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Bringing a diverse range of property management and investment expertise to CFX
Our approach to sustainability, corporate governance, responsible environmental management and risk management
CFS Retail Property Trust Group's history and ownership
Putting the rights and interests of our investors first in our decisions
View details of CFS Retail Property Trust Group's diversified portfolio
We cater to a diverse range of local and global retailers in a range of product and service categories
Information for CFX securityholders in preparation for voting at the upcoming Meeting of securityholders.
View detailed CFX results information
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Questions about Australian Real Estate Investment Trusts (A-REITs) and CFX answered
Our approach to fully integrating RPI into our business strategy and asset management practices
Our successes in reducing the energy, water and carbon intensity of our portfolio, along with improvements in waste and recycling
We have the skills to benchmark each of our asset's responsible investment performance in real time
Engaging with a broad range of stakeholders such as government, industry bodies, peer groups and global sustainability collectives
Key issues facing the industry and how we are approaching them
The team driving our responsible property program across the CFX portfolio
Examples of responsible property investment initiatives implemented across our portfolio.
Companies should establish and disclose the respective roles and responsibilities of board and management.
CMIL is the Responsible Entity of CFX. CMIL is a wholly owned subsidiary of the Bank. The role of the Responsible Entity is to manage CFX in the securityholders’ best interests in accordance with CFX’s Constitution and the Corporations Act 2001 (Cth) (Act).
The Board of the Responsible Entity is appointed by the Bank. Its members hold office for a term generally not exceeding 10 years, and the composition of the Board is reviewed annually. Ultimate responsibility for corporate governance matters resides with the Board of Directors of CM
The Board has adopted a Charter that sets out the roles and responsibilities of the Board of Directors. This can be found in the ‘About us’ section of CFX’s website cfsgam.com.au/cfx
In the Charter, the Board acknowledges that in discharging its duties to the securityholders of the managed investment schemes for which CMIL acts as a Responsible Entity, the interests of the securityholders may be different from those of the Bank. The Board has a duty to act in the best interests of securityholders including, where necessary, situations where those interests may conflict with the interests of the Bank. The Charter includes that the Board will:
The Compliance Committee is appointed by the Board of the Responsible Entity. The Committee has a Charter, approved by the Board, which sets out the Committee’s duties, responsibilities and reporting requirements.
The Committee has a statutory obligation to monitor the extent to which the Responsible Entity complies with CFX’s Compliance Plan and the Act.
The Committee meets quarterly, or as necessary, and is provided with comprehensive compliance reports. The Committee reports its findings to the Responsible Entity.
The Committee currently consists of six members, four of whom are independent. The members are:
Independence has been assessed using the same criteria that apply to the independent Directors of the CMIL Board.
The Compliance Committee has access to all information relevant to the Responsible Entity’s compliance with CFX’s Compliance Plan and the Act.
Under the Act, the Compliance Committee, in carrying out its functions, may commission independent legal, accounting or other professional advice or assistance, at the reasonable expense of the Responsible Entity
There is a dedicated risk management and compliance team in place that is responsible for reviewing and monitoring the efficiency of compliance and risk management systems on an ongoing basis, and ensuring that appropriate compliance and risk mitigation measures are in place.
CMIL’s compliance framework is consistent with the Australian Standard for Compliance Programs (AS/NZS 3806:2006) and Australian Securities and Investments Commission (ASIC) regulatory guidance for meeting general obligations and licence conditions. The compliance framework is integrated with the risk management framework described under Principle 7.
The compliance team provides reports at least quarterly for the Board and the Compliance Committee, as well as for the Manager and business areas responsible for the day-to-day delivery of business activities.
The compliance team is independent of the business, and may report matters directly to the Board without reference to any other party. This independence is underpinned through the Group’s compliance framework which has been adopted by CMIL.
The Act empowers the Responsible Entity to engage agents to act on its behalf; however, it remains responsible for the actions of those agents.
The Responsible Entity has appointed Colonial First State Property Retail Pty Limited to manage CFX.
The appointment of the Manager is made under a Management Agreement. Under the Agreement, the Manager is delegated to undertake all of the operational management duties of the Responsible Entity, except those that require the holding of an Australian Financial Services Licence.
The Manager provides regular reporting to the Responsible Entity and an annual certification of its ongoing capacity to continue to meet its obligations in accordance with the Management Agreement.
Personnel engaged in the operational activities of CFX are employees of the Bank. The Bank has in place a performance evaluation system that includes the setting of annual key performance indicators for each employee that are measurable and quantifiable, and are reviewed on a semi-annual basis. Amongst other things, the evaluation incorporates specific performance targets that directly relate to CFX for CFX’s management team. During the financial year, all CFX personnel were reviewed in accordance with this process.
An integral part of the performance structure is the requirement for ongoing professional development of personnel. This includes training programs on a wide range of matters including risk management, compliance, market and industry knowledge, diversity and obligations of CFX.
Where external service providers are engaged to provide specified activities for CFX, the engagement is under contract and includes performance and service delivery requirements that are subject to monitoring, review and reporting to CMIL.