10. MANAGEMENT AND CORPORATE GOVERNANCE 10.1
Compliance Plan
The Fund has a Compliance Plan which sets out how the Responsible Entity will ensure compliance with both the Act and the Constitution, and provides the mechanisms for monitoring compliance with the relevant laws and the Constitution. It further sets out the procedures to be followed by the Responsible Entity if an event occurs which requires action. This plan is overseen by a Compliance Committee and the Responsible Entity’s compliance with is audited annually by the Compliance Plan Auditor. 10.2
Compliance Committee
The Responsible Entity has established the Compliance Committee to monitor compliance with the Compliance Plan. The majority of its members are independent of the Responsible Entity. In addition, the Compliance Committee must regularly assess the adequacy of the Compliance Plan and report any breaches of the Act or the Constitution to the Responsible Entity. If the Responsible Entity does not take appropriate action to deal with the breach, the Compliance Committee must report relevant details of the breach to ASIC. Details of the current members of the Compliance Committee are set out below: Steven Robert O’Connell Mr O’Connell has over 35 years’ extensive finance industry experience in life insurance, asset management, custodial services, financial planning and superannuation (consulting, administration and trustee services). He has headed the compliance and risk management functions for several large multi-national asset managers. Mr O’Connell has been appointed company secretary for a number of asset managers, and has headed custodial operations for corporate actions, reconciliations and unlisted trust management. He has held board positions at one of Australia’s leading asset management companies, chairs Compliance Committees for leading asset managers and continues to be a Responsible Manager for a number of asset management companies. Mr O’Connell also sits on the board of a number of small businesses within the finance industry and has been a member of the Responsible Entity’s Compliance Committee for over 15 years. He is also a director of Lowell Resources Funds Management Ltd. John Taylor John is a compliance practitioner with over 30 years’ experience in the finance industry. Sectors he has experience in include managed funds, listed trusts, superannuation, trustee companies and building societies. As former Executive Director of Intertextual Pty Ltd, John led a team which developed a risk and compliance management software program used by many of Australia’s major superannuation funds. John is originator and co-convenor of the Independent Compliance Committee Forum. John is also Chairman of the Responsible Entity’s Compliance Committee, a position he has held for more than 15 years. Neil Busse Mr Busse has over 30 years’ experience in the finance industry including the management of a corporate trustee business, extensive experience in the life and general insurance operations. Mr Busse has been a senior manager of a national financial planning company and he has been a member of the Responsible Entity’s Compliance Committee for more than 15 years. Page 61 of 91
