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Board performance evaluation


A summary of procedures to evaluate the performance of the Board and individual directors at least annually and confirm annually that the performance procedures have taken place. 

 
Rest Board’s membership is subject to their ongoing performance and the Board’s need for any specialist skills or experience. The Board regularly assesses the skills, knowledge and experience required individually and collectively for the Board to effectively fulfil its role. The Board formally reviews its performance and the performance of each Director on an annual basis. Every three years, this process is facilitated by an external consultant.
 
The most recent review by an external consultant was in financial year ending 2019 was facilitated by an external consultant.
 
Apart from being assessed collectively and individually annually, Directors also are required to comply with the Fit and Proper requirements as required by the SIS legislation and the Corporations Law.
 
Rest’s Fit and Proper Policy covers two processes being:
 
  1. A process for conducting the Board’s performance assessments; and
  2. The annual Fit & Proper assessment (as required under APRA SPS520).
The performance procedures to evaluate the performance of the Board and individual trustee directors have taken place for the current year. The Board ensures that the findings of the ongoing assessment of Board competency and performance are considered at a Board meeting and any steps to be taken to rectify any shortcomings arising from the assessment are carried out.
 
 

Fit and Proper assessments

 
Rest conducts annual Fit and Proper assessments for its responsible persons. These persons include the Directors and senior managers. The Fit and Proper assessment process may be carried out by external consultants and overseen by the Board.
 
In assessing the fitness and propriety of its Responsible Persons, the Trustee examines the following criteria:
 
  1. Knowledge and experience
  2. Honesty and integrity
  3. Conflicts management
At the commencement of each Board meeting, each Director, Alternate Director and Responsible Person present must affirm that he or she continues to be qualified to act in the capacity of Director, Alternate Director or Responsible Person (as applicable) of Retail Employees Superannuation Pty Ltd (Company) under the terms of the Superannuation Industry (Supervision) Act 1993 and Regulations, the Corporations Act 2001 and Regulations, and were aware of, and complies with the Company’s Constitution and Board Charter, together with the Trust Deed of the Retail Employees Superannuation Trust and the respective obligations under each of those documents.
 
The procedures to evaluate the performance of the Board and Directors takes place annually.
 

 

This website is provided by Retail Employees Superannuation Pty Limited ABN 39 001 987 739, AFSL 24 0003 (Rest), trustee of Retail Employees Superannuation Trust ABN 62 653 671 394 (Fund), of which Rest Super, Rest Corporate, Rest Pension and Acumen are part. It contains general advice that has been prepared without taking account of your objectives, financial situation or needs. Before acting on the information or deciding whether to acquire or hold a product, consider its appropriateness and the relevant Product Disclosure Statement (PDS), which is available on this website. The cost of providing financial services is included in the fees in the Fund as disclosed in the relevant PDS. Rest and the Fund do not charge any additional fees or obtain any commissions for the advice provided. Rest’s employees are paid a salary and do not receive any commissions. They may receive a performance related bonus that takes into account the financial services provided. Super Investment Management Pty Limited (ABN 86 079 706 657, AFSL 240004), a wholly owned subsidiary company of Rest, manages some of the fund’s investments. Apart from this, Rest does not have any relationships or associations with any related body corporate or product issuer that might reasonably be expected to be capable of influencing Rest in providing financial services.

Rest personal advice is provided by Rest Advisers as authorised representatives of Link Advice Pty Ltd ABN 36 105 811 836 AFSL 258145

Awards and ratings are only one factor to consider when deciding how to invest your super. Further information regarding these awards can be found at rest.com.au/about-rest/awards. Past performance is not an indicator of future performance. SuperRatings Pty Limited does not issue, sell, guarantee or underwrite this product. Go to superratings.com.au for details of its ratings criteria. For further information about the methodology used by Chant West, see www.chantwest.com.au