Energy Industries Superannuation Scheme (EISS) chair, Warren Mundy, has departed the fund, shortly after the resignation of chief executive Alex Hutchison.
A statement from the superannuation fund said the board had met on 17 September and elected Peter Tighe as new chair to replace Mundy.
Tighe had 15 years’ experience as a board member in the superannuation industry and was also national secretary for the Electrical Trades Union for 20 years.
Mundy had joined the EISS Super board in 2017 and sat on the fund’s audit and compliance and investment committees.
EISS said: “Peter has extensive experience as a director in the superannuation industry and has held directorships on a number of other boards. The board has confirmed that the trustee retains the support of stakeholders and shareholders, and that vacancies on the board will be filled in accordance with the entity’s constitution.
“The trustee is aware of recent press coverage related to the fund and is in dialogue with APRA [The Australian Prudential Regulation Authority] to confirm that appropriate governance arrangements have remained in place and that the trustee continues to act in the best interests of members.”
The departure followed the resignation of Alex Hutchison earlier this month, who said was a result of a ‘smear campaign’ against him and the fund regarding whether corporate sponsorship was in members’ best interest.
Hutchison’s role was currently being held by former chief financial officer, Lance Foster, in an acting capacity.
The research house has offered a silver lining after super fund returns saw the end of a five-month streak last month.
A survey of almost 6,000 fund members has identified weakening retirement confidence, particularly among those under 55 years of age, signalling an opportunity for super funds to better engage with members on their retirement journey.
The funds have confirmed the signing of a successor fund transfer deed, moving closer to creating a new $29 billion entity.
A number of measures, including super on Paid Parental Leave, funding to recover unpaid super, and frameworks to encourage investment in the energy transition, have been welcomed by the superannuation industry.
Add new comment