George Fishlock has been unanimously elected as the new chair of the board at AVSuper.
He will replace current AVSuper chair Tom Grant in January 2013. Grant is leaving to pursue other opportunities in the superannuation industry, having founded the fund and acted as chair since 1990.
Fishlock has been a member representative on the board for 14 years and an air traffic controller for 30 years.
As chair of the investment committee, he has been involved in due diligence of investment managers and investment processes, nationally and internationally.
He has also chairs the audit, compliance and risk management committee.
AVSuper chief executive Michelle Griffiths thanked Grant for his commitment in shaping the fund for 22 years and expressed confidence the fund was in Fishlock's "capable hands".
As the Australian financial landscape faces increasing scrutiny from regulators, superannuation fund leaders are doubling down on their support for private markets, arguing these investments are not just necessary but critical for long-term financial stability.
Australian Retirement Trust (ART) is leaning on its private asset allocation to help shield members from ongoing market volatility, as its chief economist stresses the importance of long-term thinking and diversification.
AustralianSuper is poised to cement its leadership in the superannuation landscape over the next five years, with fresh research forecasting a sharp shift in the sector’s power dynamics.
The Reserve Bank of Australia (RBA) has warned that significant liquidity pressures could arise in the superannuation sector if multiple risks materialise at once, potentially amplifying shocks in the financial system.