AMENDED FSC SERIES FS800-SOCIO-ECONOMIC-DEVELOPMENT-AND-CONSUMER-EDUCATION
Detail for AMENDED FSC SERIES FS800-SOCIO-ECONOMIC-DEVELOPMENT-AND-CONSUMER-EDUCATION
- THE QSFI SOCIO-ECONOMIC DEVELOPMENT AND CONSUMER EDUCATION SCORECARD
- Qualifying socio-economic development (SED) and consumer education (CE) contributions will be recognised as a percentage of the previous year’s annual Net Profit after Tax (NPAT) of the measured entity. If the measured entity does not make a profit, then qualifying SED and CE contributions of an average of the last 3 years contributions will earn the full points in paragraphs 1.3.1 and 1.3.2 respectively.
- For banks, the NPAT is the NPAT generated by retail operations.
- The following table represents the criteria and method used for deriving a score for SED in this statement:
|
1.3.1 |
Criteria |
Weighting Points |
Compliance Target |
|
1.3.1.1 |
Annual value of all SED by the measured entity as a percentage of NPAT |
3 |
0.60% |
|
1.3.1.2 |
Annual value of all qualifying CE contributions made by the measured entity as a percentage of NPAT |
2 |
0.40% |
|
|
Total |
5 |
|
|
1.3.2 |
Bonus Points |
|
|
|
1.3.2.1 |
Additional SED contributions made by the measured entity as a percentage of NPAT |
1 |
0.20% |
|
1.3.2.2 |
Additional CE contributions made by the measured entity as a percentage of NPAT |
1 |
0.10% |
|
1.3.2.3 |
Contributions to the Fundisa Retail Fund or to other similar initiatives made by the measured entity as a percentage of NPAT |
2 |
0.20% |
- KEY MEASUREMENT PRINCIPLES
Key measurement principles in statement FS500 are applicable to this statement. Any interpretation or calculation of a QSFI score for Socio-economic Development and Consumer Education must be made in accordance with statement FS500.