POWERED BY MOMENTUM MEDIA
Equip chair calls for more ‘logical mergers’
Equip Super and Catholic Super director and chair, Andrew Fairley, will step down from the role on 30 June, 2021, after 12 years.
In stepping down, Fairley called on superannuation funds and trustees to place greater priority on members’ interests and performance, and to embrace “more logical mergers”.
“It is a fundamental duty of all trustees to put members' interests ahead of their own interests. I don't think that that is always the case,” he said.
Fairley noted he supported the Australian Prudential Regulation Authority (APRA’s) performance outcomes test.
“APRA's traffic light approach is very helpful. The more disclosure of underperformance, the better informed the sector is and consequently members become. Members must have the ability to vote with their feet where they are part of an underperforming fund,” he said.
Commenting, Equip and Catholic Super’s chief executive, Scott Cameron, said: “Andrew’s leadership has been integral to our growth and success.
“He has ensured a skills-based professional approach for the trustee that has created better retirement outcomes. Beyond Equip and Catholic Super, he has been a guiding force across the industry.”
Fairley signalled his intention to step down from the role two years ago but continued as chair to see through Equip’s joint venture with Catholic Super.
Fairley would continue as an industry director of the Australian Financial Complaints Authority and intends to maintain an ongoing involvement in the superannuation sector.
Recommended for you
Australian Ethical has named its new head of equities, who previously spent 12 years at Perpetual.
The country’s sovereign wealth fund has unveiled a flurry of changes to its leadership team, including the appointment of a key executive role.
With Damian Graham stepping into a new capacity within the $190 billion super fund ahead of his retirement, a global search is set to commence for his replacement.
Cbus has swiftly promoted Leigh Gavin to chief investment officer only months after naming him deputy, as the fund works towards growing in size and bringing its investment expertise in-house.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
92.15 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
53.24 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
43.15 3 y p.a(%)
4
DomaCom Shoreline North Coogee
36.26 3 y p.a(%)
5
GAM LSA Private Shares AU I
35.87 3 y p.a(%)
