POWERED BY MOMENTUM MEDIA
Who’s getting the big super board fees?
If you’re going to be appointed to the trustee board of a superannuation fund choose a bank-owned retail fund or a large industry fund – you’ll get paid more.
That is the bottom line of answers provided by both retail and industry superannuation funds to the House of Representatives Standing Committee on Economics.
The answers reveal that while the trustee directors employed on the National Australia Bank’s NULIS board received a total of $1,151,682 in directors fees equating to an average of $221,477, this compared to the trustees of the Australian Catholic Superannuation Fund who received an average salary of $57,370 a year.
This in turn compares to the $125,000 paid to trustee directors of the AMP superannuation funds, and the average remuneration of $118,103 paid to trustee directors of major retail industry superannuation fund, REST.
A number of large retail and industry funds have yet to respond to the questions on notice from the Parliamentary Committee.
Recommended for you
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.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.73 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
30.15 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.71 3 y p.a(%)
