Board skills

The table below shows the various areas of expertise and skill level of the CareSuper Board as at 30 September 2017.

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 attendance history

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

Current directors

*Incoming directors:
Jeremy Johnson – 1 January 2018

Previous directors

**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.

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

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.

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

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

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

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

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.

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:

*Indicates a material outsourced provider