Former Labor minister Nicola Roxon will chair new super industry lobby group
Eight big superannuation funds that pushed for the formation of a new lobby and policy body have each scored a seat on the governing board.
Former Labor attorney-general and health minister Nicola Roxon will chair a new lobby and policy body for the superannuation sector, with ALP national president Wayne Swan also getting a board seat.
Ms Roxon is the interim chair of the Super Members Council of Australia, set up by eight of Australia’s largest superannuation funds to represent the $1.4 trillion profit-to-member superannuation sector.
The eight foundation funds each have a director on the governing board of the lobby group, created from the merger of peak body the Australian Institute of Superannuation Trustees and Industry Super Australia.
The board members appointed to the Super Members Council so far, who are a mix of the super funds’ chairs and chief executive officers, met last week and elected Ms Roxon as interim chair.
Ms Roxon said the group will advocate for the interests of the more than 10 million Australians who belong to a profit-to-member super fund, to “ensure superannuation policy is stable, effective and equitable”.
“The long-term interests of millions of Australians will be well served by a new collective body that can be a strong, thoughtful and compelling voice about superannuation policy, advocating to all levels of government and industry,” she said.
“Our promise is member-centric advocacy that seeks to work with all political parties to deliver the best possible retirement outcomes for the millions of Australians we represent.”
Led by giants AustralianSuper and Australian Retirement Trust, profit-to-member funds make up more than half of Australia’s $3.5 trillion superannuation industry.
Australia’s two largest superannuation funds will be represented by Don Russell, chairman of the $300bn AustralianSuper, and Bernard Reilly, CEO of the $260bn Australian Retirement Trust.
Mr Swan, a former treasurer and deputy prime minister, gets a board seat as chair of Cbus Super. Ms Roxon secured her board spot as chair of HESTA.
The remaining board members are Aware Super chair Sam Mostyn, Hostplus CEO David Elia, UniSuper chair Mark Armour and Rest director Julie Fox, who is national assistant secretary of the Shop, Distributive and Allied Employees Association.
Three directors will be chosen by the small to medium-sized super funds joining the group.
There will be a board representative for employees, through the Australian Council of Trade Unions, and employers, although those directors will not have voting rights.
A CEO has also yet to be appointed for the Super Members Council, which officially begins operating on October 1.
AustralianSuper, Cbus Super, Hostplus and HESTA will remain members of Industry Super, which will continue to run joint marketing campaigns on behalf of the nine industry super funds.
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Originally published as Former Labor minister Nicola Roxon will chair new super industry lobby group
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