Home' Financial Ombudsman Service Annual Review : 2011-2012 Annual Review Contents 75
Financial Ombudsman Service 2011-2012 Annual Review
Board performance, including the performance
of its committees and its individual directors, is
evaluated through a combination of confidential
self-assessment questionnaires and objective
examination of key performance indicators and
achievement of projects listed in the FOS Business Plan.
Principle 3: Promote ethical and
Because FOS is an external dispute resolution
scheme, its Constitution and Terms of Reference are
reviewed and approved by the Australian Securities
and Investments Commission (ASIC), in accordance
with the principles set out in ASIC Regulatory Guide
139. FOS considers that this process, coupled
with the additional transparency arising from the
publication of its Operational Guidelines to the
Terms of Reference, adequately explains how FOS
will conduct its operations and therefore a specific
code of conduct is not required.
The standards of behaviour expected of FOS
directors and employees are embedded in the
Board Charter, the FOS values and our dedication
to integrity, independence and fairness.
In the 2012–2013 financial year, FOS will be
developing a corporate social responsibility policy
that will further explain its position in this area.
Diversity within FOS
FOS is committed to ensuring that all employees and
applicants for employment are treated fairly and that
applicants are assessed based on their job-related
skills, qualifications and abilities. FOS aims to use
all the skills and talents available within the
organisation's workforce and to ensure that
employees are afforded equal opportunity.
FOS is also committed to the elimination of
discriminatory workplace or work-related behaviour.
FOS managers are responsible for maintaining
a non-discriminatory work environment in which
opportunities for advancement are available to all.
Managers must ensure that all recruitment, training
and promotion is undertaken without regard to race,
gender, national origin, sex, sexual preference, age,
family responsibility, pregnancy, religion, political
persuasion, disability (physical or mental) or marital
status. All employees are responsible for demonstrating
positive Equal Employment Opportunity principles.
Out of respect for the privacy of its employees and
prospective employees, FOS does not enquire about
ethnicity or cultural background when recruiting or
appointing staff. That said, FOS employees come
from a wide range of backgrounds and FOS seeks
to appoint well-qualified people, regardless of origin,
who can best assist FOS in achieving its corporate goals.
In regards to gender diversity, FOS employs 378
people (at 30 June 2012), 207 of whom (55%) are
women. Of the nine directors of FOS, three are
women (33%), and of the nineteen senior managers
of FOS, nine are women (47%).
Principle 4: Safeguard integrity
in financial reporting
The functions of an audit committee are carried
out at FOS by the Finance & Risk Management
Committee. Catriona Lowe is the Chair of this
committee, with Robert Belleville being the other
member and David Squire being a former member.
Their qualifications are listed above.
The Committee, since its inception in 2008, has had
a formal charter governing its area of responsibility.
For the 2011–2012 financial year, the following table
sets out the meetings and attendances:
Principle 5: Make timely and
This principle applies to companies who are subject
to the ASX Listing Rule disclosure requirements, and
as such has no relevance to FOS.
Principle 6: Respect the rights of
As a public company, limited by guarantee, FOS does
not have any shareholders. As a result, this principle
has no direct relevance to FOS.
However, FOS is committed to respecting the rights
of its stakeholders, particularly the financial services
providers who are members of the scheme and the
consumers who use the service. Information about
FOS can be found on its website (www.fos.org.au),
by email (firstname.lastname@example.org), or via telephone
(1300 78 08 08 for consumers, 1300 56 55 62
In addition, in February 2012, FOS appointed
a Stakeholder Engagement and Communications
Manager, Elizabeth Compton, to develop a stakeholder
engagement strategy and enhance the activities of
FOS in this area. (See the Stakeholder Engagement
section on pages 65-69 for more information).
Links Archive 2012-2013 Annual Review New Navigation Previous Page Next Page