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VicSuper implements transparent approach to annual reports
VicSuper has announced underlying asset growth of 11.7 per cent to $21.2 billion for the last financial year, in an annual report that aligned with the International Integrated Reporting (IR) Framework.
The fund increased membership by more than 2,000 members for the year, which its chief executive, Michael Dundon, flagged as significant in a superannuation market where many funds are shrinking due to consolidation.
The report also reinforced the fund’s commitment to responsible investment. The IR Framework ideally would promote transparency for members, with VicSuper saying its implementation reflected its wider corporate responsibility agenda.
“We have made a number of enhancements to our reporting this year, such as incorporating a performance scorecard, providing more insight into fund governance and strategy and focusing on how we provide members with great experiences throughout their saving and retirement journey. This all helps demonstrate the value we provide for our members and realise the benefits that Integrated Thinking provides,” the fund’s corporate responsibility manager, Kim Farrant, said.
This came in the wake of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, which highlighted transparency as a major issue facing the sector.
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The fund has achieved double-digit returns amid market volatility, reinforcing the value of long-term investment strategies for its members.
Australian super funds notched a third consecutive year of strong returns, with the median balanced option delivering an estimated 10.1 per cent over the 2024-25 financial year, but an economist has warned that the rally may be harder to sustain as key risks gather pace.
AustralianSuper has reported a 9.52 per cent return for its Balanced super option for the 2024–25 financial year, as markets delivered another year of strong performance despite the complex investing environment.
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