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 reveals the various areas of expertise and skill level of the CareSuper Board as at 30 September 2017.

  Skill level    
  Medium High Very high
Mandated SIS requirements 2 9 2
Management of risk 1 8 4
Management expertise 2 7 4
Financial reporting 2 8 3
Insurance 3 6 4
Administration 2 9 2
Investments 3 6 4
Superannuation and related legislation 2 9 2
Governance and trusteeship 2 6 5
Superannuation basics - 5 8
 
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 performance evaluations were completed for the financial year ending 30 June 2017 by an external provider with individual debrief sessions held with each director. The evaluations included a board and senior executive survey that rated the performance of the collective board as well as individual directors.

Board and committee attendance
Board attendance history

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

 

Current directors
Director 2017/18 2016/17 2015/16 2014/15 2013/14 2012/13 2011/12
Catherine (Cate) Wood 8 of 8 8 of 8 10 of 10 10 of 10 12 of 12 12 of 12 10 of 11
Gabriel Szondy 8 of 8 8 of 8 8 of 10 9 of 10 9 of 12 10 of 12 9 of 11
Julie Bignell 8 of 8 8 of 8 9 of 10 9 of 10 10 of 12 3 of 4  
Chris Christodoulou 7 of 8 8 of 8 10 of 10 9 of 10 11 of 12 8 of 8  
Keith Harvey 8 of 8 8 of 8 10 of 10 9 of 10 7 of 7 3 of 3#  
Katherine Sampson 8 of 8 8 of 8 10 of 10 9 of 10 3 of 3    
Andrea Waters 8 of 8 8 of 8 10 of 10 4 of 4      
Terence (Terry) Wetherall 7 of 8 7 of 8 8 of 9        
Michelle Gardiner 8 of 8 8 of 8 3 of 4        
Claire Keating 8 of 8 4 of 4          
Jeremy Johnson* 3 of 4            

* Incoming Directors:
Jeremy Johnson – 1 January 2018

 

Previous directors
Director 2017/18 2016/17 2015/16 2014/15 2013/14 2012/13 2011/12
Graeme (Sandy) Grant - 6 of 6 10 of 10 10 of 10 12 of 12 12 of 12 10 of 11
David Michaelis - 4 of 4 9 of 10 10 of 10 11 of 12 8 of 8  
John Burge - - - - 7 of 9 12 of 12 10 of 11
Sue-Anne Burnley - - 4 of 6 9 of 10 12 of 12 7 of 12 10 of 11
Michael Want - - - - 6 of 6 11 of 12 10 of 11
Barry Watchorn - - - 6 of 6 12 of 12 12 of 12 10 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  
Mark Sibree -            
Greg McLean -            

** Outgoing:
Mark Sibree – 31 December 2017
Greg McLean – 31 May 2018

 

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 2017/18 2016/17
Catherine (Cate) Wood1 4 of 4 5 of 5
Terence (Terry) Wetherall (Chair)2 5 of 5 1 of 2
Chris Christodoulou 5 of 5 5 of 5
Katherine Sampson3 5 of 5 1 of 1
Julie Bignell4 1 of 1  
Graeme (Sandy Grant)5 - 4 of 4
David Michaelis6 - 3 of 3

1 Resigned from Committee 31 March 2018
2 Appointed to Committee as Chair from 1 January 2017
3 Appointed to Committee from 1 June 2017
4 Appointed to Committee as Chair from 1 April 2018
5 Resigned from Committee 31 March 2017
6 Previous Chair - resigned 31 December 2016

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.

 

2018/19 Directors' fee
Chair annual fee $103,735
Deputy Chair annual fee $72,845
Director annual fee $53,940
Additional fee – Chair, Compliance, Audit and Risk Management Committee $13,490
Additional fee – Chair, Investment Committee $16,185
Additional fee – Deputy Chair, Investment Committee $8,865
Additional fee – Chair, Member and Employer Services Committee $10,795
Additional fee – Chair, Development and Product Committee $10,795
Additional fee – Compliance, Audit and Risk Management Committee $3,696
Additional fee – Investment Committee $4,431
Additional fee – Member and Employer Services Committee $2,960
Additional fee – Development and Product Committee $2,960
Additional fee – Claims Review Committee $8,842
Additional fee – Governance and Remuneration Committee $2,960

 

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. 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 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.

Category Males Females
Board 6 6
Executive team 3 4
Other staff 33 52

 

Financial information

We’re transparent about what it costs to run CareSuper successfully for members.

Area Spend
Trustee, staff & related costs $11,866,800
Office expenses $1,485,128
Professional services $1,515,913
Member & employer services $3,215,437
Fund promotion $5,327,765
Government changes $1,039,447
Member & employer administration costs $14,237,878

Dated as at 30 June 2017

 

Audited financial reports for 2016/17

CareSuper’s financial audited figures for the 2016/17 financial year

Trustee's financial audited figures for the 2016/17 financial year

Previous year financial statements

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

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

Corporate Responsibility and Sustainability Policy

Committee charters

Compliance, audit and risk management committee

Development and product committee

Governance and remuneration committee

Investment committee

Member and employer services committee

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* 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 Deloitte Tax Services Pty Ltd
(ABN 41 092 223 240)

* Indicates a material outsourced provider