Combating human and heavenly crises

Rosemary Vilgan, CEO of QSuper, was on holiday in Europe when the flood came. She and Bob Scheuber, chairman of the fund, discussed whether she should return to lead the organisation’s response to the disaster. They decided against it. Vilgan did not want to send a signal to staff that the organisation could not manage without her. When work resumed QSuper set up a team to focus on life claims triggered by the flooding. Fund executives also managed problems experienced by staff members during the disaster. Robyn Petrou, CEO of Energy Super, said one employee had lost their house to the waters but did not let colleagues know for two weeks. Meanwhile their family was existing without a home.

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Super funds must adhere to governance standards they demand of others

Director tenure limits are embedded in governance codes across every major capital market. As Australian superannuation funds become retirement institutions, they should be held to the same standards that they expect of the companies they invest in.

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