State Super Financial Services will review the composition of its board in 2014 and consider adopting the Cooper Review’s recommendation of three employer, three employee and three independent trustees.
The $13 billion advice firm and superannuation fund is owned by the $40 billion SAS Trustee Corporation.
The SSFS board is chaired by former chief executive and co-founder of ipac Securities, Peeyush Gupta. Directors include STC chairman Michael Carapiet; executive director Ron Davis; and non-executive directors Paul Scully, Michael Lambert and Sue Walsh.
SSFS managing director Michael Monaghan is also on the board.
The skill sets of these directors is in senior management in financial services, actuarial, consultancy and trade union representation, but there is no one with a legal background.
The SSFS board was reconstituted in 2010 to comprise almost entirely of STC representatives with an independent chair, however, Gupta said a board renewal was on the agenda for next year.
“Looking forward there will be a change in the board’s composition,” he said.
“We will consider the Cooper Review’s 3, 3, 3 recommendation with an eye to diversifying the board’s skills and experience.”
Part of Gupta’s appeal to STC and SSFS was his broad retail wealth management experience. He replaced Don Russell as chair in 2010.
Previously, he spent 28 years at ipac where he played a lead role in growing the business, setting and implementing strategy, recruiting staff, acquiring and integrating new businesses, investment management, and corporate governance.
Today, ipac is a wholly-owned subsidiary of AMP. It is one of Australia’s largest retail financial planning and investment firms, with around 200 staff.