LGIAsuper leadership team to take 10% pay cut

9 April 2020
| By Jassmyn |
image
image
expand image

LGIAsuper’s directors and executives have committed to a 10% pay cut until at least 30 June, 2020, as a response to the COVID-19 pandemic.

The Queensland superannuation fund’s chair, John Smith, said the remuneration cut decision was because its core membership came from the local government sector and they would be hard hit by the virus as ratepayers experienced financial hardship.

The fund’s chief executive, Kate Farrar, said the pay cut would be through sacrificing annual leave entitlements.

“Many of our members are directly impacted by COVID-19, and it is important they know we are standing with them, while working tirelessly to protect them and their savings,” Farrar said.

“We know our fund will be impacted by COVID-19, but our members can rest assured that we are determined to keep investing in services for members even through the fallout from this pandemic.”

Farrar noted that the board and leadership team would not ask employees to make the same sacrifices.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

1 year 3 months ago
Kevin Gorman

Super director remuneration ...

1 year 3 months ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

1 year 3 months ago

Shadow treasurer Angus Taylor has vowed to slash red tape and introduce a suite of financial services reforms aimed at transforming Australia into a leading financial hub...

2 hours ago

Deglobalisation is emerging as a major driver of infrastructure debt opportunities as regions onshore vital industries, a superannuation fund-owned manager has said....

2 hours 40 minutes ago

Australian superannuation funds are grappling with heightened global instability, as US policy shifts create a volatile backdrop for investment strategies....

2 hours 42 minutes ago

TOP PERFORMING FUNDS