Club Super is an Industry Superannuation Fund. It pays no commissions and is run only to profit members.
The Directors who sit on this company and who oversee the operations of the Fund are referred to as the Board of Trustees. The Board, in running the operations of Club Super, make all decisions in the best interests of members.
The rules of Club Super are set out in the Trust Deed, which addresses:
- who can join and contribute to the Fund;
- the payment of benefits, including insurance (if any);
- the structure and composition of the Trustee Board;
- the investment of Fund assets;
- how member enquiries and complaints will be dealt with;
- admission and termination of employers;
- payment of tax liabilities
The Board of Trustees of Club Super currently constitutes six (6) Directors, with:
- two member representative Directors nominated and elected by United Voice;
- one member representative Director nominated by the Australian Workers Union;
- one employer representative Director nominated by Clubs Queensland;
- one employer representative Director nominated by Golf Queensland; and
- one employer representative Director nominated by Bowls Queensland.
In this way, the Board of Trustees satisfies 'equal representation' requirements, ensuring that the key stakeholders in the Fund, being employees and employers, have an equal say in decision making.
There are also four Alternate Directors who attend meetings and make decisions if the primary Directors are unavailable.
Further details are available below about a number of aspects of the Fund's governance, including:
- Details of individual Directors including their names; qualifications; terms of office and positions they hold
- Director Board meeting attendance
- Executive Officer (Director) remuneration and how it is paid
- Executive Officer (Management) remuneration and how it is paid
Nomination, appointment and removal of Directors
Find out more information regarding the process for nominating, appointing and removing Directors.
The Board of Trustees has constituted five (5) sub-Committees to assist it in its oversight and management of Club Super. Each Committee has a Charter setting out its functions and responsibilities, as well as its accountability to the Trustee Board. The details of these committees, and their composition, are set out below.
- Composition: Messrs Castrisos and Meiklejohn sit on this committee, along with Mr Rowan Ward, an independent member of the committee, who provides additional investment expertise. Mr Castrisos chairs this Committee. The committee meets at least 4 times a year.
- Responsibility: This Committee is responsible for reviewing the investment performance of Club Super as a whole, as well as the performance of individual fund managers. The Committee meets and reviews individual fund managers from time to time. It also considers advice from its appointed external investment adviser in making recommendations to the Trustee Board as to which investments to acquire or redeem, selection of fund managers, investment of cashflow and in the setting of crediting rates for each investment option.
- Composition: Messrs Flockhart, Meiklejohn, Castrisos and Ms Caddie sit on this Committee. Ms Leonie Taylor, an independent consultant to the Committee, provides additional accounting and audit expertise. Mr Flockhart chairs this Committee. The Committee meets at least 4 times a year.
- Responsibility: This Committee is responsible for overseeing Club Super's compliance with its legislative and compliance obligations, as well as the preparation and audit of the Fund's annual financial statements. The Committee has ongoing liaison with the approved auditor and also considers reports from its external compliance consultant as well as the Fund's internal auditor.
- Composition: Mr Taylor and Ms Hunter sit on this Committee, along with Mr Rowan Ward, an independent member of the Committee who provides additional insurance expertise. This Committee is chaired by Mr Taylor. The Committee meets four times a year.
- Responsibility: This Committee is responsible for assisting the Trustee in fulfilling its responsibilities for the ongoing management of Death, Total and Permanent Disablement (TPD) and Income Protection (IP) claims, declined insurance claims and proposed Death benefit objections.
- Composition: Ms Caddie, Ms Hunter and Mr Flockhart sit on this Committee. This Committee is chaired by Ms Hunter. The Committee meets at least 4 times a year.
- Responsibility: This Committee is responsible for considering the marketing of Club Super to existing and prospective members. It reviews all disclosure material, as well as the Fund website, promotional campaigns, and sponsorship proposals.
- Composition: Mr Castrisos, Ms Caddie and Ms Hunter sit on this Committee. The Committee is chaired by Ms Caddie. The Committee meets annually or as required.
- Responsibility: This Committee is responsible for overseeing the implementation of the Board’s diversity objectives, monitoring turnover and renewal on the Board, and reviewing the remuneration arrangements for Directors and non-voting specialists on Board Committees.
Training of Directors
Due to the complexity of the legislation governing the superannuation industry, the Directors undertake an ongoing training program to ensure that they remain familiar with the latest regulations and industry developments. Directors are required to undertake a minimum amount of training each year, with part of the training requiring formal assessment.
Regulation of Club Super
Club Super is regulated by the Australian Prudential Regulation Authority (APRA), and is classified as a Registrable Superannuation Entity (RSE) by APRA.
Club Super (ABN: 12 737 334 298) is governed by a Trustee company, Club Plus Qld. Pty Ltd (ABN: 30 010 892 396, Corporate Authorised Representative No: 268814 under Australian Financial Services License No. 238507).
The Trustee company holds an RSE License with APRA and is an Authorised Representative (no. 268814) under the Australian Financial Services License held by Independent Fund Administrators & Advisers Pty Ltd (AFSL No. 238507).
Club Super is MySuper Authorised (12737334298988).
As required by APRA, the Trustee Board has in place a Risk Management Strategy (RMS) and a Risk Appetite Statement outlining the arrangements the Trustee Board has implemented to monitor the Fund's risk management framework, including the identification of material risks and the corresponding controls put in place. This document is periodically reviewed, in conjunction with the external compliance consultant.
Proxy Voting Policy
The Fund's equity investments are managed by external investment managers. These investment managers are appointed by the Trustee to manage the Fund's investments in accordance with either investment product guidelines (where the Fund has invested in a pooled trust) or Investment Management Agreements (IMA's).
As a result, the Trustee expects that each investment manager will exercise all corporate actions and voting rights (proxy voting) on behalf of the Trustee unless, the Trustee makes a direction on a particular matter. In which case, the investment manager will vote in accordance with the Trustee's direction. The Trustee will always maintain the right and ability to give the investment manager direction on a proxy vote or corporate action. However, the Trustee will only do this where they believe that it is in the best interests of members.
Although the Fund has authorised their investment managers to execute corporate actions and proxy voting on their behalf, the Fund is committed to promoting good governance and therefore closely monitors their investment managers' voting activities.
Investment managers will report their corporate voting actions on a quarterly basis to the Trustee. These reports are monitored by the Investment Committee.
If the Trustee does not agree with the investment managers' vote they will contact the manager and advise them of their concerns.
2017/18 Proxy Voting Summary (Investment Management Agreements).
Club Super Service Providers
Find out more about each of the service providers engaged by Club Super.
Conflict of Interest
The Trustee Board has in place a Conflict of Interest Policy. View a summary of this policy.
The Trustee maintains a Register of Relevant Interests and Duties to monitor potential conflicts of interest. Each Director is required to disclose any actual or potential conflicts of interest (COI) that they may have.
AIST Governance Code
Club Super is a ‘profit to members’ industry fund, and is a member of the Australian Institute of Superannuation Trustees (AIST). The ‘profit to member’ industry fund sector has a proud record of delivering investment outperformance, over the long term. We consider this has been achieved as a result of the member first culture applied by industry funds such as Club Super, and an equal representation governance structure. AIST has introduced a Governance Code for its member funds, which seeks to implement a best practice governance framework. Club Super has adopted the AIST Governance Code from 1 July 2018.
The Club Super Board of Trustees has in place a:
- Code of Conduct;
- Diversity, Nomination and Renewal Committee Charter;
- Process for reviewing the performance of the Board and Directors on an annual basis. A summary of that process is available here.
General Advice Warning
This information provided by Club Super is of a general nature, and does not take into account your individual financial situation, objectives or needs. If you require such specific advice, you should contact a licensed financial adviser. You should consider the Product Disclosure Statement (PDS) before making any decisions in relation to Club Super.