Local Government Super (LGS) has today announced Katherine O’Regan as the firm’s first female chair to the board, following the exit of Craig Peate after a two-year term.
O’Regan was the former deputy mayor for Woollahra Municipal Council in Sydney’s East between 2012 and 2014, and has held a variety of executive positions.
In addition to her new role as LGS chair, O’Regan serves on the LGS Investment Committee, as well as the Governance, Remuneration and Nomination Committee. She retains a position as councillor with Woollahra Council and is a director of the public policy think tank, The Sydney Institute.
LGS acting chief executive, Donna Heffernanan said O’Regan’s appointment to the board was reflective of the super firm’s female representation agenda.
“Not only will our members continue to benefit from Katherine’s wealth of local government and financial services knowledge and experience, but we are also delighted to announce our first female chair,” she said.
“This landmark appointment reinforces LGS’s commitment to diversity and female representation in leadership roles including on boards.”
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.