MTAA CEO Michael Delaney to retire
The Motor Trades Association of Australia (MTAA) superannuation fund has announced a restructure of its board and the retirement of chief executive Michael Delaney, amid controversy about the fund's governance and regulation.
A new chief executive will be considered, appointed and in place later this year, with Delaney to retire in November, the fund stated.
The new board will change from its current composition of four employer nominated representatives, four member nominated representatives and one independent chair to a 3:3:3 composition, including three independent directors, the fund stated.
To facilitate the move, long serving directors Bob Allen (an employer nominated representative) and Mark Perica (a member nominated representative) will retire at the end of their current appointments in November.
The changes have the approval of the Australian Prudential Regulation Authority, according to MTAA.
Delaney was the founding chief executive of MTAA, and has headed up the fund for the past 22 years.
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