Yet there is a question mark over whether MTAA Ltd can continue to exist at all, with its largest original members gone, and with all the state motoring associations continuing discussions on a new representative body. However it is understood MTAA Ltd’s directors met in mid-March and satisfied themselves that the Association was solvent and could remain a going concern. Then there is the question of how the fund might adapt to a post-Cooper regulatory regime. Can a default option which includes a slice of the Access ‘target return’ portfolio, with its illiquid profile and high upfront management fees, comply with the bland provisions of MySuper? Cooper certainly takes a dim view of funds advertising, yet MTAA Super sponsors the V8 Supercars, helps fund the ‘Compare the Pair’ industry fund campaign, and retains naming rights on the old Commonwealth Centre in Adelaide (which it bought in a job lot with Canberra’s RG Casey building but has since sold). Some change will have to be made.
One of the biggest will be a new role for Michael Delaney – one would assume the man has been too big a part of the MTAA world for too long not to continue with it in some capacity. The resignation of his executive positions and taking up of an employer-appointed trustee role with MTAA Super has been floated as a possibility by sources within the fund. The superannuation industry should value people who do things differently. They are in short supply. The MTAA and Delaney stuck with a structure, five years after it began attracting questions from APRA and opprobrium from within the motor trader world, because they believed it was right. Delaney has said that MTAA’s member bodies originally wanted a super fund to serve the mutual interests of employers and their employees, and for him that shared interest was always an answer to claims of potential conflicts. Whether Delaney would even want to be part of an industry trending toward regulator-driven homogeneity remains to be seen – MTAA Super has promised a full explanation of its new structure in the 2009-10 Annual Report.