QIEC Super is an Industry Superannuation Fund that has low fees, pays no commissions and is run only to profit members. QIEC Super (ABN: 15 549 636 673) is governed by a Trustee company, QIEC Super Pty Ltd (ABN: 81 010 897 480, Corporate Authorised Representative No: 268804 under Australian Financial Services License No. 238507). QIEC Super has also been authorised to offer a MySuper product by the regulator, the Australian Prudential Regulation Authority (APRA)(MySuper identifier 15549636673397).
The Directors who sit on this company and who oversee the operations of the Fund are referred to as the Board of Trustees. The Board, in running the operations of QIEC Super, make all decisions in the best interests of members.
The rules of QIEC Super are set out in the Trust Deed, which addresses:
- who can join and contribute to the Fund;
- the payment of benefits, including insurance (if any);
- the structure of the Trustee Board;
- the investment of Fund assets;
- how member enquiries and complaints will be dealt with;
- admission and termination of employers;
- payment of tax liabilities
View a copy of the Trust Deed here.
View a copy of the Constitution for QIEC Super Pty Ltd.
Board of Trustees
The Constitution of QIEC Super provides for eight (8) Directors. The Board of Trustees satisfies 'equal representation' requirements, ensuring that the key stakeholders in the Fund, being employees and employers, have an equal say in decision making.
Further details are available below about a number of aspects of the Fund's governance, including:
- three Directors are nominated by the Queensland Independent Education Union;
- one Director is nominated by United Voice.
two Directors are nominated by the Australian Community Services Employer Association;
the other two Directors will be representative of non-state school employers:
one Director will represent the Catholic Education sector; and
one Director will represent the Independent Schools sector.
There is also currently one Alternate member representative Director who attends meetings and makes decisions if the primary member representative Directors are unavailable.
The Board of Trustees meets at least five (5) times per year to consider the key issues affecting the Fund.
Nomination, appointment and renewal of Directors
Find out more information regarding the process for nominating, appointing and removing Directors.
The Board of Trustees has constituted five (5) sub-committees to assist it in its oversight and management of QIEC Super. Each Committee has a charter setting out its functions and responsibilities, as well as its accountability to the Trustee Board. The details of these Committees, and their composition, are set out below.
- Composition: Messrs Flaherty, Seymour, Fuller and Ponting sit on this Committee. Mr Derek Payne, a non-voting specialist on the Committee, provides additional accounting and audit expertise. Mr Flaherty chairs this Committee. The Committee meets at least four (4) times a year.
- Responsibility: This Committee is responsible for overseeing QIEC Super's compliance with its legislative and compliance obligations, overseeing the Fund's risk management framework; as well as the preparation and audit of the Fund's annual financial statements and tax returns. The Committee has ongoing liaison with the approved auditor and also considers reports from its external compliance consultant as well as the Fund's internal auditor.
- Composition: Messrs McGhie, Spriggs and Bicknell sit on this Committee. Mr Spriggs chairs this Committee. The Committee meets at least four (4) times a year.
- Responsibility: This Committee is responsible for assisting the Trustee in fulfilling its responsibilities for the ongoing management of the Insurance Management Framework and for the management of Death, Total and Permanent Disablement (TPD) and Income Protection (IP) claims, declined insurance claims and proposed Death benefit objections.
- Composition: Messrs Burke, Spriggs, Flaherty, and Bicknell sit on this Committee, which is chaired by Mr Bicknell. The Committee meets at least five (5) times a year.
- Responsibility: This Committee is responsible for reviewing the investment performance of QIEC Super as a whole, as well as the performance of individual fund managers. The Committee meets and interviews individual fund managers from time to time. It also considers advice from its appointed external investment adviser in making recommendations to the Trustee Board as to the Fund's asset allocation, investment policy statement, which investments to acquire or redeem; selection of fund managers; investment of cashflow and in the setting of crediting rates for each investment option.
- Composition: Messrs McGhie, Seymour, Fuller and Ms Hunter sit on this Committee. Mr McGhie chairs this Committee. The Committee meets at least four (4) times a year.
- Responsibility: This Committee is responsible for considering the marketing of QIEC Super to existing and prospective members. This Committee reviews all disclosure material, as well as the Fund website and promotional campaigns.
- Composition: Messrs Burke, McGhie, Bicknell and Flaherty sit on this Committee, which is chaired by Mr Flaherty. The Committee meets annually or as required.
- Responsibility: This Committee is responsible for overseeing the implementation of the Board’s diversity objectives, monitoring turnover and renewal on the Board, and reviewing the remuneration arrangements for Directors and non-voting specialists on Board Committees.
Training of Directors
Due to the complexity of the legislation governing the superannuation industry, the Directors undertake an ongoing training program to ensure that they remain familiar with the latest regulations and industry developments. Directors are required to undertake a minimum amount of training each year, with part of the training requiring formal assessment.
Regulation of QIEC Super
QIEC Super is regulated by the Australian Prudential Regulation Authority (APRA), and is classified as a Registrable Superannuation Entity (RSE) by APRA.
The Trustee company holds an RSE License with APRA and is an Authorised Representative (no. 268804) under the Australian Financial Services License held by Independent Fund Administrators & Advisers Pty Ltd (AFSL No. 238507). QIEC Super has also been authorised to offer a MySuper product by the regulator, the Australian Prudential Regulation Authority (APRA) (MySuper identifier 15549636673397).
As required by APRA, the Trustee Board has in place a Risk Management Strategy (RMS) and a Risk Appetite Statement outlining the arrangements the Trustee Board has implemented to monitor the Fund's risk management framework, including the identification of material risks and the corresponding controls put in place. This document is periodically reviewed, in conjunction with the external compliance consultant.
QIEC Super Service Providers
Find out more about each of the service providers engaged by QIEC Super.
Proxy Voting Policy
The Fund's equity investments are managed by external investment managers. These investment managers are appointed by the Trustee to manage the Fund's investments in accordance with either investment product guidelines (where the Fund has invested in a pooled trust) or Investment Management Agreements (IMA's).
As a result, the Trustee expects that each investment manager will exercise all corporate actions and voting rights (proxy voting) on behalf of the Trustee unless, the Trustee makes a direction on a particular matter. In which case, the investment manager will vote in accordance with the Trustee's direction. The Trustee will always maintain the right and ability to give the investment manager direction on a proxy vote or corporate action. However, the Trustee will only do this where they believe that it is in the best in interests of members.
Although the Fund has authorised their investment managers to execute corporate actions and proxy voting on their behalf, the Fund is committed to promoting good governance and therefore closely monitors their investment managers' voting activities.
Investment managers will report their corporate voting actions on either a quarterly basis to the Trustee. These reports are monitored by the Investment Committee.
If the Trustee does not agree with the investment managers' vote they will contact the manager and advise them of their concerns.
Conflict of Interest
The Trustee Board has in place a Conflict of Interest Policy. View a summary of this policy.
The Trustee maintains a Register of Relevant Interests and Duties to monitor potential conflicts of interest. Each Director is required to disclose any actual or potential conflicts of interest (COI) that they may have.
AIST Governance Code
QIEC Super is a ‘profit to members’ industry fund, and is a member of the Australian Institute of Superannuation Trustees (AIST). The ‘profit to member’ industry fund sector has a proud record of delivering investment outperformance, over the long term. We consider this has been achieved as a result of the member first culture applied by industry funds such as QIEC Super, and an equal representation governance structure. AIST has introduced a Governance Code for its member funds, which seeks to implement a best practice governance framework. QIEC Super has adopted the AIST Governance Code from 1 July 2018.
The QIEC Super Board of Trustees has in place a:
- Code of Conduct;
- Diversity, Nomination and Renewal Committee Charter;
- Process for reviewing the performance of the Board and Directors on an annual basis. A summary of that process is available here.
Status of Non-Disclosure Agreements and the Royal Commission
QIEC Super wishes to inform members that, in order to provide our members with an open opportunity to make submissions to the Commission, it will not seek to rely on or enforce non-disclosure obligations or confidentiality clauses in legal agreements we have entered into with our members to settle disputes.
This commitment relates only to submissions to be made to the Royal Commission and any examinations that might subsequently take place in the Royal Commission in relation to those submissions. QIEC Super maintains its rights under non-disclosure and confidentiality obligations in all other circumstances.
If any agreement entered into by the Fund and a member also involves one or more third parties, members will need to seek separate permission from those parties before making any such submission to the Royal Commission which would otherwise breach a non-disclosure or confidentiality obligation. We cannot waive those legal rights on behalf of third parties.