The Responsible Entity CMIL is the Responsible Entity of Commonwealth Property Office Fund (CPA or the Fund). CMIL is a wholly owned subsidiary of Commonwealth Bank of Australia (the Bank).
The role of the Responsible Entity is to manage the Fund in the unitholders’ best interests in accordance with the Fund ’s Constitution and the Corporations Act 2001 (Cth) (the Act).
ASX CORPORATE GOVERNANCE COUNCIL PRINCIPLESFOUNDATIONS
Principle 1: Lay solid foundations for management and oversight Companies should establish and disclose the respective roles and responsibilities of board and management.
• The Board of the Responsible Entity • Charter • Compliance Committee • Compliance monitoring and reporting • The Manager • Performance evaluation BOARD OF DIRECTORS
Principle 2: Structure the board to add value Companies should have a board of an effective composition, size and commitment to adequately discharge its responsibilities and duties.
• Composition • Board independence • Independent professional advice • Appointment • Board performance • Compliance Committee performance ETHICS
Principle 3: Promote ethical and responsible decision-making Companies should actively promote ethical and responsible decision-making.
• Board meetings • Access to documents • Code of conduct • Insider trading policy FINANCIAL REPORTING
Principle 4: Safeguard integrity in financial reporting Companies should have a structure to independently verify and safeguard the integrity of their financial reporting.
• Audit Committee
Principle 5: Make timely and balanced disclosureCompanies should promote timely and balanced disclosure of all material matters concerning the company.
• Continuous disclosure policy and procedures
Principle 6: Respect the rights of unitholders Companies should respect the rights of unitholders and facilitate the effective exercise of those rights.
• Communication policy RISK MANAGEMENT
Principle 7: Recognise and manage risk
Companies should establish a sound system of risk oversight and management and internal controls.
• Risk management and internal controls
Principle 8: Remunerate fairly and responsibly Companies should ensure that the level and composition of remuneration is sufficient and reasonable and that its relationship to performance is clear.
• Remuneration Committee • Expense reimbursement
1Copies of the Corporate Governance Principles and Recommendations, ASX Corporate Governance Council are available from the Australian Securities Exchange telephone 131 279 (local call cost anywhere in Australia) or from their website.
Copyright © 2013 Colonial First State Property Limited. All rights reserved.