AIST Membership

AIST Code of Conduct and Ethics

The AIST code of conduct and ethics is designed to set the standards of conduct and ethical behaviour for its members in the profit-to-member superannuation industry.

AIST's members are current (or were previously) trustee directors or fund employees in the profits to members superannuation sector.

AIST's code of conduct and ethics applies to all members. The code is determined by the AIST board.

All members of AIST should at all times:

  • Act in accordance with the law
  • Act ethically and with integrity
  • Demonstrate a commitment to profits-to-members values
  • Demonstrate a commitment to the representative trustee system
  • Act in accordance with their fund's core values
  • Act in the best interests of their fund's members
    and beneficiaries
  • Deal fairly, objectively, and impartially with all stakeholders, members and beneficiaries
  • Complete an annual program of professional development
  • Promote and support these principles through leadership within their fund, the wider industry and community

In addition, all trustee director members of AIST should at all times:

  • Perform their duties with prudence, diligence and in good faith
  • Comply with the expectations set out in their fund's governance charter, terms of reference and regulatory requirements
  • Comply with the relevant AIST governance standards
  • Ensure their fund promotes equity and transparency in all transactions
  • Actively contribute to their fund's governance processes and the functions outlined in their fund's governance charter
  • Exercise independence of mind in making decisions, and in accordance with the legal and regulatory framework
  • Ensure that they do not receive inappropriate financial benefit or receive any other inappropriate material benefit for themselves, their family or friends as a consequence of their role
  • Ensure they make decisions on merit and at arm's length when awarding contracts, recommending individuals for reward or benefits
  • Disclose any private or other interests that may impact on their role as a fiduciary and take all reasonable steps to manage any relevant conflicts of interest or duty that arise
  • Comply with their duty not to misuse information or their position
  • Be transparent about their actions and decisions and give reasons for decisions, unless a member's privacy or the greater public good requires that confidentiality be maintained
  • Be accountable for their actions and decisions to the relevant authority and to their members
  • Help build a culture of robust discussion, honesty and mutual respect at board meetings
  • Respect the confidentiality of board discussions
  • Speak with a united voice outside of the boardroom, in support of formal board decisions
  • Actively and honestly participate in board performance assessments
  • Educate and support new board members