Funds SA nabs Hostplus deputy CIO
Funds SA, the investment corporation owned by the Government of South Australia, has appointed current Hostplus executive Con Michalakis as its new chief investment officer.
Deloitte Cbus report blows lid on director self-assessment
In an under-reported finding from the explosive report into Cbus governance, the consulting firm Deloitte has laid bare the shortcomings of a process that allows directors to self-assess skill sets when appointed to the board and when their tenure is renewed. Legal experts said self-assessment itself is not a sin, but complacency at a board level could be.
Trustees on notice: Get your own houses in order
Deloitte’s independent review into United Super as the trustee for Cbus has revealed a fund riddled with poor governance practices and questionable board appointment processes, but the real worry is that Cbus may not be an isolated example.
Plight of renters must factor in retirement income policy discourse
Rising superannuation balances and property values have helped Australia become one of the wealthiest nations on the planet. But the reality for certain groups within the economy, especially those who rent in the private residential real estate market, is very different. Superannuation funds can play an important role in understanding and supporting members in these more vulnerable cohorts.
Data determinism will redefine retirement
Deep member insights and data, a mature suite of products, digital-first engagement, AI integration and a robust advice offering are the features that will define superannuation for the next 30 years and make a real difference to members.
Designing a retirement experience that hits the mark with members
While the purpose of superannuation has always been to provide an income in retirement, up until recently, super fund propositions have concentrated on the accumulation phase. Focusing on member experience, including with a digital lens, can help ensure retirement propositions resonate with this growing audience.
AustralianSuper, ART dump chief retirement officer roles
AustralianSuper’s appointment of a general manager, retirement to replace Shawn Blackmore, which follows ART’s redeployment of Kathy Vincent to chief operating officer, shows that mega funds are back-pedalling on the strategy of having dedicated retirement C-suite executives. The role had been touted as the next big thing in super funds’ organisational structures, but experts say what matters is there is senior accountability for decumulation.
Australia’s modern slavery regime puts reporting ahead of responsibility
The Australian Government’s half-hearted formal response to last year’s independent review of the Modern Slavery Act is a lost opportunity to make Australia’s larger companies seriously address modern slavery in their own operations and supply chains.
Adapting to uncertainty through treasury innovation
A digital transformation of treasury operations can appear daunting. However, it can unlock the capabilities needed to mitigate the macroeconomic and geopolitical volatility of recent years. Aaron Jennings writes that treasurers and portfolio managers are becoming more selective when choosing banking partners.
Super funds boost treasury operations amid renewed focus on liquidity
Australian superannuation funds are boosting their treasury capabilities to take advantage of strong cash inflows while also trying to safeguard against market volatility from an expanding offshore footprint.
Funds look to integrate securities lending into investment strategy
Some of Australia’s biggest asset owners are expanding their stocks and bonds lending activities in a push for improved returns by leveraging on significantly bigger balance sheets. This reflects funds’ increasing scale and global outlook, and reverses a pullback seen during the GFC and, later, during the COVID-19 pandemic.
Funds granted power to ‘nudge’ in last-ditch advice reform effort
The Labor government will pursue legislation to allow super funds to “nudge” their members to seek financial advice, as part of their efforts to fulfill their Retirement Income Covenant obligations. Minister for Financial Services Stephen Jones claimed he had achieved “consensus” following a confidential and heated consultation over the introduction of a new class of financial adviser.
