Back to Corporate Governance

A summary of the Rest Governance policy

relating to Board renewal processes


The Board believes that its membership should comprise directors with an appropriate mix and diversity of skills, professional experience, tenure and personal background that allow the Directors individually, and the Board collectively, to:
 
  • discharge their responsibilities and duties under the law effectively and efficiently;
  • understand the business of Rest and the environment in which Rest operates so as to be able to settle with Rest Management the objectives, goals and strategic direction which will maximise benefits to members of the Fund; and
  • assess the performance of Rest Management in meeting those objectives and goals.
 
Accordingly, in selecting potential new directors, the Board identifies the competencies and diversity required to enable the Board to fulfil its responsibilities. In so doing, the Board will have regard to the results of the annual assessment of the Board’s performance (see also Rest’s Fit and Proper Policy), the need for ongoing succession planning and the continuing relevance of the existing skills, knowledge and experience of Directors individually and the Board collectively.
 
The Board has identified the following factors (“Selection Factors”) as relevant to the selection, appointment, re-appointment and removal of directors:
 
  • superior capability with extensive, relevant and senior commercial, industrial and/or professional experience;
  • cultural fit with existing Board members and empathy to Rest’s culture and values;
  • provides a mix of skills, knowledge, experience and diversity:
    •  so that the Board collectively has the skills, knowledge, experience and diversity needed for the effective and prudent operation of the Trustee Company’s business operations and to understand and manage the risks of the Trustee Company’s business operations;
    • to allow him/her to make an effective contribution to the Board’s deliberations and processes, including challenging and contributing to the future strategy of Rest;
  • can vigorously debate and challenge Rest Management in a constructive manner;
  • high level of personal integrity;
  • has the ability to work in a collegial manner;
  • independent state of mind;
  • able to manage conflicts as identified by the Trustee Company (see also Rest’s Conflicts Management Policy);
  • is able to commit the time required to make an effective contribution as a Director; and
  • satisfies the criteria and submits to the processes set down in Rest’s Fit and Proper Policy.
 

Term of appointment

The length of term for which a Director is appointed to the Board will be up to 4 years, renewable in accordance with paragraph 5.3.6 of the Board Governance Policy.

 

Maximum tenure of Directors

The maximum tenure for which a Director can be appointed to the Board will be 12 years (ordinarily 3 terms of 4 years), provided however that the 12 year maximum may be exceeded where exceptional circumstances apply. The Board will assess in its sole discretion whether exceptional circumstances apply on a case by case basis. The 12 year maximum does not have to be continuous and does not include any period served as an Alternate Director.


 

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