Board and committee attendance
Board attendance history
The table below outlines attendance at Board meetings by Directors over the past 7 years.
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
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
Garry Brack – 2 April 2015
Sue-Anne Burnley – 31 January 2016
Monica Clavijo – 29 February 2016
# As Alternate Director
^ Change to Board Chair – 5 March 2014
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 – Chair, Member and Employer Services 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 – 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.
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 7 5 Executive team 1 4 Other staff 20 37
As at 1 March 2016
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
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 2015/16 are:
Australian Administration Services Pty Limited
(ABN 62 003 429 114)
JANA Investment Advisers Pty Ltd
(ABN 97 006 717 568)
Auditor - external
(ABN 52 780 433 757)
(ABN 51 194 660 183)
Auditor - internal
(ABN 51 194 660 183)
Credit control services
Industry Funds Credit Control
(a division of Industry Fund Services Limited,
ABN 54 007 016 195)
MetLife Insurance Limited
(ABN 75 004 274 882)
IFS Insurance Solutions Pty Ltd
(ABN 16 070 588 108)
Greenfields Financial Services Lawyers (Melbourne)
(ABN 42 165 170 294)
Hall & Wilcox Lawyers
(ABN 58 041 376 985)
(ABN 15 364 527 724)
(ABN 51 194 660 183)
CareSuper’s policies and procedures govern how the Fund operates.
This is a legal document that outlines the Fund’s governing rules.
CARE Super Pty Ltd is a separate entity to the Fund and the rules which govern the operation of the trustee company are contained in the Constitution.
The rules governing the operation of the Fund are contained in the above Trust Deed.
- Proxy voting and voting behaviour
The Charter sets out the Board’s role and responsibilities, composition and operational matters relevant to the functioning of the Board.
Conflicts Management Policy
Outlines the management of conflicts of duty and interest by the Trustee.
Responsible Investing Policy
Outlines how CareSuper incorporates environmental, social and governance factors into the investment process.
How CareSuper manages its tax obligations.
Board appointment, renewal and removal Policy
Outlines how CareSuper manages the running of the Board.
Register of relevant duties and interests
Lists any other Directorships, positions and reported interests held for CareSuper’s Directors and Executives.
CareSuper Proxy Voting Policy
An outline of the broad principles which direct CareSuper's proxy voting and engagement policy.
Outlines how CareSuper aims to protect the privacy of members' personal information.
Terms of reference – Board Committees
Describes the structure, purpose and responsibilities of each Committee:
- Trust Deed
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.