Corporate Governance

The Directors of The Trust Company are committed to implementing high standards of corporate governance and are guided by the values and principles set out in The Trust Company’s Ethical Framework and the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations (Recommendations). The Trust Company is pleased to advise that its practices are largely consistent with the Recommendations. 

During the reporting period The Trust Company reviewed its corporate governance practices and changes were made to The Trust Company’s policies and committees. We have identified either when such policies or committees were introduced or why The Trust Company does not consider they are appropriate due to the small size of The Trust Company. Following the review the committees of the Board now comprise:

  • Audit Risk and Compliance Committee
  • People and Remuneration Committee
  • Investment Committee
  • Philanthropy and Community Committee

The Trust Company addresses each of the Recommendations below for the period from 1 March 2009. This corporate governance statement is current as at 28 April 2010.

One measure of our success is the confidence our clients and the community have in our integrity. Moving on from the 2008 incident in which we identified significant irregularities in the accounts of the Townsville office, we have taken substantive steps toward fraud prevention. This includes intensifying our activity in the prevention & detection of fraud, commencing a strategic review of how we control for fraud across all initiatives and appointing a Fraud Risk Officer who will develop a fraud control plan in 2011. Protecting our clients is an utmost priority and reflected in our zero tolerance approach to fraud.

Additional corporate governance information, including copies of key policies, is included in the Corporate Governance section of this website.  

Principle 1 - Lay solid foundations for management and oversight

Principle 2 - Structure the board to add value

Principle 3 - Promote ethical and responsible decision-making

Principle 4 - Safeguard integrity in financial reporting

Principle 5 - Make timely and balanced disclosure

Principle 6 - Respect the rights of shareholders

Principle 7 - Recognise and manage risk

Principle 8 - Remunerate fairly and responsibly