AIST Governance

AIST’s Governance Code

AIST’s Governance Code is a principles-based framework which goes beyond current regulatory requirements cementing a high benchmark of practice in Australia. The Code, which consists of 21 requirements, promotes continuous improvement in governance practice and aims to protect and improve outcomes for members.

As part of the implementation of the Code, AIST appointed a three-member independent Governance Code Monitoring Panel responsible for monitoring, engagement, reporting and other Code-related activities.

Key milestones

The Code became mandatory for AIST member on 1 July 2018. Funds will report on their FY19 compliance with the Code requirements by 30 September 2019.

AIST funds were invited to take part in a 2018 voluntary reporting pilot to test the reporting approach and identify leading practice. Pilot funds reported a high level of compliance with the Code requirements and the Panel’s evaluation of the reports is found in the 2019 Voluntary Pilot Report on Compliance with the AIST Governance Code.

The Code will be reviewed on a three-yearly basis to ensure that it continues to meet its objectives of improving governance; ensuring that the culture of the profit-to-member sector is fully supported by governance structures; and improving accountability and transparency. The first review is scheduled to take place in 2021.Governance Code Milestones 2019 2020 

Governance Code resources

The Code Guidance provides legal and regulatory context and commentary on each requirement.

FAQs include special guidance for public sector funds.

2019 Reporting Template provides a structured report designed for use by governance personnel responsible for preparing and submitting a fund’s compliance report for approval of their Board. It also assists the Panel to analyse the profit to member sector’s governance practices.

2019 Helpful Hints for Reporting includes models for satisfactory explanations of compliance as well as leading practice examples for each of the 21 requirements.

Further information on the Code and/or reporting processes is available by contacting Holly Lindsay, AIST Senior Manager, Governance on +61 3 3855 8677 or by emailing govcode@aist.asn.au