Sunsuper Pty Ltd ABN: AFSL No: RSE Licence No: L RSE Registration No: R

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1 Sunsuper Pty Ltd ABN: AFSL No: RSE Licence No: L RSE Registration No: R Sunsuper Pty Ltd Sunsuper Superannuation Fund Sunsuper Financial Services Pty Ltd Sunsuper Pooled Superannuation Trust Precision Administration Services Pty Ltd Summary of the Conflicts Management Policy November 2014

2 1. Overview This is a summary of Sunsuper s Conflicts Management Policy ( Policy ) which describes the Sunsuper Group s conflicts management framework and arrangements that meet requirements in the: 2. Purpose APRA Prudential Standard SPS 521 Conflicts of Interest, the Superannuation Industry (Supervision) Act 1993 and the Superannuation Industry (Supervision) Regulations 1994; the conflicts of interest and conflicted remuneration provisions in the Corporations Act 2001 and ASIC s Regulatory Guide 181 Licensing: Managing conflicts of interest and Regulatory Guide 246 Conflicted Remuneration that applies to the Sunsuper Group s Australian Financial Service (AFS) Licensees and their authorised representatives, and; other requirements including the common law fiduciary obligations of trustees and others and the general duties applying to company directors. The purpose of the policy is to assist with the management of conflicts across the entirety of the Sunsuper Group s business operations within a framework of policies, processes and controls for identifying, monitoring, avoiding, disclosing and managing any conflicts that might arise. 3. Responsibility The Sunsuper Board is ultimately responsible for the development, maintenance and enforcement of the Policy and the conflicts management framework. The Policy is prepared by Executive Management and reviewed annually and approved by the Sunsuper Board. Responsibility for facilitating the identification and disclosure of conflicts, and monitoring overall compliance with this policy, resides with the Company Secretary. 4. Scope The Policy applies to all Sunsuper Personnel and to all activities of the Sunsuper Group and the entirety of its business operations. 5. Definitions (selected) Conflicts Investigation Committee Sunsuper committee comprising the Chair of the Audit Compliance and Risk Management Committee (AC&RMC), the Company Secretary and the Chief Risk Officer which is responsible for coordinating the response to conflicts management issues. Conflicted remuneration Any benefit (monetary or non-monetary) given to an AFS Licensee or a representative of an AFS Licensee who provides financial product advice to retail clients which could reasonably be expected to influence the choice of financial product or advice provided to a retail client. Responsible Person Includes a Director, a Senior Manager including the CEO, all Executive Officers and the Chief Risk Officer, an appointed RSE Auditor, an appointed RSE Actuary and a Company Secretary of Sunsuper Pty Ltd, the RSE Licensee. Relevant Duty Refers to any duty owed by Sunsuper Pty Ltd as the Trustee (RSE Licensee) and by its Responsible Persons to the Members (Beneficiaries) or to any other person or entity that the Trustee has determined is relevant because it might reasonably have potential to have a significant impact in regards to acting in the best interests of members. Relevant Interest A relevant interest of the Trustee, an associate of the Trustee or a Responsible Person refers to any interest, gift, emolument or benefit, whether pecuniary or non-pecuniary, directly or indirectly held by the Trustee, the associate or the Responsible Person that the Trustee has determined is relevant because it might reasonably have potential to have a significant impact in regards to acting in the best interests of members. Representative Any person authorised to act as a representative of an Australian Financial Service Licensee within the Sunsuper Group and to provide financial product advice within the scope of their authority. RSE Licensee or Trustee Sunsuper Pty Ltd, the holding company of the Sunsuper Group and the Trustee and RSE Licensee for the Sunsuper Superannuation Fund and the Sunsuper Pooled Superannuation Trust. November 2014 Page 2 of 5

3 6. Policy (summary) The Policy requires the Trustee and all Sunsuper Personnel, including all Responsible Persons and associates of the Trustee to identify, avoid where possible, manage and/or disclose any actual, perceived or potential conflicts. 6.1 Identifying Conflicts It is the responsibility of all Sunsuper Personnel to identify any conflicts of duties and interests that arise in their own individual situation. There are controls and processes to assist all Sunsuper Personnel in the identification and monitoring of conflicts, and in the implementation of any action and/or appropriate response to ensure they are avoided or prudently managed. It is not possible to list all situations, interests or relationships which might create a conflict of interest but Appendices 1 and 2 describe some examples of potential and actual conflicts as a guide only. These examples are not a definitive list of all possible conflicts. 6.2 Training and Education As required by the Trustee s Fit and Proper Policy, Directors and other Responsible Persons are subject to both induction training and ongoing training designed to ensure that they clearly understand their obligations to identify and manage or avoid all potential, perceived and actual conflicts and the conflicts management framework. AFS Licensee Representatives providing financial product advice undertake ongoing training in dealing with conflicts of interest matters as a regular part of their continuing professional development. All Sunsuper Personnel receive both induction and annual ongoing training on conflicts management. Sunsuper Personnel who are not required to complete the annual Declaration of Statutory Matters that applies to all Responsible Persons and certain others are required to make an annual declaration and signoff of their compliance with Sunsuper Group policies including the Conflicts Management Policy. 6.3 General Disclosure In accordance with the Trustee s Fit and Proper Policy, all Responsible Persons (Directors, Executives and other Senior Managers) are required to sign both prior to their appointment and annually a Declaration of Statutory Matters which includes providing details of all known actual, perceived and potential conflicts in duties and interests. In the period between annual declarations, all Responsible Persons are required to notify the Company Secretary on a timely basis of any changes that occur with any duties and interests that may conflict. Other Sunsuper Personnel are required to disclose to their manager on a timely basis any conflicts that may arise in respect of duties and interests. 6.4 EthicsLine The Board has established a whistle-blower line for use by Sunsuper Personnel to report any fraudulent, unethical, illegal or corrupt conduct, including any breaches of the Policy, to an independent third party. All calls to the EthicsLine are reported to the Conflicts Investigations Committee. 6.5 Avoiding Conflicts Sunsuper expects all Sunsuper Personnel to avoid placing themselves in a position where there is a real sensible possibility of conflict between their own interests and duties to other persons and the interests of and duties to Sunsuper and its Members. 6.6 Disclosing and Managing Conflicts Prompt and full disclosure is a critical part of Sunsuper s conflicts management framework. The Conflicts Investigations Committee is responsible for assessing the seriousness of identified possible conflicts and determining how the conflict should be managed, keeping adequate records of the conflict management process, and preparing reports to management and, as appropriate, the Board. November 2014 Page 3 of 5

4 Conflicts must be managed to give priority to the duties to, and the interests of, beneficiaries and meet these duties to members despite any conflict and ensure members interests are not adversely affected by any conflict. 6.7 Materiality for Disclosure in the Registers of Relevant Duties and Relevant Interests For the purposes of disclosing a relevant duty or a relevant interest in the Register of Relevant Duties and the Register of Relevant Interests, the Sunsuper Trustee has assessed and determined materiality thresholds for a number of particular kinds of relevant duties and relevant interests. These are detailed at Appendix Managing Appointing Shareholder Conflicts Representative Directors may take reasonable steps to ensure they are aware of their appointing shareholder s views on a particular matter and may put those views to the respective Board nevertheless the position taken by such directors in debate and decision-making is to firstly reflect and give priority to the director s responsibilities and duties to, and the interests of, the Members and Sunsuper. 6.9 Related Party Transactions Any transaction entered into by the Sunsuper Group involving a related party shall be on terms and conditions no more favourable to the related party than those which it is reasonably expected would be the case if the benefit directly or indirectly was paid to a third party dealing at arm s-length in the same circumstances and on commercial terms. Details of all transactions involving a related party are placed in a Register of Related Party Interests and reported in the annual financial statements as required by the Australian Accounting Standard AASB 124 Related Party Disclosure. The Trustee will subject material related party arrangements and contracts to the same scrutiny as other service providers, including reviews of performance and fees Outsourcing and Service Providers The Outsourcing Policy requires the conduct of regular and thorough enquiries to identify all conflicts arising from relationships of the Group or Sunsuper Personnel with an existing or prospective service provider or adviser, including those that have the potential to affect the service provider s performance in respect of the obligations undertaken for the Group and its business operations Disclosure of gifts, entertainment and other non-monetary benefits All gifts and other non-monetary benefits (which are not conflicted remuneration ) received by Sunsuper Personnel that are valued at $300 or more are to be declared for approval and entry into the Gifts Register. It is the responsibility of all Sunsuper Personnel to identify whether a gift or other non-monetary benefit is conflicted remuneration and take the appropriate action to seek approval before accepting or giving the gift or other non-monetary benefit Disclosing Conflicts of Interest to Members and Others Receiving Financial Advice Through its AFS Licensee entities, the Sunsuper Group provides financial advice to Members and other persons and it also issues financial products. In providing those financial services, Sunsuper will ensure that members are adequately informed about any material conflicts of interest that may affect the provision of those financial services Conflicted remuneration and Sunsuper s MySuper authorisation In order to meet the requirements for an authority to offer a MySuper product, Sunsuper made an election in its application to APRA that it will not fund payment of conflicted remuneration to an Australian financial services licensee or representative from MySuper product fees charged to MySuper members AFS Licensees and Representatives and Conflicted Remuneration (Monetary/Non-Monetary) Monetary benefits of any size such as commissions and volume-based salary components that are conflicted remuneration are banned under Corporations Law from 01 July With the exception of November 2014 Page 4 of 5

5 certain education, training and information software or support benefits, all non-monetary benefits valued at $300 or more that are conflicted remuneration because of their nature or the circumstances in which they are given are also banned. Non-monetary benefits valued at between $299 and $100 and qualifying education, training and information software or support benefits of any value that are conflicted remuneration are required to be recorded in the Non-Monetary Benefit (s. 963C) Register. It is the responsibility of each individual AFSL representative to identify where a monetary or nonmonetary benefit is conflicted remuneration Personal Relationships The Conflict of Interest Personal Relationships Policy deals specifically with the standards of expected behaviour and puts in place a framework to assist to resolve, to the extent possible, conflicts that may arise in workplace duties, entitlements and responsibilities due to personal relationships Minutes and Registers The Company Secretary is responsible for ensuring the recording in the minutes of the Sunsuper Board (including board committee and other board-related meetings) details of each conflict identified during the meeting and the action and/or decision taken to avoid or manage this conflict. The Company Secretary is responsible for the maintenance of the various registers associated with the conflicts management framework, including the public Registers of Relevant Duties and Relevant Interests Comprehensive Review On at least a three (3) year basis, the Company Secretary will arrange for a comprehensive review of the Group s conflicts management framework and the Policy by an operationally independent, appropriately trained and competent person Annual Review The Company Secretary carries out a review on an annual basis of the Group s conflicts management framework and the Policy and reports the results of this review to the AC&RMC and the Board. 7. Related Policies and Guidelines Other Sunsuper policies and guidelines should be read in conjunction with this Policy, including: Board Charter; Code of Conduct and Ethics; EthicsLine; Fit and Proper Policy; Restricted Security Trading Policy, and; Outsourcing Policy. Appendix 1 Conflicts Management Framework This appendix provides a detailed description of Sunsuper s framework of systems, structures, policies and processes for managing conflicts as required under the various statutory requirements. Appendix 2 Register of Relevant Duties and Relevant Interests This appendix provides details of the Sunsuper Trustee s assessment and determination of the materiality thresholds for a number of particular kinds of relevant duties and relevant interests that require disclosure in the Register and Relevant Duties and the Register of Relevant Interests. These registers are required to be maintained under the APRA prudential standard and disclosed on the Sunsuper public website. November 2014 Page 5 of 5

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