VicSuper has named Christine Stewart chair and Wayne Kayler-Thomson deputy chair. The appointments follow a review into former deputy chair Bill Lyons, who until recently was expected to succeed Bruce Hartnett as chair. Lyons will remain a director.
In early January, Investment Magazine revealed that longstanding board transition plans at VicSuper were on ice, with deputy chair Lyons the subject of an internal review in response to allegations he behaved inappropriately at an industry event in late 2016.
Lyons strongly denied any wrongdoing.
Chair Hartnett had long flagged his intentions to retire at the end of 2016. Stewart had been acting as interim chair since Hartnett’s retirement.
In a written statement on Monday, January 30, 2017, the fund said: “VicSuper directors recently voted for a new chair, and in accordance with our constitution, Christine Stewart, a member director, has been elected as chair and Wayne Kayler-Thomson, an employer director, elected as deputy chair, for a two-year term. Christine and Wayne have significant experience on the board of VicSuper, having both been directors for seven years.”
The statement also addressed the review into Lyons’ alleged misconduct.
“In late December, we immediately responded to an internal issue and conducted an independent review in line with our current policy. The independent report was thoroughly assessed by the VicSuper directors in mid-January and the matter is now resolved. The matter remains confidential,” the statement read. “Bill Lyons remains on the board as a member director. Patricia Faulkner … has also joined the VicSuper Board, replacing the employer director role vacated by Bruce Hartnett.”
VicSuper is a $16.4 billion public offer fund. It is the default super fund for most Victorian public servants. It is yet to announce the change in board leadership to its members.