AustralianSuper and Cbus have announced that former Reserve Bank of Australia governor and independent director of both boards, Bernie Fraser, will be stepping down on 30 June.
Fraser has been the independent director of Cbus and AustralianSuper since 1996, as well as AustralianSuper predecessor funds Superannuation Trust of Australia and Australian Retirement Fund.
Despite retiring from the board of both funds, Fraser will still continue his role as chairman for ME Bank.
On hearing the announcement, Minister for Financial Services Bill Shorten said Fraser educated many Australians about the need to save.
"Bernie has played an important role in educating Australians about the need for more money in retirement and has been an unceasing advocate for a decent superannuation nest egg for all of us," Shorten said.
"I wish him well in his retirement and have no doubt he will continue to provide his sage advice and role of elder statesman of the financial services sector in the coming years."
