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.
The two funds have announced the signing of a non-binding MOU to explore a potential merger.
The board must shift its focus from managing inflation to stimulating the economy with the trimmed mean inflation figure edging closer to the 2.5 per cent target, economists have said.
ASIC chair Joe Longo says superannuation trustees must do more to protect members from misconduct and high-risk schemes.
Super fund mergers are rising, but poor planning during successor fund transfers has left members and employers exposed to serious risks.