Please note: this is a summary only and does not contain the full details which are contained in the Rest Board Diversity Policy (Policy).
The Rest Board recognises that people from diverse backgrounds bring different skills, knowledge and experiences that assist in decision making in the best financial interests of Rest members. Accordingly, the Board is committed to promoting a culture that actively values those differences. The Board believes that diversity on the Board is an important part of promoting that culture.
The objectives of the Policy include to:
- encourage diversity of thought and input on the Board;
- assist in understanding the needs of Rest’s diverse membership;
- support engagement by Rest’s diverse membership in their superannuation outcomes;
- support providing leadership to the Rest Group of the importance of having a culture that values diversity;
- support the development of recruitment, mentoring and development practices that assist in promoting diversity on the Board and Rest Group generally;
- support the recruitment and appointment of Directors on merit but, when all merit-based items are relevantly equal, imposing a target for gender diversity;
Scope and Rest approach
The Policy expressly addresses diversity of gender. Diversity of skills is covered in the Fit and Proper Policy, Board Governance Policy and Rest Learning and Development Policy. The Board Governance Policy also includes diversity within a range of factors that are relevant to the selection, appointment, re-appointment and removal of Directors.
In the application of the Policy the Board must give priority to:
- its legal obligations; and
- the need to be satisfied that the Directors collectively, and each Director individually, has the appropriate skills, knowledge and experience to discharge their duties as Directors of the Trustee Company.
Diversity of gender
Diversity of gender is a consideration for any Board appointment. Candidates must be nominated according to the representational requirements as set out in the Rest Constitution. In seeking nominations according to those requirements, nominating entities will be requested to have regard to the Rest Board Diversity Policy.
Target and aspiration
The Rest Board had set:
- a 33% minimum target for each gender by 31 December 2020; and
- a 40% minimum aspiration for each gender.
Rest exceeds the minimum threshold for female representation on the Board of 40% as outlined in the Board Diversity Policy (with female Board representation currently sitting at 44%).
Training and awareness
The Rest Board will support its Directors receiving training on their obligations in relation to the Policy. Directors also have obligations under the Rest Learning and Development Policy to complete at least 20 hours of training per calendar year, of which a minimum of 15 hours must be formal training.
The key aspects of the Policy and the implementation of it will be included in the annual report to members.