Governance

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Fund governance

  • Board and committee attendance

    Board attendance history

    The table below outlines attendance at Board meetings by Directors over the past 7 years.

    Current Directors

    Director 2015/16 2014/15 2013/14 2012/13 2011/12 2010/11 2009/10
    Graeme (Sandy) Grant 10 of 10 10 of 10 12 of 12 12 of 12 10 of 11 11 of 11 10 of 11
    Catherine (Cate) Wood^ 10 of 10 10 of 10 12 of 12 12 of 12 10 of 11 10 of 11 10 of 11
    Gabriel Szondy 8 of 10 9 of 10 9 of 12 10 of 12 9 of 11 8 of 11 9 of 11
    Julie Bignell 9 of 10 9 of 10 10 of 12 3 of 4      
    Chris Christodoulou 10 of 10 9 of 10 11 of 12 8 of 8      
    Keith Harvey 10 of 10 9 of 10 7 of 7 3 of 3#      
    David Michaelis 9 of 10 10 of 10 11 of 12 8 of 8      
    Mark Sibree 9 of 10 10 of 10 12 of 12 6 of 6      
    Katherine Sampson 10 of 10 9 of 10 3 of 3        
    Andrea Waters 10 of 10 4 of 4          
    Terence (Terry) Wetherall* 8 of 9            
    Michelle Gardiner* 3 of 4            
    Greg McLean* 1 of 1            

    * Incoming Directors:
    Terry Wetherall – 1 August 2015
    Michelle Gardiner – 9 February 2016
    Greg McLean – 23 May 2016

    Previous Directors

    Director 2015/16 2014/15 2013/14 2012/13 2011/12 2010/11 2009/10
    John Burge - - 7 of 9 12 of 12 10 of 11 10 of 11 11 of 11
    Sue-Anne Burnley** 4 of 6 9 of 10 12 of 12 7 of 12 10 of 11 7 of 11 8 of 11
    Michael Want - - 6 of 6 11 of 12 10 of 11 10 of 11 9 of 11
    Barry Watchorn - 6 of 6 12 of 12 12 of 12 10 of 11 11 of 11 11 of 11
    Garry Brack** - 7 of 8 5 of 10 8 of 8      
    Monica Clavijo** 5 of 7 6 of 10 11 of 12 3 of 4      

    ** Outgoing:
    Garry Brack – 2 April 2015
    Sue-Anne Burnley – 31 January 2016
    Monica Clavijo – 29 February 2016

    Other:
    # As Alternate Director
    ^ Change to Board Chair – 5 March 2014

  • Remuneration

    How we remunerate Directors

    The Board brings to the table specialist skills and experience to ensure the Fund is professionally governed. Director remuneration is set using a total annual fee approach for both Board and Committee work. The fees for the Chairs of the Fund and each Committee reflect the additional time and commitment necessary to carry out their duties. Committee members also receive an annual fee which is commensurate with the number of meetings normally scheduled for each Committee. Some Directors are on more than one Committee.

    The target level of income for Directors and Chairs is guided by the median remuneration paid for these roles in ‘profit to members’ funds of a similar size, taking into account funds under management, membership and contribution levels.
     

    2016/17 Directors’ fees
    Chair annual fee $100,000
    Deputy Chair annual fee $70,200
    Director annual fee $52,000
    Additional fee – Chair, Compliance, Audit and Risk Management Committee $13,000
    Additional fee – Chair, Investment Committee $15,600
    Additional fee – Deputy Chair, Investment Committee $8,540
    Additional fee – Chair, Member and Employer Services Committee $10,400
    Additional fee – Chair, Development and Product Committee $10,400
    Additional fee – Compliance, Audit and Risk Committee $3,559
    Additional fee – Investment Committee $4,270
    Additional fee – Member and Employer Services Committee $2,847
    Additional fee – Development and Product Committee $2,847
    Additional fee – Claims Review Committee $8,525
    Additional fee – Governance and Remuneration Committee $2,847

    Remuneration for the last two financial years is available here.


    How we remunerate staff

    The objectives of the Fund’s remuneration policy are to ensure that:

    • CareSuper provides a fair, equitable and competitive remuneration framework that recognises and rewards individual and collective contribution 
    • CareSuper attracts and retains suitably qualified and experienced people and rewards them appropriately
    • CareSuper’s remuneration reflects the market in which the Fund competes for the capabilities required to achieve its business priorities and is consistent with its values and all profit-to-members ethos.

    Staff are remunerated by way of a fixed salary package. The Fund does not pay short or long term incentives, believing these are not aligned with its ‘profit to members’ ethos. CareSuper’s target salary position is the 50th percentile (median) of the ‘all profit-to-members’ financial services sector (covering superannuation funds and credit unions). Annually, the CEO sources relevant market data from surveys to benchmark the salaries of each position within the Trustee Office. The annual salaries budget and total increases are approved by the Governance and Remuneration Committee.


    How we remunerate executives

    Remuneration details of CareSuper's executive staff are available here.

  • Gender diversity

    Promoting diversity

    At CareSuper we believe that the quality of decision making is enhanced by having a range of views represented at Board, Executive and staff levels. We consciously strive to achieve balance by seeking diversity across factors such as gender, age, experience, skills and professional qualifications.  

    The Fund aims to achieve equal gender representation at Board level and when selecting to fill Director vacancies, nominating organisations are asked to consider this when proposing candidates.  

    In recruitment of staff, selection will be made on merit, taking into account the skills, qualifications, experience and other attributes to perform the role and contribute to the team.

     

    Gender diversity
    Category Males Females
    Board 6 6
    Executive team 1 4
    Other staff 33 52

    As at 1 April 2017

  • Financial information

    Financial statements and operating expenses

    In order to maintain a healthy Fund, CareSuper’s Trustees keep a close watch on the Fund’s investment performance and expense management. The result is a financially fit Fund.

     

     

    Audited financial report for 2015/16

    To obtain a copy of CareSuper’s financial audited figures for the 2015/16 financial year, click here.
    To obtain a copy of the Trustee's financial audited figures for the 2015/16 financial year, click here.

    To view the financial statements for the previous year, click here

  • Outsourced providers

    Our service providers

    CareSuper works with a range of independent experts to assist with the key operations of your super fund.

     

    CareSuper’s outsourced providers for 2016/17 are:

    Administration

    Australian Administration Services Pty Limited
    (ABN 62 003 429 114)

    Asset consultant

    JANA Investment Advisers Pty Ltd
    (ABN 97 006 717 568)

    Auditor - external

    PricewaterhouseCoopers (Fund)
    (ABN 52 780 433 757)

    KPMG (Trustee)
    (ABN 51 194 660 183)

    Auditor - internal

    KPMG
    (ABN 51 194 660 183)

    Credit control services

    Industry Funds Credit Control
    (a division of Industry Fund Services Limited,
    ABN 54 007 016 195)

    Custodians

    NAB Asset Servicing
    (ABN 12 004 044 937)
    Pacific Custodians Pty Limited
    (ABN 66 009 682 866)

    Insurer

    MetLife Insurance Limited
    (ABN 75 004 274 882)

    Insurance adviser

    IFS Insurance Solutions Pty Ltd
    (ABN 16 070 588 108)

    Investment managers

    View the list of CareSuper’s investment managers here (including our material investment managers)

    Legal advisers

    Greenfields Financial Services Lawyers (Melbourne)
    (ABN 42 165 170 294)
    Hall & Wilcox Lawyers
    (ABN 58 041 376 985)
    Holding Redlich
    (ABN 15 364 527 724)

    Tax adviser

    KPMG
    (ABN 51 194 660 183)

     

  • Policy documents

    CareSuper’s policies and procedures govern how the Fund operates.

    Charters of reference – Board Committees
    Describes the structure, purpose and responsibilities of each Committee:

  • Notices (SENs)

    CareSuper is required to notify members about any material changes to the Fund. This notice (known as a significant event notice or SEN), is required when a change or event may affect a member’s super account. Examples include a change to investment option(s), fees and costs, insurance cover and premium changes and instances where a member’s benefit may be transferred.

    Members will be issued an SEN via email (if we have your email address) or in the mail. Where possible, CareSuper will use its member magazine to communicate a significant event to members.


    Timing of an SEN

    • At least 30 days before the event occurs, where the change results in an increase to fees or charges
    • No later than three months after the event occurs, where the change or event does not relate to a fee or charge increase.

    Summary of significant event notices

    View a summary of each SEN issued to CareSuper members within the past 2 years.


This website contains general advice, not taking into account your objectives, financial situation or needs. Before acting on this advice you should determine if it is appropriate for you. Before acquiring a product, first read its product disclosure statement. Some products and services offered on this website are provided by third parties. The trustee is not responsible for the products or services, views or actions of these third parties. Terms and conditions may apply which should be obtained from the third parties direct. The trustee does not accept liability if loss or damage is incurred from the acquisition of third party products or services. Past performance is not a reliable indicator of future performance and you should consider other factors before choosing a fund or changing your investments. CARE Super Pty Ltd (Trustee) ABN 91 006 670 060 AFSL 235226 CARE Super (Fund) ABN 98 172 275 725
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