Diversity the key to good governance
We believe that corporate governance is fundamental to ensuring that the company and the fund are managed properly and delivering long-term results to fund members.
The board's composition reflects our commitment to ensuring Equip members and employers can be confident that we have the appropriate diversity of experience, skills and perspectives for an increasingly complex, global investment environment and a digital world.
Equip's board members must meet fit and proper requirements and are appointed for three year terms as follows:
Any fund member can nominate for appointment as a Member Director. Each nominee for selection must nominate their candidature for a specific skills category specified by the board. Member Director nominees are reviewed by specialist external consultants, who present shortlisted candidates to the board's Nominations Committee, which is comprised of several Equip directors. This committee presents its selected candidates to the board for approval and appointment.
Employers may nominate candidates for consideration as Employer Directors. Following the merger with the Rio Tinto Staff Superannuation Fund on 1 July 2017, Rio Tinto has the right to appoint an Employer Director to the Equip board. Selection and appointment of other employer directors is based on an employer vote conducted by an independent external organisation. All employers contributing to Equip are entitled to vote for candidates, with an allocation of votes equal to the number of their employees who are Equip members on the nominated date. Rio Tinto's vote is restricted for candidates other than its own Employer Director appointee.
Equip's three independent directors are selected and appointed by the existing members of the board. The Chair is selected from the three independent directors.