Our corporate governance statement
Colonial First State Global Asset Management is a wholly owned subsidiary of the Commonwealth Bank of Australia (the “Bank”). Colonial First State Global Asset Management's corporate governance practices are therefore based on those adopted by the Bank throughout its operations. Please refer to the Commonwealth Bank of Australia website for further details.
The Asset Management division’s Board consists of five senior executives appointed by the Bank, who hold office until removed by the Bank. The Board meets at least six times a year for the purpose of overseeing all aspects of Asset Management’s business plan and objectives, together with ensuring its statutory obligations are met.
The financial statements of Asset Management are independently audited by the Bank’s auditors, Price Waterhouse Coopers. As these statements are special purpose financial statements they are not disclosed publicly.
With over 600 employees (June 2009), policies and procedures have been adopted to ensure appropriate ethical standards are maintained throughout the Company. In addition, senior management and the Board receive regular reports to ensure compliance with the statutory obligations that Colonial First State Global Asset Management is required to address within the various property sectors in which the Asset Management division operates.
