Key Governance Arrangements

Alignment of performance with remuneration

QIC relies on the efforts of its people to achieve results. Managing the contribution of our people and measuring their performance are key strategies for ensuring QIC’s success.

QIC is required to balance competitive remuneration with controlled costs and accountability as a GOC.

QIC’s remuneration practices must be competitive within the funds management industry to attract and retain the high-quality staff we need to give our clients market-leading investment services.

Remuneration policies and practices
QIC’s remuneration policies and practices must:

  • align with business strategy
  • be fair, equitable and sustainable
  • be competitive against industry benchmarks
  • discriminate between high and low performance
  • comply with relevant legislation and GOC guidelines
  • show clear methods of performance measurement, enabling staff to track their performance against targets.

Performance and reward

The key feature of QIC’s performance-based reward framework is that performance payments are linked to investment outcomes as well as to the individual’s contribution to defined key performance indicators, which reflect stretch targets.

To measure individual contribution, a formal performance management program (PMP) exists for all employees, including the Chief Executive, whose performance review is undertaken by the Chairman. The program sets out processes for planning, communicating, monitoring and reviewing an employee’s or team’s performance and work-related behaviour.

An annual review of all employees, including the Chief Executive and senior executives, is undertaken in line with the PMP framework.

The investment outcomes of QIC funds are measured against demanding benchmarks. Incentive payments reflect performance against relevant benchmarks and targets.

QIC’s incentive scheme has been reviewed by the Queensland Audit Office and external benchmark providers.

Staff investment in QIC products

Eligible employees may invest in a limited selection of QIC’s products via the QIC Staff Investment Scheme. While the employee remains an eligible investor, a discount of 50 per cent is provided on QIC management fees.  Liquidity and trading windows apply and QIC reserves the right to veto any transaction, transfer or other action that would result in undesirable consequences for QIC or any of its products or clients.

ongoing assessment and approval of remuneration

The HR & Remuneration Committee advises the Board on appropriate levels of staff remuneration after conducting an annual review of corporate and individual performance and taking into account industry comparisons and independent advice. The Board then determines the remuneration of the Chief Executive and senior executives and advises the shareholding Ministers.

An Employment and Industrial Relations Plan is approved annually by our shareholding Ministers as part of the Statement of Corporate Intent development process.

Directors' fees

QIC directors are paid by way of fees for their services. The amounts, if any, are approved by our shareholding Ministers. Directors are not entitled to performance-based payments or retirement benefits. Directors are eligible to participate in the QIC Staff Investment Scheme.

Trustee stewardship

In undertaking the role of trustee of a number of investment trusts, QIC ensures that the trusts are administered and maintained in accordance with the relevant trust deed, legal requirements and prudential standards.

Independent advice and access to QIC information

Each director has the right of access to all relevant QIC information, to the Chief Executive, the Company Secretary and the senior executives. Subject to prior consultation with the Chairman, directors may seek independent professional advice at QIC’s expense. A copy of this advice is made available to all other Board members.

Directors receive regular updates on changes in the regulatory environment affecting QIC. Directors are also encouraged to attend relevant conferences and seminars.

Conflicts of interest

Our Conflict of Interest Policy applies to all QIC staff and contractors.

As outlined in the Conflict of Interest Policy, QIC staff and others working at QIC have a personal responsibility to be alert to conflicts of interest in their day-to-day activities and to act promptly in identifying, managing and avoiding conflicts. Staff receive specific training on the Conflict of Interest Policy and advice and guidance where required.

code of conduct and ethics

Our Code of Conduct and Ethics applies to the Board and all QIC staff. It reflects requirements specified by the funds management industry and Queensland public sector.

As outlined in the Code of Conduct and Ethics, QIC’s reputation in the marketplace and community is critically important in terms of our shareholders’ expectations, our ability to operate a successful funds management business and the professional standing of our staff. QIC staff and others working at QIC are expected to exercise good judgement in their professional life and adhere to the core values and principles of ethical conduct set out in the code.

As a GOC, QIC is within the jurisdiction of the Queensland Crime and Misconduct Commission in relation to the investigation of official misconduct.


Our Workplace Behaviour Policy applies to the Board and all QIC employees. QIC is committed to ensuring QIC staff are provided with a workplace free from any form of discrimination, harassment, victimisation, vilification and bullying. QIC encourages diversity in the workplace; we believe it adds value to our business decisions through different perspectives and experiences.

QIC aims to achieve high standards in all its dealings consistent with our standing in the business and wider community. By meeting and exceeding these standards we believe that QIC is a better place to work, and as a result, better able to achieve our business objectives.

QIC acknowledges the recommendation with respect to a diversity policy and measurable objectives relating to gender diversity as contained in the ASX Corporate Governance Principles and Recommendations with 2010 Amendments (Second Edition). Whilst this recommendation is not binding on QIC, we are working toward meeting best practice in this regard.

right to information

The Right to Information Act 2009 does not apply to QIC Limited or its subsidiaries, except where it relates to community services obligations. We do, however, comply with the Queensland Government’s GOC Release of Information Arrangements, which is a framework for the increased publication of information relating to GOCs.

corporate governance in the sharemarket

On behalf of our clients, we actively monitor corporate governance issues at both a domestic and international shareholding level (refer to the Responsible Investment Policy).

About QIC

Investment Capabilities

Knowledge Centre

Latest News

About QIC