A summary of procedures to evaluate the performance of the Board and individual directors at least annually and confirm annually that the performance procedures have taken place.
Rest Board’s membership is subject to their ongoing performance and the Board’s need for any specialist skills or experience. The Board regularly assesses the skills, knowledge and experience required individually and collectively for the Board to effectively fulfil its role. The Board formally reviews its performance and the performance of each Director on an annual basis. Every three years, this process is facilitated by an external consultant.
The most recent review by an external consultant was in financial year ending 2019 was facilitated by an external consultant.
Apart from being assessed collectively and individually annually, Directors also are required to comply with the Fit and Proper requirements as required by the SIS legislation and the Corporations Law.
Rest’s Fit and Proper Policy covers two processes being:
- A process for conducting the Board’s performance assessments; and
- The annual Fit & Proper assessment (as required under APRA SPS520).
Fit and Proper assessments
Rest conducts annual Fit and Proper assessments for its responsible persons. These persons include the Directors and senior managers. The Fit and Proper assessment process may be carried out by external consultants and overseen by the Board.
In assessing the fitness and propriety of its Responsible Persons, the Trustee examines the following criteria:
- Knowledge and experience
- Honesty and integrity
- Conflicts management
The procedures to evaluate the performance of the Board and Directors takes place annually.