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 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 employees are required to observe a high level of professional conduct when undertaking their business activities, and respect our core values of passion, engagement, innovation, excellence and achievement.
While there have been no changes to existing approval bodies or the delegations’ framework over FY25, some changes were implemented to QIC Real Estate’s governance framework and processes to ensure the highest quality information is being provided to these approval bodies and that we remain firmly focused on delivering strong performance for our investors. These changes included the creation of new governance forums (Asset Performance Review), while also refreshing and redefining others that already exist (Investment Review Group and Fund Performance Review). At a Fund level, amendments to the QIC Office Fund Investor Advisory Committee Charter were implemented to include approvals for certain material transactions and projects.
Corporate governance and risk 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 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.
Figure 19: QIC’s Three Lines of Accountability approach
QIC Real Estate governance forums
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 Real Estate Delegations of Authority, the Real Estate Trustee Governance Committee, Real Estate Sustainability Committee, the QIC Valuations Oversight Committee, Project Control Group meetings, and Asset and Fund Performance Review meetings.
Figure 20: QIC Real Estate governance forums
Sustainability governance
QIC Real Estate Sustainability Committee
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.
Governance of climate-related risks
QIC Real Estate manages risk in accordance with the QIC Board’s Risk Appetite Statement and Risk Management Framework, including the Enterprise Risk Management Policy. The risk management process is consistent with International Standard ISO 31000: Risk Management. Our Risk Management Framework includes an enterprise-wide methodology for rating risks and provides for assessment of business risks using the consequence and likelihood tables incorporated into the Risk Rating Procedure included in the Board’s Risk Appetite Statement.
ESG-related risks, including climate-related risks, are reported to QIC Real Estate’s Sustainability Committee whose membership includes the Head of Private Markets Risk (QIC’s Risk Management Group). ESG-related risks specifically within investment decisions are also reported to and considered by the Trustee Governance Committee whose membership includes QIC’s Chief Risk Officer.
Risks assessed as above appetite are included in regular reporting to QIC’s Risk Committee.
Asset-level climate risks are managed through QIC Real Estate’s WHS&E management system, within which a risk-based approach is used to set the frequency of risk review. Risks with a residual risk rating of ‘medium’ or above are reviewed at least annually to promote a focus on continual improvement and risk mitigation efforts.
The following employees have direct responsibility for assessing and managing climate-related risks and opportunities within QIC Real Estate:
General Manager, Sustainability — Real Estate
Responsible for the establishment and delivery of Real Estate’s ESG strategy, which includes the assessment and management of climate-related risks and opportunities.
Environment Manager
Responsible for supporting the business to manage climate-related risk, and deliver the long- and short-term objectives within the ESG strategy’s Climate Change strategic focus area.
National and Asset Operations Managers
Responsible for ensuring climate-related risks are assessed and mitigated at the asset level.
These employees are standing invitees to, or report to various governance committees, including QIC Real Estate’s Sustainability Committee and the Trustee Governance Committee.
Ethics and integrity
At QIC, we believe it is the responsibility of all employees to ensure their personal conduct and behaviour is at all times professional, ethical and lawful.
We maintain a corporate Code of Conduct and Ethics (Code) which all employees are required to review and acknowledge on an annual basis.
The Code is a broad framework of the required behaviours which apply to everyone who works at QIC.
Read our Code of Conduct here.
Employee conduct
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 employees are required to undertake training on anti-corruption policies and procedures as part of the mandatory ‘Anti-Money Laundering and Counter Terrorism Financing’ annual online training.
Report contacts
Melissa Schulz
General Manager, Sustainability – Real Estate
Declan Walsh
Director, Real Estate Funds Management
Briar Dowsett
Fund Manager and Head of Mandates – Real Estate Strategic Partnerships & Mandates
Charles Occhino
Fund Manager - Core Plus Strategies
Megan Jones
Fund Manager – QIC Town Centre Fund
Commencing 1 December 2025
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