OUR GOVERNANCE:
Corporate governance aligned to King IV principles
Combined assurance
The Board ensures that assurance services and functions contribute to a robust control environment, reinforcing the integrity of information used for internal decision-making and external reporting.
Combined assurance model
The Fund employs a "three lines of defence" model, enabling Enterprise Risk Management, Legal and Internal Auditing teams to collaboratively provide a comprehensive view of risk, compliance, and internal controls. This model ensures the reliability of governance structures and thorough coverage of all assurance activities for both financial and non-financial information.
Integral elements relevant to governance, risk management, and controls within the integrated report receive focused assurance, with all assurance providers working cohesively yet, importantly, without affecting the independence of Internal Audit. This avoids duplication of efforts and ensures complete coverage.
The Audit and Risk Assurance Committee's role in assurance
The ARC plays a vital role in overseeing the assurance processes, including internal and external audit planning, evaluating the results, and supervising the implementation of corrective actions.
Quarterly reporting to the ARC helps maintain transparent oversight.
Monitoring and addressing assurance outcomes
The Board and Management review outputs from both internal and external assurance providers, ensuring that all necessary remedial actions are implemented to bolster the internal control environment.
The link between these actions and their corresponding assurances are reflected in the Integrated Report for 2023/4 and the Auditors’ report within the Annual Financial Statements, thereby ensuring accountability and continuous improvement in the Fund’s operations.
Remuneration governance
The Board upholds remuneration practices that are equitable, responsible, and transparent, aligning with strategic objectives to foster success in the short, medium, and long term.
The Staff Administration and Corporate Affairs Committee, operating under the Board, oversees human resource policies that govern employment terms, remuneration, training, promotions, discipline, and other benefits. These policies are designed to be equitable and competitive, attracting and retaining top talent, encouraging a motivated workforce, while enabling a high-performance culture.
The remuneration framework is aligned with strategic KPIs to ensure performance is commensurate with individual and business success. The reward system acknowledges the need for sustainability and adaptability in a changing business landscape.
The governance of remuneration includes:
The Board approves the business targets at the commencement of every fiscal year and conducts a thorough review of outcomes at the year-end. This review is crucial before making informed decisions on the awarding of incentives, ensuring that any rewards issued align with the organisation’s and individuals' achievements. Read more on the remuneration report below.
Our remuneration report
Fair and responsible remuneration
The Fund conducts annual remuneration surveys to stay aligned with market compensation trends. This ensures our compensation practices are both equitable and compliant with market and regulatory standards.
Beyond remuneration, the Fund is committed to employee development. We offer tailored benefits to enhance skills and potential, which boosts earning capacity and career growth. Our extensive development opportunities include diverse training platforms, support for degree programs, and professional qualifications that benefit both the organization and personal growth.
Remuneration structure
Our compensation framework aligns with the Fund's strategic objectives, linking remuneration to individual and business performance. This approach fosters a culture of excellence, driving the realisation of our strategic goals.
To attract and retain top talent, we conduct annual remuneration surveys to ensure competitiveness. This includes assessing performance against set goals, ensuring we attract and retain the best talent necessary for achieving the Fund's objectives.
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