At Statewide Super, we’re committed to the highest levels of corporate governance. Our experienced Board of Directors set the strategic direction for the Fund, maintaining a high standard of ethical behaviour, transparency and accountability.
Our key focus is you
Our knowledgeable Board of Directors carefully assess all investments, with a primary focus on growing your superannuation to meet your future retirement needs. The Board also regularly reviews the business and operational investment performance of the Fund to achieve great outcomes for our members.
In keeping with the Statewide Super Risk Management Strategy, a major part of the Board’s work includes monitoring economic, business and operational risk, ensuring a methodical approach.
Board summary policies and disclosures
You can find out more about our Board-endorsed policies and disclosures, an overview of key policy areas in relation to the Fund and a list of our material outsourcing providers below.
|MySuper Product Dashboard||View|
|The latest Statewide Super Trust Deed||Download|
|The latest Statewide Super Constitution||Download|
|Statewide Super Board Charter includes rules relating to the nomination, appointment and removal of directors||Download|
|Statewide Super Board Skills Matrix||Download|
|The most recent actuarial review for each defined benefit sub-fund- Salarylink Sub-Fund and CCASP Sub-Fund||Salarylink Sub-Fund
|The most recent Benefit Certificate for each defined benefit sub-fund||Salaylink Sub-Fund
|The most recent Funding and Solvency Certificate for each defined benefit sub-fund||Salaylink Sub-Fund
|Statewide Super's latest Product Disclosure Statements (PDS) and Financial Services Guide||View|
|Statewide Super's Annual Report||View|
|Summary of Significant Event Notices in the last 2 years||View|
|Information about each Statewide Super executive officer||View|
|Directors attendances at Board meetings for the last 7 years||Download|
|A register of relevant interests and duties||Download|
|Statewide Super's proxy voting policies||View|
|Summary of exercised proxy voting rights||View|
|Annual Financial Statements for the Statewide Superannuation Trust||View|
|Workplace Gender Equality Agency Report||Download|
|Statewide Super's Whistleblower Policy||Download|
|Remuneration and Nomination Committee Charter||Download|
Performance evaluations are undertaken annually for each director of the Statewide Super Board and each member of the Leadership Team.
|AIST Governance Code:|
|The Australian Institute of Superannuation Trustees (AIST) is the peak representative body for the $1.2 trillion profit-to-member superannuation sector. The AIST has published a principles based Governance Code which goes beyond current regulatory requirements and creates a new standard of best practice in Australia. Statewide Super is proud to report that it is fully compliant with the Code.|
|For gender diversity on the Board for the 2020/21 financial year, the Board’s composition consists of 45% female and 55% male.|
|Executive Officers and Individual Trustee Remuneration (This information will be updated by 31 October each year):|
- 2020 - 2021 information
Summary of key policies
Gifts and Benefits Policy
Statewide Super presumes that the acceptance of gifts, benefits or favours (collectively referred to as ‘gifts’) is not appropriate where these may influence or be seen to influence decision making. This is so regardless of who the prospective gift-giver is. It does not matter where these offers come from, but simply whether or not acceptance of the gift may influence or be seen to influence any decision making.
This does not mean that acceptance of gifts is always inappropriate. Gifts are generally acceptable if they are less than $300 in value and are not seen as conflicted.
Gifts valued in excess of $300 must be declared and may be accepted and retained by the employee (other than a member of the Financial Planning team) with the express approval of the Chief Executive Officer (CEO) or Chief Risk Officer (CRO).
Employees may accept gifts under the value of $300, subject to the requirements of the Gifts and Benefits Policy. Under no circumstances should an employee accept any form of monetary gift.
Member of the Financial Planning team may not accept gifts valued in excess of $300 in aggregate over any 12 month period.
All gifts received by an employee (this includes indirect gifts provided to partners/family members) from an external third party, with an estimated value of $300 or over, must be registered on the Gift Register within five (5) business days of receipt of the gift.
Conflicts of Interest Policy
Statewide Super is committed to promoting a culture of prudent practice, sound management and ethical behaviour.
Statewide Super is fully cognisant of its duty to ensure that Statewide Super members are protected when an actual, apparent or potential conflict of interest arises between the duties of its directors or employees and any other commercial interest.
Accordingly, Statewide Super ensures that each business decision reflects independent judgment and discretion, uninfluenced by any consideration other than those believed to be in the best interests of its members.
Statewide Super’s preferred method of managing conflicts of interest is to avoid them entirely. Where avoiding a conflict of interest is not possible, the conflict is managed by a combination of internal controls and disclosure to ensure that any recommendation or decision within Statewide Super, or the process leading to such a recommendation or decision, is not compromised as a result of that conflict – and, ultimately, that the interests of our members are given priority.
These principles are expressed in Statewide Super’s Code of Conduct which requires our Directors and employees to:
- not enter into any arrangement or activity (whether pecuniary or non-pecuniary) that would directly or indirectly conflict with the interests of Statewide Super or prejudice the performance of professional duties;
- never provide or maintain products or services for, or complete or approve transactions on behalf of, immediate family members or relatives in the course of their work;
- be alert to actual or potential conflicts of interest and disclose them to their line manager, People and Culture representative or Risk and Compliance representative (or in the case of Directors - to the Board); and
- seek approval for any outside business interest (paid or unpaid), business ventures, directorship, partnership, or direct/indirect financial interest which has the potential to be in conflict with the interests of its members.
In addition, there are the following mechanisms in place:
- Statewide Super maintains a Register of Relevant Interests which identifies each conflict and describes the specific actions that will be taken to manage a Conflict of Interest (e.g. exclusion from particular decision-making or assessment processes).
- Statewide Super maintains a register of the shares held by Directors and members of the Executive Team for Shareholdings which includes any shareholdings in direct investments and shareholdings of 5% or more in listed companies or unlisted public companies.
- All Directors are required at the commencement of each Board and/or Board Committee meeting to confirm that any previously disclosed relevant interest is recorded in the Register of Relevant Interests, is accurate and contains all relevant details (including details of any Conflict of Interest and the action taken to avoid or manage the Conflict of Interest). The confirmation is recorded in the minutes of each Board and/or Board Committee meeting and referred to the Chief Executive Officer.
- In addition, Directors are also required to make a formal annual declaration of any actual or potential Conflicts of Interest.
A Director or member of the executive team who is the subject of a potential Conflict of Interest is permitted to attend a meeting of the Board in order to provide information with respect to the conflict - but must otherwise excuse himself or herself from the portion of the meeting during which any determination regarding the conflict is considered or made.
The Remuneration Policy sets out the remuneration objectives and the structure of remuneration arrangements of all Statewide Super employees, Directors and Committee members.
Each Director is entitled to such remuneration for his or her services. Director remuneration is set by the Board after consultation with an appropriately qualified and skilled independent expert. The Chair of the Board is paid a fee which is twice the annual fee paid to other Directors. Additional fees are also paid to each Committee Chair due to the advanced expertise required in these areas. Directors do not receive any remuneration in the form of performance based payments. Nor do they receive any equity or non-cash remuneration. The Directors do not accrue service entitlements.
Directors will also be entitled to be reimbursed or have paid all reasonable expenses incurred in connection with the business and activities of the Statewide Super Group reimbursed as approved by the Chair and Chief Executive Officer from time to time.
List of Material Outsourcing Providers
# Service Provider ABN Activity 1 Brandywine Global Investment Management, LLC NA Investment Managers 2 Cooper Investors Pty Limited 26 100 409 890 Investment Managers 3 Deloitte 611 748 184 Internal Audit 4 Mesirow Financial Currency Management, Inc NA Investment Managers 5 MetLife Insurance Limited 75 004 274 882 Insurance - Administrative Service Agreement 6 National Australia Bank Limited 12 004 044 937 Custody of Assets 7 Henderson Global Investors (Australia) Institutional Funds Management Ltd 16 165 119 531 Investment Managers 8 PIMCO Australia Pty Ltd 54 084 280 508 Investment Managers 9 Selector Funds Management Limited 85 102 756 347 Investment Managers 10 State Street Bank and Trust Company 70 062 819 630 Investment Managers 11 Ubique Asset Management Pty Ltd 36 150 100 557 Investment Managers 12 Vinva Investment Management Limited 38 142 528 783 Investment Managers 13 Westpac Banking Corporation -QuickSuper 33 007 457 141 IT Provider 14 Barings LLC NA Investment Managers 15 Financial Synergy Holdings Pty Ltd owned by IRESS 66 126 127 197 Activity Administration System 16 Your DC Pty Ltd 84 603 707 339 Activity Data Centre 17 Greencape Capital Pty Ltd 98 120 328 529 Investment Managers 18 Allan Gray Australia Pty Ltd 48 112 316 168 Investment Manager 19 Paradice Investment Management Pty Ltd 64 090 148 619 Investment Managers 20 Loomis, Sayles & Company, L.P. NA Investment Managers
Professional Development Policy and Principles for Directors
Statewide is committed to achieving the highest standards in Corporate Governance. As part of this commitment, Directors are provided with access to continuing education to ensure that:
- each Director remains able to satisfy APRA's "fit and proper" person test; and
- the Board, as a whole, maintains the following 13 core competencies: Strategic Expertise, Financial Literacy, Law, Governance and Trusteeship, Risk Management, People and Change Management, Financial Markets / Investments, Customer Service, Superannuation Industry, Communications and Marketing, Technology, Knowledge of Legislative Process and Insurance.
Similarly, new directors:
- who do not have prior experience as a director or CEO are required to complete of the Australian Institute of Company Directors Course (AICD); and
- who do not have prior superannuation experience are required to complete a relevant industry course.
The Remuneration & Nomination Committee is responsible for coordinating professional development activities. Directors agree an annual program with the Chairman and must accumulate at least 90 points over each 3 year period.
Code of Conduct
Statewide Super’s Code applies to all employees, contractors, consultants and Directors and is applied in conjunction with other Statewide Super policies.
This Code has been derived by Statewide Super pursuant to the objectives of promoting:
- Professional, honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;
- Compliance with applicable governmental laws, rules and regulations; and
- The prompt internal reporting of violations of the Code to a member of the Leadership Team.
This means that all employed by Statewide must:
- Always act in the best interest of members.
- Abide by Statewide Super’s values and report any breaches of the Code we observe.
- Undertake our duties with proper care and diligence.
- Act within the scope of a member’s valid instructions (and not outside that scope).
- Adhere to Statewide Super’s desired risk culture and broader Risk Management Strategy.
- Deal fairly and honestly with Statewide Super’s members, employers, suppliers, competitors and any other third parties.
- Provide advice only to members that we are authorised to provide in the course of our work.
- Behave in a way that takes into account our impact on the broader community and the environment, in both the short and long term, and will not negatively impact Statewide Super’s or our own reputation.
- Be sustainable in how we do business at Statewide Super.
- Not entertain customers or clients or participate in Statewide Super activities in a way that may damage Statewide Super.
- Identify conflicts of interest and manage them appropriately (including by complying Statewide Super’s Conflicts of Interest Policy).
- Create a safe workplace environment which is inclusive and where our members, employees and stakeholders feel valued as individuals, and remain sensitive in our communications by considering the perspectives, knowledge and backgrounds of others.
- Call out behaviours or attitudes which go against our inclusive culture, or which may make others feel unsafe or uncomfortable.
- Recognise the unique needs of our members, colleagues, suppliers and stakeholders and find ways to deliver inclusive services that meet their needs, or enable them to contribute in ways which are meaningful for them.
- Not make or receive improper benefits or gains (including by complying with Statewide Super’s Gifts and Benefits Policy).