Big West Australian Government-related fund GESB has recruited locally for its new chief executive, appointing former Westscheme chief executive Howard Rosario to the role.
Rosario departed Westscheme after it was merged with Australia's largest industry superannuation fund AustralianSuper in the middle of last year.
Rosario succeeds Michele Dolin at the helm of GESB after she departed the fund in May last year.
GESB — which had been the subject of an independent review commissioned by the West Australian Government — has been led by acting chief executives Fabian Ross and Larry Rudman since Dolin's departure.
In announcing Rosario's appointment, GESB chairman John Langoulant said he would oversee the implementation of choice of superannuation fund for public sector employees and the possible move by GESB towards becoming a greater procurer of superannuation services.
Introducing a cooling off period in the process of switching super funds or moving money out of the sector could mitigate the potential loss to fraudulent behaviour, the outgoing ASIC Chair said.
Widespread member disengagement is having a detrimental impact on retirement confidence, AMP research has found.
Economists have warned inflation risks remain elevated even as the RBA signals policy is sitting near neutral after its latest hold.
Australia’s superannuation funds are becoming a defining force in shaping the nation’s capital markets, with the corporate watchdog warning that trustees now hold systemic importance on par with banks.