Michael Delaney, the former private secretary to Gough Whitlam, will retire as chief executive of MTAA Super in November, after 22 years.
Delaney, in addition to his role as CEO of MTAA Super, was also head of the Motor Trades Association of Australia until last year.
He was the founding CEO of the fund in 1989 and will be replaced “later this year”, MTAA said in a statement.
MTTA manages about $6 billion. The fund under Delaney lost money during the global financial crises when its investments in property, natural resources, infrastructure, leveraged buyouts and venture capital lost money, together with currency losses.
When your correspondent tried to speak with Delaney the switchboard receptionist at MTAA’s Canberra office said: “No one can assist you with your inquiry”, and slammed the phone down.
MTAA’s chairman is John Brumby, the former Victorian premier. David Lording, a MTAA spokesman, said Brumby was not available for comment.
John Rickus, former chairman of MTAA, told I&T News in 2008 that there were serious issues of governance and conflict pertaining to the secretariat services provided by the Motor Trades Association of Australia to the fund.
MTAA’s trustee board said in a statement it plans to “improve the transparency, accountability and governance of the fund”.
Bob Allen, an employee nominated director and mark Mark Perica a member nominated director will retire from the board in November.
The board formerly consisted of four employer-nominated representatives and four member-nominated representatives and one independent chair. It will now consist of three employer-nominated representatives, three member-nominated representatives and three independent directors.
Accounts will be audited annually, and there will be procedures to apprise the board, committees and directors.