, we recognise that retaining and shifting aspects of our culture deserves extra attention and effort. The Culture Ambassador role was created to sustain change through conversations, relationships, speaking up, listening, challenging, and supporting. Since the creation of the role, the Culture Ambassadors have played a significant role in leading, influencing and shaping GRE's culture.

The SLT held a two-day offsite in December 2020, which focused on the following key areas:

• Business update outlining the focus for GRE over the next one to two years
• A workshop on GRE's culture
• A strategy session focused on GRE Strategy, ESG Strategy and Digital Strategy
• Leadership Development Workshops focusing on 'the role of leaders in driving strategy'.

RE Academy

In mid-2020, QICGRE launched the GRE Academy, a bespoke version of Salesforce's myTrailhead platform, as part of our commitment to the ongoing development of our people and their learning.

RE Academy provides short learning modules on a range of aspects of the GRE business, and has quickly become a highly valued tool to fill the knowledge gap between what is provided to new GRE and Savills employees through formal induction processes and on-the-job training.

In FY21, 29 modules were added to the GRE Academy, with GRE employees completing a total of 6,324 modules.

Professional development

QIC's training and development programs focus on common training needs across the broader business, as well as tailored opportunities for investment professionals. Sessions are provided in-house, online and externally, with referred and best practice providers. These programs continue to expand as the needs of the business evolve and some include:

• Inclusive Leadership Workshop
• Emerging Leaders Program
• QIC Leadership Excellence Program
• Leading Through Change
• Navigating Through Change
• Thriving Through Change
• Resilience and Wellbeing workshops
• Mental Health in the Workplace and Leadership Masterclass
• Building Better Mental Health Workshop
• Leading Teams in the Hybrid Workplace Workshop
• Presentation Skills
• Service Excellence Program
• Business Writing Skills

QIC also provides every employee with access to LinkedIn Learning as an employee benefit to advocate continuous, self-paced learning.

A breakdown of training undertaken by GRE staff in 2021 is provided in the table below:

Emerging Leadership Program

QIC's Emerging Leaders Program offers personal and professional development to its emerging talent. QIC has seen a very positive shift in leadership performance as a direct result of this investment. In addition, we have seen emerging talent step into levels of higher accountability and complexity.

Flexibility

QIC embraces flexible working for all our people, which is bought to life through each person's unique circumstances. At QIC we trust, empower, and support our people through flexible working principles. In return, and through individual accountability and strong leadership, this trust and commitment is mutual – as measured through strong individual and collective performance.

As a result of the pandemic, throughout FY21 many of our people worked 100% remotely. Those employees who were able to transition back to a QIC office or work location have adopted a hybrid working arrangement whereby they spend, on average, 60% of their time at an office and 40% of their time working remotely.

During this period, 91% of people felt that QIC allowed them to incorporate formal or informal flexibility into their work routine.

To ensure employees had support to manage the challenges of remote working arrangements and parenting and caring responsibilities during the ongoing pandemic, QIC provided a range of tailored resources to employees and their families including funded places on externally facilitated school holiday programs, facilitated webinars, and a dedicated Support for Families intranet page with articles, links and a tailored QIC Carer's Guide.

QIC also offers formalised access to flexible working arrangements and benefits for all employees to support them in balancing their work and home lives, with options including but not limited to compressed work weeks, part time arrangements, variable working hours, paid parental leave for primary and non-primary carers (non gendered), an additional week of carer's leave, and purchasing extra annual leave.

QIC is proud to offer a Leave Standard which ensures we have a leading approach to care for our employees. Key updates to QIC's Leave Standard in FY21 included the introduction of three Recharge Leave days per year to provide employees with the opportunity to take proactive steps to support their mental and physical wellbeing.

In addition, as part of QIC's focus on flexibility, diversity and inclusion, our employees can switch out a public holiday for a day of cultural significance.

QLife

Adding to our suite of employee-led networks such as QPride and Balance, FY21 saw the launch of QLife. In its initial form, QLife was an online wellness portal that focused on providing resources for physical and mental health, nutrition and peer support. In the last 12 months, QLife has evolved into QIC's health and wellness strategy that promotes and supports a healthy way of living at QIC. The strategy is based on latest research highlighting that real benefit can be achieved through the integration of health and wellbeing programs throughout the organisation, including embedding them in culture, leadership and people management processes.

QIC takes a holistic approach to health and wellbeing, including the following five pillars:

1. Values and principles - includes a health and wellbeing strategy aligned to our standards of excellence, ethical standards (e.g., community focus and sustainability), and D&I.
2. Healthy lifestyle - QIC supports and actively encourages a healthy lifestyle encompassing physical health, workplace safety, mental health and flexibility.
3. Personal and professional growth - QIC fosters a culture of personal and professional growth by providing development opportunities supported by values-based leadership.
4. Financial wellbeing - being a financial institution, QIC uses its areas of expertise to provide financial awareness and support.
5. Engagement and fulfilment - Providing an open and inclusive culture, effective job design, strong people management practices, autonomy, change management and pay/reward.

The bi-annual QIC pulse survey in November 2020 showed that 95% of employees responded positively to the statement, “I believe QIC is committed to the health, safety and wellbeing of employees” which is a testament to QIC’s efforts in the area.

Employee Assistance Program

QIC recognises that employees may require additional support to help them manage personal and work pressures at various times and to assist with this, QIC offers an Employee Assistance Program (EAP) which provides confidential short-term personal counselling to all employees and their immediate family members.

Outplacement support

QIC employs an outplacement services provider to help facilitate career transitioning and employability following instances of contract termination or redundancies.

QICGRE understands that people are at the core of our success and this is why as an organisation we are strongly committed to working together to provide a physically and psychologically safe environment for everyone who works for or comes into contact with our business.

The QIC Workplace Health & Safety (WHS) team remains a critical part of our business and has had a year of significant activity over the past 12 months. Some of the key initiatives and focus areas for the past 12 months are listed below:

Safety Management System

An updated QIC WHS management system has been published and the associated WHS policy has been revised to include psychological safety and wellbeing.

Technology Supporting Safety Outcomes

The WHS team, together with a risk management software provider, has implemented a safety software system across QIC. The system replaced several systems and processes used for managing contractors and reporting incidents. The system has been configured to support contractor management, incident management, tasks/action management, workplace inspections, and audit reports. The system also provides various dashboards and enables proactive trend analysis as well as management oversight in regard to safety performance.

Learning & Training

The WHS team launched a collection of WHS e-learning training courses through the GRE Academy training platform.

Over 400 of these WHS courses have been completed by staff within GRE since implementation, and the e-learning WHS courses have proved to be a successful addition to maintaining WHS training during COVID-19 lockdowns.

Psychological Safety

QIC has partnered with an external psychological company to provide mental health awareness training for all staff, in addition specialised mental health sessions are being delivered for all frontline workers.

QIC WHS has also partnered with Lifeline on a project for public safety at shopping centres. The project focuses on early intervention and delivering additional support, training and physical infrastructure to our assets and their teams who respond to and support people who may come to our centres in crisis.

Key WHS focus areas for QIC moving forward will include:

• Continued focus on developing and enhancing QIC's safety culture across all areas.
• Reviewing and implementing changes to contractor management in the interests of continual improvement. This is to include assurance processes for contractor compliance to COVIDSafe directions.
• Implementation of WHS management system standards with specific standards targeted specifically towards GRE's assets.
• Creation of an ISO45001 health and safety certification roadmap.