Governance
The AustralianSuper Board operates within a well-maintained governance framework. Along with the following policies and disclosures, this helps us to meet our obligations to members and deliver on our purpose – to help members achieve their best financial position in retirement.
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Corporate Governance @headerType>
The AustralianSuper Board operates within an appropriate governance framework that is well maintained.
Nomination, appointment and removal of Directors
Our Board is made up of equal numbers of Directors representing members and employers. Independent Directors may also be appointed. Our Member and Employer Directors are appointed by the Trustee’s shareholders. The shareholders are the Australian Council of Trade Unions (ACTU) (through ACTU Super Shareholding Pty Ltd) and the Australian Industry Group (Ai Group). The ACTU is Australia’s peak union body and the Ai Group is Australia’s peak employer association. All appointments are subject to board ratification. Directors are appointed for a term of no more than three years, but can be reappointed at the end of the three-year term.
A number of Alternate Directors may also be appointed. The Alternate Directors can represent a Director who can’t attend a Board meeting and they may also be a member of Board Committees. Each Director must meet the propriety and fitness standards outlined in the Fit and Proper Policy before their appointment is finalised and on an ongoing basis.
Directors can be removed if they no longer satisfy legislative or other requirements. This may occur if the director is convicted of a dishonesty offence, is insolvent or disqualified under applicable legislation. More information on the rules of appointment and removal of Directors can be found in the Constitution.
Governing rules/Trust Deed
AustralianSuper seeks to maintain the highest standards of fund governance and control. Good governance requires strong control mechanisms that encourage good decision making, accurate and timely execution of decisions, clear and effective accountability, regular review and assessment of governance policies and procedures and transparency. You can read more about our governing rules in the AustralianSuper Trust Deed.
Board committees and attendance records
View the attendance record of Board members.
Committees of the Board
Finance and audit committee
Chair: Claire Keating
Members: Jo-anne Schofield, Glenn Thompson, Janice van ReykInvestment committee
Chair: Philippa Kelly
Members: Pippa Downes, Russell Maddox, Michele O'Neil, Richard Price, Don Russell, Glenn Thompson, Innes Willox, Misha ZelinskyMember and employer services committee
Acting Chair: Gabrielle Coyne
Members: Julia Angrisano, John Dixon, Jo-anne Schofield, Janice van Reyk, Misha ZelinskyPeople and culture committee
Chair: Innes Willox
Members: Gabrielle Coyne, Michele O'Neil, Glenn Thompson, Don RussellRisk and compliance committee
Chair: John Dixon
Members: Julia Angrisano, Claire Keating, Don Russell, Misha Zelinsky -
Policies and disclosures @headerType>
The following policies and disclosures assist in managing our governance responsibilities.
Code of Conduct summary
AustralianSuper has a Code of Conduct for Employees and Directors which articulate the standards of behaviour expected of them. Employees and Directors of AustralianSuper are expected to carry out their duties and responsibilities professionally and ethically. Our Code of Conduct Summary provides a brief overview of the standards.
Conflicts of interests management
AustralianSuper’s Conflicts Management Policy addresses the identification, disclosure, recording and management of conflicts. Conflicts of interest (actual, potential or perceived) may arise where our employees, Directors or Responsible Persons hold interests in or owe duties to other entities in addition to those owed to the Trustee, AustralianSuper and its members. Our Conflicts Management Policy sets out how we manage conflicts of interests, ensuring that we act in the best interests of our members and beneficiaries. As part of our conflicts management processes, we also maintain a Relevant Interests and Relevant Duties register and a Gifts & Entertainment register. Read a summary of our Conflicts Management policy.
Anti-Bribery & Corruption statement
AustralianSuper has a zero-tolerance approach towards Bribery (including Facilitation Payments) and Corruption. We are committed to conducting all business in an honest and ethical manner. Our Anti-Bribery & Corruption statement sets out our approach to deal with any form of bribery and corruption.
Remuneration policy and disclosures
As an industry superannuation fund, AustralianSuper is run only to benefit members. Our remuneration practices reflect our members-first core value and the need to resource the fund to provide quality benefits and services to members. You can read a summary of our remuneration policy and disclosures in our Annual Report.
Whistleblower policy
At AustralianSuper, we expect the highest standards of behaviour from our staff, Directors and Committee Members and all staff have a responsibility to report matters that involve Improper Conduct within the organisation. We foster an open and transparent environment for reporting Improper Conduct, treat all Whistleblower reports as serious and take all reasonable steps to protect and support people who make a disclosure. The AustralianSuper Whistleblower Policy can be read for more information on how, and to whom, whistleblowing disclosures can be made and how AustralianSuper will support and protect whistleblowers.
Board diversity and skills
AustralianSuper’s Diversity, Equity and Inclusion Policy outlines how we foster and promote diversity, equity and inclusion practices and principles across AustralianSuper. It includes measurable objectives for achieving gender diversity at Board level, aiming to maintain at least 50% female composition on the Board. As at 30 June 2024, the Board exceeded this target with 7 out of 12 Directors being female.
The Trustee values a diverse Board, which leverages varied skills, experiences, and backgrounds of Directors to enrich decision-making with a wider range of viewpoints.
Details of gender balance at Board, Executive and Management level at AustralianSuper are provided in the Annual Report to members. Reporting made by AustralianSuper to the Workplace Gender Equality Agency under the Workplace Gender Equality Act 2012 is also available here.
The Board has developed a Skills Matrix which sets out the key skills and experience that the Board is looking to achieve in its membership and the number of Directors with each skill / experience. A collective representation of the Board’s skills can be found here.
Further details about the experience and background of all our Directors is available here.
Board evaluation policy
The Trustee of AustralianSuper recognises that Board evaluation is an important governance tool which fosters discussion on whether the Board is meeting its objectives, is performing well overall and is continuing to successfully deliver on its primary objective of maximising members’ retirement benefits.
Our Board Evaluation Policy requires the Board to formally consider whether it is meeting the objectives that it has set for itself collectively. Part of this process includes consideration of the Board’s overall skills, culture and dynamics. The evaluation process also includes an assessment of how individual Directors have performed each year. An internal evaluation process is undertaken annually under the leadership of the Board Chair and an external independent review is undertaken every third year (at a minimum). The process for assessing the performance of the Board and Directors may include face to face meetings between Directors and the Chair (or the external consultant where an independent review is undertaken), the completion and evaluation of self-assessment questionnaires, group discussions and meetings with the Chairs of each Committee and the Chair of the Board (or a combination of these processes).
Board evaluation at AustralianSuper gives all Directors the opportunity to provide constructive feedback which assists the Board as a whole and Directors individually to improve their ability to contribute to the work of the Board. The Board discusses the outcomes of each performance review and uses this information as the basis for considering how it can add further value to the performance of the Board. The Board evaluation process also allows the Board to identify opportunities to address knowledge gaps in broad and specific areas and to identify skill and experience requirements it may need in the future.
The annual performance assessment for the Board was completed in June 2024, with the outcomes of the review reported to the Board. Annual performance evaluations for senior management, including Executives have also been completed for the period ending 30 June 2024.
Related party disclosures
For our related party disclosures refer to our Financial Statements under the 'Reports' tab above.
Reports
We’re committed to transparent and open communication and publish a wide range of reports available to members and the general public.
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Annual reports (23)@headerType>
2024 Annual Report - pdf, 5.8MB
2023 Annual Report - pdf, 10.6MB
2022 Annual Report - pdf, 12.7MB
2021 Annual Report - pdf, 7.2MB
FY21 Supplementary Remuneration disclosure - pdf, 103KB
FY21 Sustainability Supplement - pdf, 411KB
2020 Annual Report - pdf, 12.9MB
2019 Annual Report - pdf, 3.6MB
Sustainability Report 2019 - pdf, 799KB
2018 Annual Report - pdf, 4.7MB
2017 Annual Report - PDF, 3.9MB
Sustainability Report 2017 - pdf, 159KB
2016 Annual Report - PDF, 4.1MB
Sustainability Report 2016 - PDF, 170KB
2015 Annual Report - PDF, 1.6MB
2014 Annual Report - PDF, 2.9MB
2013 Annual Report - PDF, 3.5MB
2012 Annual Report - PDF, 3.2MB
2011 Annual Report - PDF, 1.3MB
2010 Annual Report - PDF, 3.2MB
2009 Annual Report - PDF, 525KB
2008 Annual Report - PDF, 1.9MB
2007 Annual Report - PDF, 2.5MB
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Financial statements (25)@headerType>
2024 Fund Annual Financial Report - pdf, 778KB
2024 Trustee Annual Financial Report - pdf, 435KB
2023 Fund Financial Statements - pdf, 846KB
2023 Trustee Financial Statements - pdf, 688KB
2022 Fund Financial Statements - pdf, 984KB
2022 Trustee Financial Statements - pdf, 749KB
2021 Fund Financial Statements - pdf, 883KB
2021 Trustee Financial Statements - pdf, 787KB
2020 Fund Financial Statements - pdf, 468KB
2020 Trustee Financial Statements - pdf, 606KB
2019 Fund Financial Statements - pdf, 727KB
2019 Trustee Financial Statements - pdf, 677KB
2018 Fund Financial Statements - pdf, 1.4MB
2018 Trustee Financial Statements - pdf, 1.3MB
2017 Fund Financial Statements - PDF, 12.1MB
2017 Trustee Financial Statements - PDF, 6.2MB
2016 Fund Financial Statements - PDF, 941KB
2016 Trustee Financial Statements - PDF, 1.5MB
2015 Fund Financial Statements - PDF, 851KB
2015 Trustee Financial Statements - PDF, 1.4MB
2014 Fund Financial Statements - PDF, 858KB
2014 Trustee Financial Statements - PDF, 1.5MB
2013 Fund Financial Statements - PDF, 1.7MB
2012 Fund Financial Statements - PDF, 887KB
2011 Fund Financial Statements - PDF, 1.3MB
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Registers (11)@headerType>
Material service providers register - pdf, 39KB
Significant Event Notices - pdf, 80KB
Attendance record of board members - pdf, 100KB
Gifts & Entertainment register - pdf, 109KB
Constitution of AustralianSuper - pdf, 760KB
AustralianSuper Trust Deed - pdf, 524KB
AustralianSuper Director and Chief Officer cessations FY24 - pdf, 92KB
Conflicts management policy - pdf, 104KB
Relevant interests and relevant duties register - pdf, 187KB
People and Culture Committee Terms of Reference - pdf, 259KB
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Share voting (6)@headerType>
Australian Share Voting – 1 July 2023 to 30 June 2024 - pdf, 2.0MB
International Share Voting – 1 July 2023 to 30 June 2024 - pdf, 53.7MB
Australian Share Voting – 1 July 2022 to 30 June 2023 - pdf, 751KB
International Share Voting – 1 July 2022 to 30 June 2023 - pdf, 7.9MB
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Other reports (22)@headerType>
2024 Trustee Risk Reserve - pdf, 56KB
Tax transparency report 2023 - pdf, 148KB
2023 Trustee Risk Reserve - pdf, 49KB
KPMG Report: AustralianSuper's Economic Contribution to Australia, March 2023 - pdf, 6.2MB
Tax transparency report 2022 - pdf, 216KB
AIST Governance Code Compliance Report 2022 - pdf, 119KB
2022 Trustee Risk Reserve - pdf, 63KB
Tax transparency report 2021 - pdf, 312KB
AIST Governance Code Compliance Report 2021 - pdf, 131KB
Member outcomes assessment super products - pdf, 462KB
Member outcomes assessment pension products - pdf, 450KB
AustralianSuper FY20 Modern Slavery Statement - pdf, 705KB
Tax transparency report 2020 - pdf, 257KB
AustralianSuper UK Limited 2019 Best Execution Annual Report RTS 28 - pdf, 234KB
Tax transparency report 2019 - pdf, 139KB
WGEA 2023-2024 Compliance Report - pdf, 792KB
AIST Governance Code Compliance Report 2020 - pdf, 97KB
Letter to APRA Risk Governance - pdf, 659KB
Tax transparency report 2018 - pdf, 133KB
Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry Submission - pdf, 203KB
Tax transparency report 2017 - pdf, 100KB
Retirement Confidence Report - pdf, 186KB