Corporate governance

Corporate governance is a number of internal procedures and systems by which CareSuper is directed and managed. The Trustee of CareSuper has developed set standards, which are in excess of that required by law and generally operating, by which the fund will operate. This pursuit of high standards reflects the Trustee’s recognition of the fact that the fund exists to invest amounts contributed by or on behalf of members for their retirement and that CareSuper has no intrinsic purpose other than to serve its members’ interests as a whole.

The policies and procedures that comprise CareSuper’s corporate governance are critical to the prudent management of the fund. With this in mind, the policies and procedures outlined are maintained and reviewed periodically as:

1. Legislation prompts the need to review these policies
2. The circumstances of the fund change significantly
3. The Board approves changes to fund governance reflecting improvements in management practice
4. The Trust Deed or Constitution are changed
5. The content of any individual policy includes specific guidance on its renewal/updating.
 

VALUES

All of CareSuper’s actions are based on achieving optimum retirement and related outcomes for its members.
In pursuing this objective CareSuper will embrace and apply the following values:
 

• Honesty
• Legality
• Professionalism
• Prudence
• Fairness
• Transparency
• Personal confidentiality

CORPORATE STRUCTURE AND PROCESSES

The Trustee of CareSuper is CareSuper Pty Ltd.
The Board of Directors of the Trustee comprises persons elected/appointed by the Board who have been nominated by relevant employer and fund member organisations and one Independent Director.
 

STANDARDS EXPECTED OF DIRECTORS AND SENIOR MANAGERS

Minimum Professional Standards

All Directors have a responsibility to comply with the specified requirements and meet the Professional Standards of:
 

• A knowledge of the Superannuation legislation and other relevant prudential requirements
• Investment & risk knowledge
• Knowledge of the elements and application of other RSE licensee and trust law.

Outsourcing

Outsourcing is a key component of the fund’s business model. The Board believes that operating costs can be controlled by contracting with outsourced suppliers who can generate economies through scale in acting on behalf of multiple funds.

Each material contract is subject to a competitive tender, except for investment managers, where the service of the asset consultant is used. A formal agreement is in place for all service providers which set out the standards to be met, ensuring the delivery of a high quality of service and performance.
 

Conflict Of Interest

Those engaged in the management of the fund are required to consider the interests of the members and ensure that when they discharge their duties they are done in the best interest of the members. CareSuper has a formal Conflict of Interest policy which requires directors and senior managers to declare their interests, thus ensuring the best interest of the members is served. 

Investment Corporate Governance