About us

The Trust Company

Corporate Governance

Principle 1, Principle 2, Principle 3, Principle 4, Principle 5, Principle 6, Principle 7, Principle 8

Principle 1

Lay solid foundations for management and oversight

Role of Board and Management

The role of the Board is generally to set objectives and goals for the operation of Trust, to oversee Trust’s management, to regularly review performance and to monitor Trust’s affairs acting in the best interests of Trust. The Board is accountable to its shareholders and is responsible for approving Trust’s corporate objective and overseeing the implementation of the strategic goals including achieving consistent growth in shareholder distributions.

The role of the Chairman is to facilitate the operation of the Board and represent the Board and Trust to shareholders in relation to formal meetings and matters reserved to the Board.

The role of the CEO is to manage the business of Trust.  The Board delegates to the CEO all matters not reserved to the Board, including the day to day management of Trust. 

To assist the Board carry out its functions it has developed:

  • an Ethical Framework to guide the Directors, the CEO, the Executive Team and the employees in the performance of their roles; and
  • a revised Board Charter that describes the role of and responsibilities reserved for the Board, the Chairman and the CEO.  The revised Board Charter is available here.

Evaluating the performance of the Executive Team

Trust’s Executive Team is detailed under the ‘About Us’ section of this website.

The Board evaluates the performance of the CEO against agreed plans and the key performance indicators that it sets at the beginning of each year. The CEO evaluates the performance of the other Executive Team members and makes his recommendations on their performance to the People and Remuneration Committee. 

The performance of Executive Team members (and all Trust employees) is evaluated on a six monthly basis against their key performance indicators that have been set at the start of the year.  Key performance indicators cover both financial and non-financial aspects of each Executive Team member’s role.  The key performance indicators are cascaded down from those set for the CEO.  The performance management process plays a key role in developing high performance teams and aligning employee and organisational behaviour with Trust’s cultural values as set out in the Ethical Framework and the interests of our stakeholders. 

The performance evaluation of the Executive Team has taken place in accordance with the above process.

Remuneration of the Executive Team is reviewed by the People and Remuneration Committee (see Principle 8).