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.
Industry & regulation
With the super industry facing into headwinds that raise the floor on minimum scale and increase complexity, the pressure towards further consolidation should ultimately prove unstoppable, and a natural end-point could be ten mega-funds over $200 billion in size managing more than 90 per cent of system assets. The path to that destination, however, could be bumpy.
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