VicSuper implements transparent approach to annual reports

VicSuper has announced underlying asset growth of 11.7 per cent to $21.2 billion for the last financial year, in an annual report that aligned with the International Integrated Reporting (IR) Framework.

The fund increased membership by more than 2,000 members for the year, which its chief executive, Michael Dundon, flagged as significant in a superannuation market where many funds are shrinking due to consolidation.

The report also reinforced the fund’s commitment to responsible investment. The IR Framework ideally would promote transparency for members, with VicSuper saying its implementation reflected its wider corporate responsibility agenda.

“We have made a number of enhancements to our reporting this year, such as incorporating a performance scorecard, providing more insight into fund governance and strategy and focusing on how we provide members with great experiences throughout their saving and retirement journey. This all helps demonstrate the value we provide for our members and realise the benefits that Integrated Thinking provides,” the fund’s corporate responsibility manager, Kim Farrant, said.

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This came in the wake of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, which highlighted transparency as a major issue facing the sector.