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One of the core objectives of DIFCP is to ensure a clear alignment of interest between the business itself and its clients.
The business objectives, ownership, reward structure, and culture are all directed at reinforcing a full alignment of interests – the DIFCP management team and shareholders benefit only when the unitholders benefit.
The corporate governance regime is designed to protect the unitholders and ensure the full alignment of interests between DIFCP and the Fund’s unitholders:
- Unit registry, custody, trust administration and unit pricing are outsourced to JP MorganChase to ensure there is third party oversight of these functions.
- Asset valuations are generally conducted by a recognised independent third party valuer, typically either KPMG Corporate Finance (Aust) Pty Limited or Corporate Valuation Advisors Inc.
- Governance consists of three directors (one independent), a Compliance and Investment Committee, and an Advisory Board nominated and elected by the unit holders.
- Management team performance fees are paid only upon successful realisations achieving in excess of a hurdle rate of return of 10.7%.
Management and ownership
The DIFCP management team is headed by Fergus Neilson (MD) and Ted Dow (MD) who have managed the business since inception. The business is 100% owned by directors and staff.
Independent directors
The main Board of DIFCP comprises three directors, one of whom is an independent non-executive director with longstanding experience in the investment management and superannuation industries. Executive directors are Fergus Neilson and Ted Dow.
Unit holder Advisory Board
Advisory Board members are all representatives of cornerstone investors. Every second year, nominations are sought for election to Advisory Board membership from amongst the officers and trustees of all client super funds. The Advisory Board focuses on ensuring that DIFCP management is regularly appraised of unitholder priorities and concerns.
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