Figure 21: QIC Real Estate’s approximate employee numbers as at 30 June 2025

We also have a highly successful and constructive relationship with Savills. Savills is contracted to provide individuals to work in our shopping centres under QIC General and Centre Management, as well as individuals in our Property Administration, Alternative Income and Marketing teams. As at 30 June 2025, 166 Savills employees were working across our shopping centre assets.

We work closely with Savills to ensure that our People & Culture approach is shared and, where possible, aligned with the Savills HR team and across the Savills employee base. As an example, during FY25 we continued to extend a wellbeing program offered through an external consultancy, Bendelta, to both QIC and Savills Shopping Centre employees to ensure we provided consistent support across the Shopping Centre teams. 

There have been no significant fluctuations in employee numbers during the reporting period. 

At QIC, we believe that our people perform at their best when they feel valued, happy, healthy and encouraged to bring their whole and authentic selves to work every day. Our commitment to diversity, equity and inclusion (DEI) remains steadfast as we make significant strides in our strategic pillars: gender equality, LGBTQ+ inclusion, accessibility, cultural and linguistic diversity (CALD), and support for First Nations people.  

Following our participation in the Inclusive Employer Index, QIC was again recognised as an Inclusive Employer by the Diversity Council of Australia for 2024 – 2025. This is an achievement which underscores our continuous commitment to cultivating a workplace where diversity is not only embraced, but celebrated.  

We continued our Mental Health First Aid Officer program. We have over 51 officers globally and have been recognised as a Skilled Workplace in the Mental Health First Aid (MHFA) Workplace Recognition Program. QIC understands the importance of managing mental health at work and recognises the benefits of creating a mentally healthy workplace. We are among many workplaces that are seeing the benefits of promoting education, and adopting policies and practices that create a ‘culture of care’ where employees are encouraged to talk openly about mental health.  

We continued our partnership with the Australian Business and Community Network (ABCN), a not-for-profit organisation that connects business with low socio-economic status schools through mentoring and partnership programs. Team members across our Sydney, Melbourne and Brisbane offices took part in several programs, providing over 78 hours of mentoring.  

In FY25, QIC undertook a tender process to review our Employee Assistance Program provider for Australian employees. As a result, Converge International was engaged from 1 October 2024. This program includes a new Critical Incident Support program which helps team members following unexpected, potentially traumatic events. The support is underpinned by Psychological First Aid, and can provide practical psychological tools and strategies.   

While investing in early careers talent has always been an important part of QIC’s strategy, 2025 saw the launch of our first formal Internship program to ensure we are tapping into a more diverse talent pool. Targeting talent in the early stages of their career allows us to build a pipeline of diverse, high-performing talent with the skills and capabilities to ensure QIC’s success in the future.  

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, Equity, Inclusion and Wellness at QIC.  

QIC Real Estate gender initiatives

QIC Real Estate established its first Gender Plan in 2021. The current plan spans 2023 – 2025, and documents a set of goals to increase female representation within all areas of Real Estate and promote targeted opportunities to help females succeed. Some key achievements of our Gender Plan in FY25 included:  

• Participation in the Champions of Change Property Group (CCPG) which is an industry-led initiative made up of senior leaders from across the property sector. CCPG members use their individual and collective leadership to increase gender equality with a focus on leadership, talent development, public advocacy and accountability. Specifically, Real Estate’s Gender Plan targets the CCPG’s Panel and Pitch Pledges:
  • Continued adoption of the CCPG ‘Panel Pledge’, which strives to achieve a 40:40:20 gender balance as speakers, panellists and attendees. This pledge aims to substantially improve women’s representation in public and professional forums.
  • Continued adoption of the CCPG ‘Pitch Pledge’, ensuring that at least one woman is part of the bid and receiving teams on both sides of any transaction within Leasing and Capital Transactions.
• A gender pay equity review to understand gender pay equity across similar roles within Real Estate to address any gaps identified as requiring rectification.
• Use of the QIC Standards of Excellence award platform to raise the profile of demonstrated gender excellence within QIC.
• A continued focus on gender balance during recruitment, including gender-balanced shortlists and gender-diverse interviewing panels.   

Other Real Estate gender initiatives undertaken in FY25 included:   

• Participation in the Property Council of Australia ‘500 Women in Property’ Program. In FY25, nine female QIC Real Estate employees were selected to participate in the program.
• Representation from Real Estate on the Property Council of Australia’s Diversity and Inclusion Committees in Queensland and New South Wales.  

Participants of the FY25 Property Council of Australia ‘500 Women in Property’ Program

Managing policies and practices 

QIC's People and Culture 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 and profitability, as well as to the individual's contribution to defined goals, which reflect stretch targets. This includes ESG-related goals for teams and individuals who play a leading part in delivering our Real Estate ESG strategy.  

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 a formal annual review for all employees.

Ongoing assessment and approval of remuneration

The People and Culture Committee advise 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. 

Global Senior Leaders Forum 

QIC’s Global Senior Leaders Forum (GSLF) was established in 2023 to create connection and enable the future success of QIC by fostering collaboration, knowledge-sharing, and networking among our senior leaders and executive committee.

The GSLF meets quarterly for a virtual business and financial update with Kylie Rampa, CEO, and Claire Blake, CFO, and other representatives as required. Select GSLF members also participate in various enterprise initiatives including the ‘QIC Unpacked Series’ to educate employees about the business and as mentors for QIC’s Young Professionals Network.

In FY25, the GSLF undertook a collective leadership capability uplift through a bespoke senior leadership program involving 360 assessments, group coaching and an enterprise simulation experience.

Real Estate Leaders Forum

Through FY25, QIC Real Estate’s Leaders Forum (formerly the Real Estate Senior Leadership Team) continued to meet on a quarterly basis to collaborate and share information.

The Leaders Forum provides a regular opportunity to bring the cohort of Real Estate people leaders together, who each bring their diverse experience and skillset across the property sector, to collaborate on various issues and opportunities facing our business, and to facilitate cross-functional alignment on being purpose driven, and delivering investment performance outcomes for QIC investors and clients. The group is charged with cascading information and strategic execution support throughout their teams, as well as ensuring a clear and frequent escalation pathway for feedback from their teams up to the leadership cohort.

Building a culture of thriving shopping centre teams

This year, QIC Real Estate continued our engagement with an award-winning external consultancy, Bendelta, to partner with Shopping Centre teams to implement phase two of the ‘Building a Culture of Thriving Shopping Centre Teams’ program. The program, which involved QIC and Savills Shopping Centre employees, is designed to support the teams’ wellbeing and performance. The 2025 phase of the program focused on the Centre teams continuing to draw on the program’s learnings, and provide ongoing support for their professional development, team collaboration and personal resilience.

Phase two of the program included a series of stand-alone, three-hour face-to-face workshops focused on deepening an understanding and application of Herrmann Brain Dominance Instrument (HBDI), enhancing individual and collective wellbeing (both within and across the Shopping Centre teams) and preventing burnout, to build a culture for thriving Shopping Centre teams.

Each component of the program focused on building self-awareness and supporting individuals in the continued drive to create psychologically safe environments for the Shopping Centre Teams to thrive. Practical tools and techniques were also shared to equip individuals for ongoing and sustainable high-performance and personal resilience.

Professional development

QIC recognises that our people deliver our success, therefore we need to set our people up for success through professional development opportunities. Investing in the growth and development of our people is one of our key employee benefits, and career development is a key part of our Employee Value Proposition.

Our goal is to deliver a contemporary learning and development offering to ensure our people have the capabilities to deliver exceptional outcomes for QIC now and into the future. We aspire to nurture a culture of continuous learning, with proactive employees participating in knowledge and capability building and sharing.

We provide a number of in-house, online and externally delivered professional development offerings, working with referred and best practice providers. These programs continue to expand as the needs of the business evolve. Some programs include: 

• Everyday Inclusion Workshop (previously known as Inclusive Leadership Workshop) 
• QIC Leadership Excellence Program
• Challenging Conversations Workshop 
• Unlocking Potential – Development Planning for Team Members 
• Unlocking Potential – Development Planning for Leaders 
• Domestic & Family Violence – Recognise, Respond and Refer Training 
• Communicating with Influence
• Negotiation Skills 
• Writing with Impact Workshop
• Foundational Finance Workshop
• Introduction to Financial Modelling
• Unit Pricing 101 Workshop.  

QIC also provides every employee with access to virtual, self-paced learning through LinkedIn Learning and virtual facilitated learning through Coursera and ICML, as employee benefits to advocate continuous learning.

A breakdown of training undertaken by QIC Real Estate employees in FY25 is provided in the table below:

Table 17: QIC Real Estate training 

Leadership development 

QIC went through a thorough process in 2023 to assess its leadership development provider. QIC subsequently selected BTS as the new provider and spent the first six months of FY25 in deep consultation and design with QIC business leaders and BTS to develop two senior leadership programs as the first priorities. To achieve a leadership capability uplift at QIC, we have committed to ensure all our leaders attend our BTS leadership development program as quickly as possible. 

These are:

• Being a Leader — For frontline people leaders/middle managers in QIC. This is a trademarked program of BTS’ that it has provided for many international clients
• Elevate Program — For global senior leaders at QIC.
• Real Estate Leading Through Change — A bespoke Real Estate Change Leadership workshop to support Real Estate leaders with leading, implementing and preparing their teams for change. Across all major Real Estate office locations, 53 leaders completed this in-person practical, two-part workshop that culminated in small coaching pods to facilitate shared learnings and experiences with their team members.

Flexibility 

QIC embraces flexible working for all our people, which is brought 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.

QIC implemented a refreshed approach to flexible working in 2023, and this approach has continued throughout 2024 and 2025. Flexible working means having flexibility in how, when or where our people work, and all QIC employees have access to a hybrid working model.

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. 

Employee Assistance Program 

QIC recognises that employees may require additional support to help them manage personal and work pressures at various times. To assist with this, we offer 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.  

At QIC Real Estate, the health, safety and wellbeing of our people and stakeholders is fundamental to our operational success and long-term value creation. In FY25, we continued to strengthen our safety culture through strategic governance, system innovation and targeted risk management. These efforts not only support a safer working environment, but also contribute to enhanced asset performance, reduced operational risk and stronger investment outcomes across our portfolio. From the rollout of our bespoke WHS Management System (SHIELD) to the national recognition of Project Safe-Guard, our initiatives reflect a proactive and data-driven approach to safety that aligns with QIC’s broader ESG commitments.

WHS Management and reporting within QIC Real Estate

Throughout FY25, the QIC Real Estate WHS and Wellbeing Subcommittee maintained its regular meeting cadence, bringing together a diverse cross-section of senior leaders and centre management teams. The Subcommittee remains focused on advancing initiatives that address workplace health and safety (WHS) risks, identified through multiple data sources including incident reports and on-site inspections.

Key activities included progressing risk profiling, developing action plans, reviewing WHS trends and statistical insights, and capturing notable achievements. These outcomes are formally reported to the QIC Real Estate Executive Committee on a quarterly basis, supporting strategic oversight and continuous improvement.

Real Estate Work Health & Safety Management System

Re-launched in April 2025, QIC Real Estate’s Workplace Health and Safety Management System (WHSMS) is known as SHIELD. Developed in alignment with ISO 45001, the international standard for Occupational Health and Safety (OH&S) management systems, SHIELD represents a collaborative effort involving over 50 stakeholders from across the real estate portfolio and corporate teams.

SHIELD provides a unified platform to guide WHS decision making for all Real Estate stakeholders. It introduces new standards, forms and operational procedures designed to enhance consistency and effectiveness across the portfolio.

To support implementation and adoption, monthly training modules have been released. These modules are designed to upskill asset teams, will inform the Level 1 assurance program focus on critical risks and will be deployed in phases to ensure effective uptake by Real Estate stakeholders targeted at risk management, data quality and key risk controls.

Following the successful completion of the inaugural frontline WHS audit and assurance program in FY24, which assessed adherence to QIC’s WHS Management System and measured control effectiveness, the program continued to mature throughout FY25. All audit observations and corrective actions have been systematically documented and managed within our enterprise WHS software platform, supporting transparency and continuous improvement.

Building on these foundations, the next phase of the audit program will commence in FY26, with a targeted focus on critical risk controls. This evolution reflects QIC Real Estate’s commitment to strengthening risk management practices, and embedding assurance mechanisms that align with both operational realities and strategic safety objectives.

Technology supporting safety outcomes

QIC Real Estate continues to invest in technology-driven enhancements to its WHS systems, with a strong focus on leveraging artificial intelligence to improve safety outcomes and operational efficiency. A key initiative, Project Safe-Guard, has demonstrated measurable success in reducing incidents of self-harm among members of the public across QIC-managed assets. Since its inception November 2021, the program has contributed to the prevention of 25 potential self-harm incidents, supported 313 early welfare checks and actively identified 1,070 security breaches through the deployment of AI-powered surveillance and early intervention protocols.

Project Safe-Guard’s innovative approach was recognised nationally, earning QIC Real Estate a finalist position at the Australian Institute of Health and Safety Awards 2025. The program integrates advanced camera analytics, radar detection and virtual fencing to enable real-time alerts and rapid response, significantly enhancing frontline safety capabilities.

Further improvements to Beakon, QIC’s digital WHS platform, have enabled the transition of previously paper-based WHS processes into integrated digital workflows. This includes the consolidation of incident reporting, contractor compliance and risk assessments into a digitally integrated compliance ecosystem, streamlining data capture and improving reporting accuracy. Enhancements to WHS systems have supported this transition, with tailored interfaces and drop-down selections designed to reduce input errors and support diverse workforce needs.

These advancements reflect QIC Real Estate’s commitment to continuous improvement, innovation, and the wellbeing of all stakeholders across its asset portfolio. 

Psychological safety 

QIC Real Estate continues to prioritise psychosocial safety as part of its WHS strategy. In FY24 and FY25, external specialists conducted psychosocial risk assessments across the shopping centre portfolio, identifying key stressors such as workload, fatigue and low job control. These insights informed targeted interventions, including action plans and focus groups to support affected teams.

Crisis support services are consistently engaged following incidents to assist centre staff, retailers and customers. Mental health awareness is further supported through Employee Assistance Programs and Mental Health First Aider training.