QIC’s active Board, committees and tailored policies and standards provide the perspective and structure for efficiency and integrity in corporate governance.
Our practices are benchmarked against best practice corporate governance principles and comply with the Corporate Governance Guidelines for Government Owned Corporations issued by the Queensland Government, which are largely based upon the ASX Corporate Governance Principles and Recommendations with 2010 Amendments (Second Edition).
In this section, we have summarised our operating environment and the roles, processes and practices in place at QIC to ensure the interests of our shareholders, clients, staff and other stakeholders are actively managed.
As of 30 September 2008, the organisation converted from a statutory Government owned corporation (GOC) to a company GOC and was renamed QIC Limited (QIC). Our ACN is 130 539 123. Our ABN is 95 942 373 762.
QIC's enabling legislation is the Queensland Investment Corporation Act 1991 (Qld) (QIC Act). QIC is also regulated by the Queensland State Government legislation pertaining to GOCs, the Government Owned Corporations Act 1993 (GOC Act), in addition to the Corporations Act 2001 (Corporations Act).
QIC does not hold an Australian Financial Services (AFS) licence and certain provisions (including the financial product disclosure provisions) of the Corporations Act do not apply to QIC. However, QIC has adopted key compliance and governance policies to operate on a consistent level to that of licensed institutions. QIC uses a number of subsidiaries to conduct our investment activities. These entities are not exempt from any part of the Corporations Act.
QIC is also an approved (by the Irish Central Bank) investment manager, promoter and distributor of Irish Qualifying Investment Fund products and Undertakings for Collective Investment in Transferable Securities products.
Two QIC subsidiaries are also registered investment advisers with the US Securities and Exchange Commission, with another QIC subsidiary authorised with the UK Financial Services Authority. These registrations and authorisations allow QIC to conduct investment activities within the scope of the relevant authorisation or registration from our US and UK offices.
As a Queensland GOC, QIC’s shareholding Ministers are the Honourable Annastacia Palaszczuk MP, Premier and Minister for the Arts and the Honourable Curtis Pitt MP, Treasurer, Minister for Aboriginal and Torres Strait Islander Partnerships and Minister for Sport. QIC reports to shareholding Ministers and regularly liaises with the Shareholder and Structural Policy Division of Queensland Treasury, to inform our shareholding Ministers on various matters as required by the QIC Act, the GOC Act and other Government guidelines. QIC aims to provide our shareholding Ministers with the information they need to make informed assessments of the operations, financial performance and financial position of QIC and its subsidiaries.
QIC’s accountability requirements include the preparation of an annual Statement of Corporate Intent (SCI) and a Corporate Plan for our shareholding Ministers’ approval. Both of these documents are based on comprehensive strategic planning and budgeting processes. The SCI is a formal performance contract between QIC and our shareholding Ministers, detailing our proposed undertakings and target performance for the year ahead. The SCI is tabled in Parliament as an accompaniment to the annual report.
Our Corporate Plan is a review of current and future operational strategies and QIC is responsible for meeting forecast profits as detailed in the plan. Corporate performance against planned outcomes is regularly monitored and reported to the Board, and quarterly status reports are provided to our shareholding Ministers.