Governance

Governance

As you’d expect, we take managing your super very seriously.

We’ve established rigorous standards, policies and procedures to make sure everything is managed openly, honestly and according to the law.

CareSuper governance
Board skills and performance
Board skills

The table below shows the various areas of expertise and skill level of the CareSuper Board as at 30 September 2021. The numbers in each column show how many directors have a ‘Developing’, ‘Developed’, ‘Strong’ or ‘Very strong’ level of skill in this particular area.

  Skill level
  Developing Developed Strong Very Strong
Superannuation Regulation - 1 4 5
Risk & Compliance - 2 3 5
Financial Management 1 1 5 3
Insurance - 2 5 3
Administration & Outsourcing - - 3 7
Investments 2 2 3 3
Understanding our Members - - 4 6
Governance & Trusteeship - - 1 9
ESG - 1 4 5
Strategic Planning - - 4 6
Culture & Ethics - - 1 9
Chair/Deputy Chair skills - - 1 1

Board performance

Our board’s performance is reviewed annually, covering:

  • The board as a whole
  • Board-established committees
  • Individual directors, including the chair
  • Governance processes.

An external review of the board’s performance is held every second year. This ensures individual directors and the board continually find ways to operate more effectively and strategically in the best interests of members. The results of the performance review are discussed by the governance and remuneration committee and the board.

Annual Board Review was completed for the financial year ending 30 June 2021 by an external provider. The evaluations included a board and senior executive survey that rated the performance of the collective board. Directors are required to complete at least 30 hours of training each year. This requirement will been met for the year ended 31 December 2021.

Board and committee attendance
Board attendance history

See the attendance at board meetings by directors over the past seven years.

 

Current directors
Director 2020/21 2019/20 2018/19 2017/18 2016/17 2015/16 2014/15
Keith Harvey 11 of 11 9 of 9 8 of 8 8 of 8 8 of 8 10 of 10 9 of 10
Katherine Sampson 11 of 11 9 of 9 8 of 8 8 of 8 8 of 8 10 of 10 9 of 10
Terence (Terry) Wetherall 11 of 11 9 of 9 8 of 8 7 of 8 7 of 8 8 of 9  
Michelle Gardiner 11 of 11 9 of 9 8 of 8 8 of 8 8 of 8 3 of 4  
Jeremy Johnson 11 of 11 9 of 9 7 of 8 3 of 4      
Linda Scott 11 of 11 9 of 9 5 of 5        
Robert Potter 11 of 11 9 of 9 3 of 3        
Anthony Cavanagh 11 of 11 5 of 5          
Merran Kelsall 11 of 11 2 of 3          
Vanessa Seagrove* 3 of 3            

*Incoming director:
Vanessa Seagrove - 23 April 2021

Previous directors
Director 2020/21 2019/20 2018/19 2017/18 2016/17 2015/16 2014/15
Sascha Peldova-McClelland** 8 of 8 9 of 9 6 of 7        
Julie Bignell 4 of 4 7 of 8 8 of 8 8 of 8 9 of 10 9 of 10
Claire Keating - 4 of 4 8 of 8 8 of 8 4 of 4    
Catherine (Cate) Wood - - 4 of 4 8 of 8 8 of 8 10 of 10 10 of 10
Gabriel Szondy - - 2 of 4 8 of 8 8 of 8 8 of 10 9 of 10
Andrea Waters - - 4 of 4 8 of 8 8 of 8 10 of 10 4 of 4
Chris Christodoulou - - 3 of 3 7 of 8 8 of 8 10 of 10 9 of 10
Mark Sibree - - - - 8 of 8 9 of 10 10 of 10
Greg McLean - - - - 7 of 8 1 of 1  
Graeme (Sandy) Grant - - - - 6 of 6 10 of 10 10 of 10
David Michaelis - - - - 4 of 4 9 of 10 10 of 10
Sue-Anne Burnley - - - - - 4 of 6 9 of 10
Monica Clavijo - - - - - 5 of 7 6 of 10
Barry Watchorn - - - - - - 6 of 6
Garry Brack - - - - - - 7 of 8

**Outgoing:
Sascha Peldova-McClelland - 22 April 2021

 

Committee meeting attendance – Governance and Remuneration Committee

See the attendance at the Governance and Remuneration Committee meetings by the relevant directors over the last two financial years. This committee is responsible for board renewal.

Director 2020/21 2019/20
Julie Bignell1 - 3 of 4
Terence (Terry) Wetherall 5 of 5 7 of 7
Katherine Sampson 4 of 5 7 of 7
Linda Scott (Chair)2 5 of 5 7 of 7
Keith Harvey3 1 of 5 -
Sascha Peldova-McClelland4 4 of 5 4 of 4

1 Resigned 31 December 2019.
2 Appointed as Chair 31 December 2019.
3 Appointed to committee 1 May 2021.
4 Appointed to committee 1 January 2020. Resigned 22 April 2021.

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.

 

2021/22 directors' fee
Chair annual fee $134,321
Deputy Chair annual fee $100,741
Director annual fee $67,161
Additional fee – Chair, Compliance, Audit and Risk Management Committee $16,791
Additional fee – Chair, Investment Committee $20,148
Additional fee – Chair, Member and Employer Services Committee $16,791
Additional fee – Chair, Insurance and Claims Committee $16,791
Additional fee – Compliance, Audit and Risk Management Committee $4,198
Additional fee – Investment Committee $5,037
Additional fee – Member and Employer Services Committee $4,198
Additional fee – Insurance and Claims Committee $4,198
Additional fee – Governance and Remuneration Committee $4,198
Additional fee – Benefit Payments Committee (per meeting) $517

 

Remuneration for the last two financial years is available below.

Board remuneration

 

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. 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 below.

Executive remuneration

Gender diversity

We believe that having a broad range of views and experiences represented at Board and staff level is essential for quality decision-making and we consciously seek diversity across gender, age, experience, skills and professional backgrounds. We have also been assessed as fully compliant with the Workplace Gender Equality Act 2012 (Act).

Category Men Women
Board 5 5
Executive team 3 3
Middle managers  9 7
Other staff 45 61

Dated as at 31 October 2020

Policy documents

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

CareSuper Code of Conduct

At CareSuper, we’re committed to delivering a certain standard of practice as set out in our Code of Conduct. Our code is a statement of our shared values and commitment. It provides a framework that sets the expectations of how we conduct ourselves and our business in relation to the following:

  • Professional conduct
  • Use of information systems
  • Use of media (including social media)
  • Honesty, integrity and fairness
  • Conflicts of interest
  • Legal and regulatory obligations
  • Confidentiality, access and disclosure
  • Consequences of breaching the Code of Conduct.
     

Our code applies to all those who work for, act on behalf of or represent CareSuper, including board members, employees and contractors. Code implementation is the responsibility of everyone involved and is intended to raise standards and complement legislative requirements.

Trust Deed (Consolidation)

Deed of amendment 24 March 2020

Constitution

Proxy voting and voting behaviour

Board Charter

Conflicts Management Policy

Responsible Investing Policy

Board Appointment, Renewal and Removal Policy

Register of Relevant Duties and Interests

CareSuper Proxy Voting Policy

Privacy Policy and Privacy Collection Statement

Corporate Responsibility and Sustainability Policy

Complaints Policy


Committee charters

Compliance, Audit and Risk Management Committee

Governance and Remuneration Committee

Investment Committee

Member and Employer Services Committee

Insurance and Claims Commitee


Insurance

CareSuper’s insurance strategy


Retirement

CareSuper's Retirement Income Strategy

Portfolio holdings

View and download CareSuper’s full portfolio holdings  

Our investment options are made up of a range of asset classes. Each asset class includes a number of individual investments, often called ‘holdings’. You can find our top investment holdings across the various asset classes on our major holdings page. We’ve also shown the available investments of the Direct Investment option here

For a more detailed view of all the holdings in each of our investment options, for both super and pension, see below. We’ve also included a list of all the holdings in our Direct Investment option. 

We’ll update this page with our total investment option holdings half yearly – as at 30 June and 31 December each year.  

The way we’ve classified our investments in the files below may differ to the way we usually classify our investments in other publications and elsewhere on our website. We’ve done this to comply with the Portfolio Holdings Disclosure legislative requirements. 

 

CareSuper’s portfolio holdings – PDF files  

Super 

Pension 

Direct Investment option 

 

CareSuper’s portfolio holdings – CSV files  

Our holdings across each investment option. 

  • Full holdings (all investment options, super and pension. This is a large file showing raw data, which you can download, view and edit) 
  • Direct Investment option (shows the total value of all assets held by members in the Direct Investment option)  
Significant event notices (SENs)

If we change anything that might affect your super account, you can be sure we’ll let you know. Typically, this will be 30 days before we make a change to fees or costs and no later than three months after the event for other changes.

Here’s a summary of our SENs.

Outsourced providers

It’s important to have a range of different perspectives on investing. That’s why we work with leading independent experts to help manage your super.

CareSuper’s current outsourced providers are:
Administration* Mercer Outsourcing (Australia) Pty Ltd
(ABN 83 068 908 912)
Asset consultant JANA Investment Advisers Pty Ltd
(ABN 97 006 717 568)
Auditor – external PricewaterhouseCoopers
(ABN 52 780 433 757)
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* JPMorgan Chase Bank, N.A., Sydney Branch
(ABN 43 074 112 011)
Citigroup Pty Limited
(ABN 88 004 325 080)
Certane CT Pty Limited
(ABN 12 106 424 088)
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 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 Deloitte Tax Services Pty Ltd
(ABN 41 092 223 240)

*Indicates a material outsourced provider 

Reports

Annual reports

Check out our Annual Report for the 2020/21 financial year.
Find our previous annual reports on the Tools & resources page under Forms & publications.

AIST Governance Code

We support the AIST Governance Code, which consists of 21 requirements to promote continuous improvement in governance practice and aims to protect and improve outcomes for members. Adherence to the Code requires annual reporting and compliance review. Here’s our compliance report lodged for the 2021 Financial Year.

Carbon neutral reporting

We support the Australian Government’s Climate Active organisation and we’ve achieved carbon neutral accreditation for our operations. Becoming carbon neutral aligns with our Corporate Responsibility and Sustainability Policy. Here’s our latest Public Disclosure Statement for the Climate Active Carbon Neutral Program.

Member outcomes assessment

The Australian Prudential Regulation Authority (APRA) requires that all super funds complete an annual member outcomes assessment to determine whether they’re promoting the financial interests of members. View our Member outcomes assessment for financial year ended 30 June 2021.

Modern Slavery Statement

Our Modern Slavery Statement looks at how CareSuper is responding to the risks of modern slavery in our business practices and operations. Our Modern Slavery Statement for the financial year ended 30 June 2021, explains what modern slavery is, the guiding principles we’ve used to assess the risk of modern slavery and how we're meeting the requirements of the Modern Slavery Act 2018 (the Act).
 

Tax Transparency Report

The Voluntary Tax Transparency Code (the Code) is a set of principles and ‘minimum standards’ developed by the Board of Taxation and administered by the Australian Taxation Office (ATO) to guide the public disclosures of tax information. While the Code’s requirements are designed for large and medium companies, CareSuper supports the principles of the code and therefore are pleased to publish this report to provide our members and other interested parties with our:

  • approach to tax governance and tax risk management;
  • taxes paid; and
  • accounting to tax reconciliation

This is the first Tax Transparency Report (TTR) for CareSuper and we are proud to be a signatory to the Code, increasing the transparency of our superannuation fund for our members which covers the 2020/21 financial year.

Annual Member Meetings

Annual Member Meeting 2021

On Thursday 3 March 2022 we held our virtual Annual Member Meeting for the financial year 2020/21.

Check out the Minutes and Q&As.

View the highlights of our 2021 Annual Member Meeting.
 

Annual Member Meeting 2020

On Wednesday 9 December 2020 we held our virtual Annual Member Meeting for the financial year 2019/20.  Our Chair of the Board Terry Wetherall AM,  Chief Executive Officer Julie Lander, and our Chief Investment Officer Suzanne Branton talked about how CareSuper has performed, along with the outlook for the year ahead. 

Check out the Minutes and Q&As.

View the highlights of our 2020 Annual Member Meeting.