Catholic Super has two new board directors following member and employer elections.
General secretary of the Independent Education Union Victoria Tasmania, Deb James, has been elected as a member representative director, while Princess Alexandria Hospital Brisbane chaplain Chris Harkin has been appointed an employer representative director.
Sister Angela Ryan has retired as director after representing members of the fund for 20 years.
“The responsibilities of directors of superannuation trustee boards are very significant and time-consuming and in this context I wish to acknowledge the contribution of Sister Angela, who has given well above what could reasonably be expected in ensuring that our merger with the National Catholic Superannuation Fund in 2010 was successful, and that services and investment returns to our members have been at the highest levels possible within the current financial environment,” said Catholic Super chair Peter Bugden.
A major super fund has defended its use of private markets in a submission to ASIC, asserting that appropriate governance and information-sharing practices are present in both public and private markets.
A member body representing some prominent wealth managers is concerned super funds’ dominance is sidelining small companies in capital markets.
Earlier this month, several Australian superannuation funds fell victim to credential stuffing attacks, which saw a small number of members lose more than $500,000.
Small- to medium-sized funds have become collateral damage in an "imperfect" model for super industry levies, a financial institution has said.