Local Government Super (LGS) has appointed its first independent chair in Kyle Loades and first female independent director Sandi Orleow.
These are two of three independent roles on the board and would increase the board’s diversity of experience as LGS positions for future growth.
Both joined on 22 October, 2019, and outgoing chair, Bruce Miller, would remain on the board as deputy chair.
Loades previously sat on the board of directors for NRMA and Credit Union Australia and was selected for his experience with member-based organisations and innovation.
Meanwhile, Orleow was previously national director for Women in Super and also currently held roles at CFA Societies Australia, Pengana International Equities, ACT Government, Statewide Super and Infrastructure Partners Investment Fund.
LGS acting chief executive, Donna Heffernan, said: “The leadership team is excited to have the benefit of Kyle and Sandi’s in-depth experience from other member-focused organisations. Kyle has worked closely with executive teams of prominent and well-respected member-based organisations to significantly enhance member value.
“Similarly, Sandi has held various director and investment committee roles at relevant member-based and investment-focused organisations such as CFA Societies Australia, Statewide Super as well as Women in Super that we expect will benefit our Board, investments, and our members.”
Super funds had a “tremendous month” in November, according to new data.
Australia faces a decade of deficits, with the sum of deficits over the next four years expected to overshoot forecasts by $21.8 billion.
APRA has raised an alarm about gaps in how superannuation trustees are managing the risks associated with unlisted assets, after releasing the findings of its latest review.
Compared to how funds were allocated to March this year, industry super funds have slightly decreased their allocation to infrastructure in the six months to September – dropping from 11 per cent to 10.6 per cent, according to the latest APRA data.