The two newest Association of Superannuation Funds of Australia (ASFA) directors have helped create a balanced board as the industry body gears up to form policy around the implementation of Stronger Super and broad governement policy, the body’s chief said.
Late last week, ASFA appointed MLC Masterkey general manager Dean Thomas to represent the retail sector and Telstra Super chief executive Martin Crowe to represent corporate funds.
“That gives us a balanced board because I’ve covered all sizes and all structures,” ASFA chief executive Pauline Vamos told InvestorDaily.
Vamos said Thomas’ platform expertise and his experience as a commercial lawyer were helpful given the regulatory changes afoot, as was Crowe’s role in a corporate super fund that offers full-service advice.
Sunsuper chief executive Tony Lally chairs the 10-member board, which meets every two months and is required to come up with strategies for issues facing the industry.
“With such a volatile environment, the focus of the board really has to be making sure that ASFA is responding to the big, emerging issues. I rely on the board to provide me with guidance on the issues we need to prioritise,” Vamos said.
“I want people who are part of the industry who can see some of the changes that are coming.”
She said priorities at the moment they include implementation of Stronger Super, development of post-retirement policy and ways in which ASFA can influence economic and investment policy. However, she said priorities would likely change over the year.
Vamos said the ASFA board’s role needs to become broader given the swathe of legislative changes afoot, including those outside the financial services industry.
“Government decisions, whether it’s exporting live cattle or clean-tech energy, affect the superannuation system because they cover the whole economy so, more and more, ASFA’s role will be deep thinking and policy and research around those areas,” she said.
