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 and respecting our core values of passion, engagement, innovation, excellence and achievement.

Material governance changes in FY22 included:

• The Real Estate Trustee Governance Committee (TGC) was established in September 2021, replacing the Global Real Estate Investment Committee. The TGC includes independent oversight, dedicated to real estate investment decision making, and focuses on the merits of investment matters including acquisitions, divestments, capital projects, valuations and capital management.

The QIC Board places considerable importance on effective risk management and has adopted a formal Risk Management Framework (RMF) that is designed to proactively identify, assess and manage risks.

Under this framework, QIC applies a 'three lines of accountability' approach to managing risks and compliance obligations.

The QIC Board has ultimate accountability for risk and is responsible for setting QIC’s corporate strategy and risk appetite, identifying and monitoring risks that may affect our ability to achieve strategic objectives and ensuring that the CEO and the senior executives are appropriately monitored and incentivised to manage the business effectively. The QIC Board has put in place Board committees, each of which is responsible for overseeing specific risks facing QIC.

Within QIC Real Estate, our governance forums are aligned with QIC forums and objectives, and provide robust oversight of our business.

QIC Real Estate has several internal advisory committees that provide advice to the senior executive team and are required to regularly report on the progress of operational priorities and risks they are tasked to manage.

QIC Real Estate governance is guided by QIC investment policies and procedures, including the Real Estate Trustee Governance Committee, Real Estate Delegations of Authority, Real Estate Sustainability Committee, the QIC Valuations Oversight Committee, Project Control Group meetings, and Investment Portfolio Review meetings.

Sustainability Advisory Committee

Previously known as the ESG Advisory Committee, this Committee is responsible for providing advice to the Board and during FY22 met on a quarterly basis to develop and implement QIC's sustainability strategy. The Committee has an Independent Chair, Maria Atkinson, and includes representatives from QIC's Executive Committee and senior business leaders.

The Real Estate Sustainability Committee is a Management Committee established to ensure governance and oversight of ESG integration across assets managed by QIC Real Estate. The purpose of the Sustainability Committee is to provide advice and assist with the development, management and enhancement of QIC Real Estate’s ESG strategy, targets and objectives as they apply to the operation of our real estate portfolios, while having regard to a constantly changing market environment and stakeholder expectations. Oversight of the implementation of asset level initiatives and their alignment with QIC Real Estate’s ESG strategy, objectives and commitments is the key pillar of the Committee’s remit, as well as regular monitoring of our performance against key ESG targets. The Committee is chaired by QIC Real Estate’s Managing Director and includes senior leader membership from across the business.

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

We require ongoing compliance with all laws and legal requirements relating to bribery, corruption, money laundering, fraud or similar activities. This includes our retail and business partners.

QIC staff are required to undertake training on anti-corruption policies and procedures, as part of the mandatory 'Anti-Bribery and Corruption' annual online training.

To find out more about environmental, social and governance (ESG) in QIC Real Estate, contact your Fund or Portfolio Manager, Client Services representative or:

Melissa Schulz
General Manager, Sustainability, QIC Real Estate

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