NSW Treasurer Daniel Mookhey has appointed Michael Dwyer, chair of TCorp, to lead the trustee board of the $38 billion State Super.

Dwyer was the long-time chief executive of First State Super (now a part of Aware Super), having helmed the fund for 14 years, and before that was general manager of Asset Super (now a part of CareSuper).

“Michael’s appointment brings valuable expertise and perspective to the State Super Board,” Mookhey said in a media statement.

“He demonstrated exceptional leadership through his stewardship of the TCorp Board and his experience in the superannuation sector makes him well-suited to contribute to State Super’s objectives and strategic direction.”

Dwyer was named a Member of the Order of Australia in 2011 for services to the superannuation industry through leadership and executive roles, and to the community through Australia for the United Nations High Commissioner for Refugees.

“I am honoured to be appointed to the State Super board and look forward to working with my fellow board members and State Super’s leadership team,” Dwyer said.

State Super’s defined benefit assets are managed by TCorp. Its defined contribution assets, which are a smaller portion of its AUM, are managed by Frontier Advisors’  outsourced CIO service. Frontier Advisors lifted out State Super’s entire investment team in October 2025,  with the fund taking a 23 per cent shareholding in Frontier.

The State Super board consists of six people, including four employee representatives and two employer representatives.

Dwyer will start on 1 September 2026.