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Governance

Decision rights, reporting and external providers.

Mission & ValuesContact

There is no external board and no advisory committee. The family sets policy; the office executes it.

Open leather-bound book under a brass reading lamp

How decisions are made

An Investment Policy Statement reviewed by the family each year sets target ranges for asset classes, the maximum single position, leverage limits and the minimum level of liquidity. Day-to-day implementation sits with the office; material deviations require family sign-off.

DecisionAuthority
Rebalancing within policy rangesOffice
New positions under 3% of bookOffice
Positions above 3%Family sign-off
Changes to the Investment PolicyFamily, annual review
Leverage, hedging, derivativesFamily, unanimous

Conflicts and providers

The office holds only its own capital. Soft commissions, referral fees and product rebates are not accepted. External managers are paid on assets under management only and are reviewed against the family's objectives. Custody sits with an independent custodian, separate from the entities that advise the office.

Reporting

The family receives a quarterly written record of positions, performance against policy, fees paid, and any deviations taken. The office does not publish monthly net asset values.

Portfolio

Portfolio

Both holdings followed the same path: a written thesis, a size within policy, and an annual review recorded in the quarterly family document.

Australian Quality Equities Portfolio
Equities

Australian Quality Equities Portfolio

A concentrated book of listed Australian businesses selected on durable earnings and balance sheet strength.

Core holding since 2023View →
Infrastructure & Real Assets
Real Assets

Infrastructure & Real Assets

Long-life assets with contracted or regulated cash flows, sitting alongside the property and equity books.

Selected positionsView →
Continuity

Continuity

Written thesis for each position, so the reason for holding it survives a change in personnel.

The Investment Policy Statement is versioned annually.

Custody and audit are independent of the office's own systems.

Quarterly reporting is produced to a fixed schedule.

Decision rights are documented, so authority does not move by default.

Governance

Decision rights, reporting and conflicts

Who decides what, how conflicts are removed, and what the family receives.

A written document reviewed by the family each year. It sets target ranges for each asset class, the maximum size of any one position, the leverage and hedging limits, and the minimum liquidity required.

Every allocation is tested against it, and deviations are reported against it.

Rebalancing within policy ranges and new positions below 3% of the book are executed by the office. Positions above 3%, changes to the policy, and any use of leverage, hedging or derivatives require family sign-off; gearing and derivatives require unanimous sign-off.

Routine work is executed by the office; structural change goes to the family.

The people who own the capital set the policy that governs it. Independent judgement is engaged from external firms for audit, custody, tax and legal work.

Those functions are engaged from external firms rather than formed into a committee.

Structurally, by holding only its own capital. Operationally, by refusing soft commissions, referral fees and product rebates.

Managers are paid on assets under management only, and custody sits with an independent custodian separate from any adviser.

A written quarterly record covering positions, performance against policy, fees paid, and any deviations with the reason for each.

The record is quarterly. Monthly net asset values are not published.

The Investment Policy Statement, the written thesis for each position and the annual review record hold the portfolio's logic outside any one person's memory.

Custody and audit sit with independent institutions, so a change in office personnel does not interrupt asset holding or reconciliation.

Governance Enquiry

Enquiries about governance

Researchers and professional advisers may write to the office about these arrangements. Please state the purpose of the enquiry.

  • Substantive enquiries are answered within two business days.
  • Commercial information is treated as confidential.