Industry Super Australia (ISA) chief executive, David Whiteley, is stepping down to take up a new global position with IFM investors.
ISA chair Peter Collins said that Whiteley had turned the organisation into the most effective advocate in financial services in the country during his 12 years at the mantle.
“Under David’s stewardship, ISA has developed into what is indisputably the best policy, lobbying and campaign organisation in our industry, perhaps the best in any industry.
“His leadership and unrelenting focus on good public policy has made life better for millions of Australians,” Collins said.
Collins pointed to the extensive campaigns Whiteley oversaw as proof of his impact.
“ISA led the campaign to retain the Low Income Super Contribution (LISC) while David and his team successfully saw off attempts to diminish the governance of industry super funds and make them more like banks.
"David led trade delegations overseas which helped globalise industry super funds investments and oversaw the award winning ‘Compare the Pair’ marketing campaign showcasing industry super funds’ outperformance.
“This helped Australians understand how their superannuation returns can significantly impact their final nest egg and the increased membership and scale that comes from it has allowed industry super funds to deliver the best possible member returns.”
Whiteley would take up his new role in September.
The Future Fund’s CIO Ben Samild has announced his resignation, with his deputy to assume the role of interim CIO.
The fund has unveiled reforms to streamline death benefit payments, cut processing times, and reduce complexity.
A ratings firm has placed more prominence on governance in its fund ratings, highlighting that it’s not just about how much money a fund makes today, but whether the people running it are trustworthy, disciplined, and able to deliver for members in the future.
AMP has reached an agreement in principle to settle a landmark class action over fees charged to members of its superannuation funds, with $120 million earmarked for affected members.