Electricity Industry Superannuation Scheme (EISS) board has appointed Peter Siebels as its new independent chairman, ending an extensive recruitment campaign.
Siebels will serve as chairman for three terms from March 2015, taking over from Mark Day who has been in the role the last 13 years.
Prior to this, Siebels was the Chairman of Partners of KPMG's Adelaide office and the KPMG National Managing Partner — Private Enterprise, and held directorships with Business SA and the State Theatre Company.
In a statement the Board said they were pleased with the appointment.
"The Board is confident that Peter has the experience and enthusiasm to lead the Scheme through any challenges and opportunities that it may face in the next few years."
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.