CARE Super Pty Ltd (Trustee) ABN 91 006 670 060 AFSL 235226 RSE L0000956 CARE Super (Fund) ABN 98 172 275 725
Disclaimer: This Annual Report is issued by the Trustee of CARE Super, CARE Super Pty Ltd ABN 91 006 670 060, the holder of Australian Financial Services Licence 235226.
The information contained in this Annual Report is about CARE Super and is not intended as financial advice. It does not take into account specific needs, so members should look at their own personal position, objectives and requirements before taking any action. This Annual Report to members is a regulated document that summarises the fund’s performance over the past year. Past performance is not a reliable indicator of future performance and you should consider other factors before choosing a fund or changing your investments. The Trust Deed is the legal document governing your superannuation benefit. Other information about CARE Super: a copy of the Trust Deed, Investment Policy Statement, the Fund’s audited accounts are available upon request. You should also obtain and read the Product Disclosure Statement before making any investment decision. If you would like to see these documents, please go to caresuper.com.au or call the CareSuperLine on 1300 360 149.
The board
CareSuper board
The CareSuper Board, which is responsible for ensuring CareSuper is managed in the best interests of members, has a strong focus on governance.
The Board brings to the table specialist skills and experience to ensure the Fund is professionally managed to deliver the best outcomes for members. The CareSuper Board consists of equal numbers of Member and Employer representative Directors, and an Independent Director. Member and Employer Directors are nominated by relevant organisations in accordance with their particular nomination procedures and appointed by the Board following an interview process and assessment of fit and proper requirements. Board decisions are made by at least a two-thirds majority.
The Trustee
The Trustee of CARE Super has an indemnity insurance policy in place to protect the Directors of the Trustee from the potential costs of legal action. The Trustee of CARE Super is CARE Super Pty Ltd ABN 91 006 670 060 and it is a holder of Australian Financial Services licence number 235226. CARE Super Pty Ltd is a Registered Superannuation Entity licensee, licence number L0000956 and authorised to offer a MySuper product, MySuper identification number 98172275725867.
Wood
Catherine (Cate) Wood
Chair – Member Director
Cate Wood is an experienced director who holds positions on numerous boards, providing depth of knowledge in superannuation, governance, strategy and diversity.
She is a current Director of Industry Super Australia, ISPT Pty Ltd and IGPT Pty Ltd (Property Trusts), the Mother’s Day Classic Foundation, the Australian Institute of Superannuation Trustees and Women in Super (where she is also National Chair).
She has previously held executive positions as CEO of AGEST Super and The Trade Union Training Authority. She was Deputy Chair of CareSuper from March 2012 until her appointment to Chair in March 2014.
Cate was nominated to the CareSuper Board by the Australian Services Union (ASU).
Committees: Investment Committee, Governance and Remuneration Committee
Michaelis
David Michaelis
Deputy Chair – Employer Director
David Michaelis joined the CareSuper Board in October 2012 as an Employer Director, following the merger with Asset Super and on the nomination of the New South Wales Business Chamber (NSWBC). Previously he was the Chairman of Asset Super, also having been nominated to that Board by the NSWBC.
David previously held senior legal, company secretarial and management roles in a number of public companies. He has also served as a director and president of the NSWBC and The Australian Chamber of Commerce and Industry.
Committees: Chair, Governance and Remuneration Committee, Investment Committee
Bignell
Julie Bignell
Member Director
Julie Bignell is a professional non-executive director and is on the Board of Austin Health and was a member of the Board of the North Queensland Bulk Ports Corporation from 2000 to 2011.
From 2000 to 2015 Julie was the Branch Secretary of the Central and Southern Queensland Branch of the Australian Services Union (ASU). She served for a period as the National Vice President. She was also Vice President of the Queensland Council of Unions and the Assistant Secretary of Together. She brings extensive strategic and business planning skills to the Board.
Julie was nominated to the CareSuper Board by the ASU.
Committees: Chair, Member and Employer Services Committee, Investment Committee
Christodoulou
Chris Christodoulou
Member Director
Chris Christodoulou is the Chief Executive Officer of Greenacres Disability Services.
From 1999 to 2013, Chris worked at Unions NSW, where he served as Senior Industrial Officer and reached the position of Assistant Secretary. He was also a Director of Asset Super prior to its merger with CareSuper in 2012. He brings management, governance and strategic planning skills to the Board and has extensive experience with membership organisations.
Chris was nominated to the CareSuper Board by Unions NSW.
Committees: Member and Employer Services Committee, Governance and Remuneration Committee
Gardiner
Michelle Gardiner
Member Director
Michelle’s career in the financial services industry spans 30 years and includes senior management roles in funds management, asset consultancy, research and strategic planning.
From 1994 to 2000, Michelle worked at Rothschild Australia in a variety of senior roles including business development and product management. After moving to Queensland she joined van Eyk Research and a Queensland based super fund, where she was appointed CEO of its subsidiary advice service. In 2004 Michelle joined CANNEX as head of banking product research and was subsequently appointed acting General Manager to assist the business through a transition period in 2005/06.
Michelle was nominated to the CareSuper Board by the Shop, Distributive and Allied Employees’ Association (SDA).
Committees: Compliance, Audit and Risk Committee, Investment Committee
Harvey
Keith Harvey
Member Director
Keith Harvey currently chairs Aspire Learning Resources, a not-for-profit training resources publisher specialising in the business and community services sectors.
Through his roles with the Federated Clerks Union (FCU), and subsequently the Australian Services Union, Keith has represented the interests of clerical and administrative employees for over 30 years.
Keith’s varied responsibilities have included international exposure, and he brings a breadth of knowledge regarding superannuation, industrial relations, management and strategic and business planning to the Board.
Committees: Compliance, Audit and Risk Committee, Member and Employer Services Committee
McLean OAM
Gregory (Greg) McLean OAM
Member Director
Greg McLean OAM is an experienced director with expertise in social and competition policy, political engagement, industrial relations, superannuation and financial management. He is the Assistant National Secretary of the Australian Services Union (ASU), and has held various elected positions with the ASU and its predecessors since 1982.
Greg has been a director of several corporate and not-for-profit organisations. He was awarded an Order of Australia for services to industrial relations and a range of boards.
He was nominated to the CareSuper Board by Unions NSW.
Committees: Compliance, Audit and Risk Committee
Grant
Graeme (Sandy) Grant
Employer Director
Sandy Grant brings a wealth of experience in superannuation, management, investments and governance to the CareSuper Board, having held senior managerial roles over 30 years with the Colonial Mutual Group, including General Manager of superannuation administration business.
He has also served as a Director of Members Equity Bank, Industry Super Holdings and Industry Fund Services, and was CEO of a Melbourne-based industry fund.
Committees: Chair, Investment Committee, Governance and Remuneration Committee
Sampson
Katherine Sampson
Employer Director
Katherine is Managing Director and principal of Mahlab Recruitment (Vic) Pty Ltd, a specialist legal recruitment firm. Katherine joined Mahlab Recruitment after a career in law at Corr & Corr.
Katherine has served on a number of boards and committees in the past, in both legal and non-legal spheres, including the Monash Law School Foundation, Walter & Eliza Hall Institute Ethics Committee, the Melbourne International Arts Festival and Deputy Chair of the Australian Press Council.
Committees: Investment Committee, Member and Employer Services Committee
Sibree
Mark Sibree
Employer Director
Mark Sibree has executive management experience in the financial services, building society, health and general insurance, pharmacy and other industries. He is currently a self-employed consultant.
Previously, Mark was a Director and President of the Victorian Employers Chamber of Commerce and Industry, as well as Group Managing Director of Australian Unity and General Manager – Investment & Ventures within the Amcor Group.
Mark was nominated to the CareSuper Board by the Victorian Chamber.
Committees: Compliance, Audit and Risk Committee, Member and Employer Services Committee
Waters
Andrea Waters
Employer Director
Andrea is a chartered accountant. She spent 28 years at KPMG and was Partner – Financial Services Audits from July 1996 to July 2012. She is now a professional non-executive Director, serving on the Boards of the Chartered Accountants Australia and New Zealand, Citywide and the Lord Mayors Charitable Foundation. She has in-depth knowledge of finance and accounting, superannuation, compliance and risk.
Committees: Compliance, Audit and Risk Committee
Weatherall
Terence (Terry) Weatherall
Employer Director
Terry Wetherall serves as a current Director and Committee Member of the New South Wales Business Chamber (NSWBC).
Terry is also the current Director of TCW Consulting, and a previous Director of JBA Planning. He holds membership in the Planning Institute of Australia and the Property Institute of Australia.
Terry’s working career has spanned both local government and private business management, including roles in the meat and steel industries, and more recently the property industry.
Terry has been a long-time participant in the Chamber of Commerce movement and is the President of the Australian Chamber of Commerce and Industry. He is a past President of the NSWBC.
Committees: Compliance, Audit and Risk Committee, Member and Employer Services CommitteeSzondy
Gabriel Szondy
Independent Director
Gabriel is a qualified Chartered Accountant and was a Senior Partner of Pricewaterhouse Coopers (PwC), specialising in superannuation and taxation.
He is a Director and Chair of Frontier Advisers and, in addition to accounting and tax skills, he has extensive knowledge in investments.
Gabriel’s involvement in the superannuation industry spans over 30 years. He has been involved with CareSuper since its inception and became a Board member in 2001.
Committees: Chair, Compliance, Audit and Risk Committee
Associated directorships
During 2015/16 the following Directors held directorships with organisations CareSuper engages, invests or partners with:
Terence (Terry) Wetherall Director, New South Wales Business Chamber Ltd.
Catherine (Cate) Wood Director, ISPT Pty Ltd (remunerated position).
Director, IGIPT Pty Ltd, Industry Super Australia Pty Ltd, Australian Institute of Superannuation Trustees, Women in Super and Mother’s Day Classic Foundation (non-remunerated positions).
Committees
The Board has established several committees to assist it to meet its obligations and oversee certain operations of the Fund.
All Directors are required to serve on a minimum of one and a maximum of two Committees for which they receive an attendance fee. The Chair is a member of two Committees and attends other Committee meetings on an ex officio basis.
Compliance, Audit and Risk Management Committee
The purpose of the Compliance, Audit and Risk Management Committee (CARC) is to assist the Board in meeting its compliance and risk management responsibilities. The main activities of the CARC include:
- Internal and external audit monitoring
- Various policy document reviews
- Ongoing monitoring of all risks within the Fund’s Risk Management Framework.
Governance and Remuneration Committee
The key tasks for the Governance and Remuneration Committee (GRC) include:
- Various policy document reviews
- Ongoing monitoring of the risks designated to the Committee
- Training for Directors – planning for the year based on skills matrix and competency assessment
- Review of intended governance changes by the Government
- Review of Board and Committee structures and delegations.
Investment Review Committee
The primary function of the Investment Review Committee (IRC) is to monitor the implementation of the investment strategy and investment operations of the Fund within the framework approved by the Board. The IRC is responsible for the ongoing review of all external providers who manage the investments of the Fund.
Member and Employer Services Committee
The Member and Employer Services Committee (MESC) is responsible for oversight of:
- The Fund’s administration function, policies and services
- The Fund’s insurance management framework and strategy and the performance of outsourced providers
- All aspects of the Fund’s insurance policies and assessment of all relevant claims
- The Fund’s marketing, service, education, communications and product strategies
- The performance of providers of ancillary products
- Risk elements that may arise in relation to the relevant areas.
Board and Committee attendance and remuneration
To reflect the time and commitment provided to the Fund, and take into account the additional responsibilities of those who serve on and chair Committees, CareSuper uses a ‘total fee’ approach to set its Director remuneration. This total fee includes an annual base fee, a fee for meeting attendance for Board and Committee meetings and superannuation contributions. The target level of income for a Director is the average of the median fees paid by superannuation funds in the ‘profit to members’ sector in the same bracket of asset size, contribution income and member of numbers, assuming attendance at all Board meetings per year. The following table outlines the attendance and remuneration for the 2015/16 financial year.
| Director | Board meetings attended | Committee meetings attended | Director’s fee | Super (where paid to an individual) | Fees paid to |
| Cate Wood (Chair) | 10/10 | 11/116 | $71,250.04 | $6,759.25 | Director |
| David Michaelis | 9/10 | 12/127 | $65,103.96 | $6,184.88 | Director |
| Julie Bignell | 9/10 | 10/10 | $57,708.00 | $5,482.26 | Director |
| Sue-Anne Burnley1 | 4/6 | 4/6 | $30,183.85 | n/a | SDA |
| Chris Christodoulou | 10/10 | 9/11 | $51,932.04 | $4,933.54 | Director |
| Michelle Gardiner2 | 3/4 | 3/3 | $21,798.85 | $2,070.89 | Director |
| Keith Harvey | 10/10 | 31/318 | $64,445.04 | $6,122.28 | Director |
| Monica Clavijo3 | 5/7 | 6/6 | $35,941.97 | n/a | USU |
| Greg McLean4 | 1/1 | 0/0 | $3,257.67 | $309.48 | ASU |
| Sandy Grant | 10/10 | 11/11 | $58,350.00 | $5,543.25 | Director |
| Katherine Sampson | 1010 | 11/11 | $54,500.04 | $5,177.50 | Director |
| Mark Sibree | 9/10 | 29/319 | $63,161.04 | $6,000.30 | Director |
| Andrea Waters | 10/10 | 9/9 | $51,932.04 | $4,933.54 | Director |
| Terry Wetherall5 | 8/9 | 7/7 | $46,159.87 | $4,385.19 | Director |
| Gabriel Szondy | 8/10 | 6/6 | $55,154.04 | $5,239.63 | Director |
1 Ceased 31 January 2016
2 Commenced 9 February 2016
3 Ceased 29 February 2016
4 Commenced 23 May 2016
5 Commenced 1 August 2015
6 The Chair attends additional meetings of other Committees on an ex officio basis.
7 Includes 1 claims review committee meeting
8 Includes 20 claims review committee meetings
9 Includes 19 claims review committee meetings
