TWUSUPER team

The Trustee executive team

Position	Name
Chief Executive Officer	Frank Sandy
Chief Financial Officer	John Arnott
Chief Investment Officer	Andrew Killen
Chief Governance Officer	Lachlan McBain
Chief Operating Officer	Matt Licheri
Executive Manager Stakeholders and Marketing	Tony Buckley
Manager, Operations	Lou Coia

The Trustee has a documented process for evaluating the performance of the executive team. These evaluations are carried out annually by the Chief Executive Officer or, in the case of the Chief Executive Officer, the Board. Performance evaluations of all members were most recently carried out in late 2018.

Trustee Directors

The TWUSUPER Board is a representative board that includes both employer and employee representatives.

This board structure is recognised by peak super bodies such as the Australian Institute of Super Trustees (AIST) and the Industry Funds’ Forum as providing the best governance model for Australian Industry SuperFunds.

an Independent Chairman
four employee representatives, nominated by the Transport Workers’ Union of Australia (TWU)
four employer representatives, nominated by the Australian Road Transport Industrial Organisation (ARTIO)
up to six alternate directors, nominated by their respective representatives.

Employee Directors*	Employer Directors*
Independent Chairman	David Galbally AM QC
Tony Sheldon	Hugh McMaster
Peter Biagini	Peter Anderson
John Berger	Michelle Harwood
Richard Olsen	Gary Mahon
Timothy Dawson (Alternate)	Paul Ryan (Alternate)
Michael Kaine (Alternate)
Ian Smith (Alternate)

* Robin Phillips ceased as an Alternate Employer Director from 10 August 2017

* Dennis Sutton resigned as Employer Director on 23 July 2018.

* Michelle Harwood ceased as an Alternate Employer Director on 2 August 2018 and was appointed Director on the same day.

Performance evaluation

The Board has procedures for assessing annually the Board’s performance relative to its objectives and the performance of its Directors. Annual assessment of performance includes:

review of performance against the Trustee’s strategic objectives
assessment of the Board and Directors in line with the Fit and Proper Policy and the Appointment and Renewal Policy
adherence to the Trustee’s governance framework.

The performance of the Board and Directors was evaluated using the above procedures for the 2017-18 financial year.

Summary of procedures

The Board conducts the annual performance review with the assistance of an external consultant. Its overall aim is to identify any issues relating to the Board’s operation that might prevent or hinder it from carrying out its functions. It involves Director surveys and/or interviews and a review of records relating to Directors’ adherence to Fund policies. The results of these are analysed to assess perceived strengths and development areas for the Board as a whole. A report of the assessment is considered by the Board and action plans are developed and implemented, as necessary, and monitored by the Board at each meeting.

Assessment of the competency of the Board and its individual Directors is conducted annually by the Trustee Secretariat under the Fit and Proper Policy. The fitness of a Director to continue in office is also reviewed at the end of each term, having regard to time already served on the Board, fitness and propriety and other factors.

Where a Director is found not to be fit and proper or other grounds for removal apply under the company constitution, the Trustee will take all reasonable steps to ensure that the person does not continue as a Director. In the case of a Director failing only to meet training requirements, the Board through its Audit, Risk and Compliance Committee will first attempt to assist the Director to meet those requirements.

Related documents

Committees

Audit, Risk and Compliance
Claims
Communications and Marketing
Complaints and Appeals
Investment
Operations and Remuneration

Board Attendance Records

The table below shows the board meetings attended by TWUSUPER Directors in the last 7 years.

Financial year	2011/12	2012/13	2013/14	2014/15	2015/16	2016/17	2017/18
No. of board meetings	6	6	6	6	7	6	6
Director Attendance
Current Directors
David Galbally AM QC	6	5	6	6	6	5	4
Tony Sheldon	2	3	4	5	6	4	5
Hugh McMaster1	6	6	6	6	7	5	5
Peter Biagini2	5	6	5	5	7	6	6
Peter Anderson3	N/A	N/A	N/A	N/A	3	6	6
John Berger4	N/A	N/A	N/A	N/A	1	6	5
Richard Olsen5	N/A	N/A	N/A	N/A	N/A	4	5
Dennis Sutton6	N/A	N/A	N/A	N/A	N/A	5	5
Gary Mahon7	N/A	N/A	N/A	N/A	N/A	4	4
Tim Dawson (Alternate)8	N/A	N/A	1	6	6	5	5
Michael Kaine (Alternate)	6	5	3	6	7	4	3
Paul Ryan (Alternate)9	6	5	6	6	7	5	3
Ian Smith (Alternate)10	N/A	N/A	N/A	N/A	N/A	2	6
Michelle Harwood19	N/A	N/A	N/A	N/A	N/A	N/A	4
Former Directors
Robin Phillips (Alternate)18	6	6	6	5	7	6	1
Rick Burton			4
Wayne Forno11	6	5	5
Jim McGivern	2	4
Phil Lovel AM12	6	6	5	6	3
Wayne Mader13	5	5	6	4	5
Ian King14	5	6	6	6	5
Peter Garske15	6	5	6	6	6	3
Ray Wyatt16	5	5	5	6	5	3
Michael Aird17	N/A	N/A	N/A	5	4

Notes

1 Alternate Director 07/08/2008 to 08/04/2011. Director since 08/04/2011.
2 Alternate Director 10/01/2011 to 26/06/2014. Director since 26/04/2014.
3 Commenced as Director on 03/12/2015.
4 Commenced as Director on 02/06/2016.
5 Commenced as Director on 22/09/2016.
6 Commenced as Director on 22/09/2016. Resigned as Director on 23/07/2018.
7 Attended 22/09/2016 Board meeting as an observer. Director since 01/12/2016.
8 Commenced as Alternate Director on 26/06/2014.
9 Alternate Director since 08/04/2011. Director 07/06/2007 to 08/04/2011.
10 Commenced as Alternate Director on 06/04/2017.
11 Alternate Director 11/06/2009 to 08/04/2011. Director from 08/04/2011 to 08/10/2014.
12 Resigned as Director on 23/11/2015.
13 Resigned as Director on 29/04/2016.
14 Resigned as Director on 24/06/2016.
15 Resigned as Director on 30/11/2016.
16 Resigned ad Director on 14/02/2017.
17 Commenced as Director on 09/10/2014. Resigned as director on 09/08/2016.
18 Resigned as director on 10/08/2017.
19 Alternate Director 07/12/2017 to 02/08/2018. Director since 02/08/2018.

Trustee service providers

The Trustee engages the following third-party providers in the management of TWUSUPER.

Material providers

Function	Provider	ABN
Administrator	Mercer Outsourcing (Australia) Pty Ltd	32 005 315 917
Custodian and investment administrator services	BNP Paribas Securities Services	87 149 440 291

Key providers

Function	Provider
External auditor and tax adviser	Ernst & Young
Internal auditor	PricewaterhouseCoopers
Actuary	Mercer (Australia) Pty Ltd
Financial advice provider	Industry Fund Services Ltd
Investment adviser	JANA Investment Advisers
Investment managers	See investment managers below
Legal adviser	Sparke Helmore Lawyers
Group life and income protection insurer	TAL Life Limited (was CommInsure until 27 May 2017)
Trustee liability insurer	IFS Insurance Solutions Pty Ltd

Investment managers

TWUSUPER engages investment managers to invest members’ money across the different asset classes.

We closely monitor the investment performance of each investment manager and from time to time new investment managers are appointed and others terminated.

TWUSUPER uses JANA Investment Advisers to help set the investment strategy, select investment managers and monitor performance.

Investment managers at 19 October 2018:

Antipodes Partners
Adam Smith Asset Management
AIF Capital
AMP Capital Investors
AQR Capital Management
Aurum Funds Management
Barings
Charter Hall
Colonial First State Global Asset Management
Cooper Investors
Discovery Asset Management
DNR Capital
Eureka Funds Management
Franklin Templeton Investments
HarbourVest Partners LLC
IFM Investors
Industry Super Property Trust
Infrastructure Capital Group
Insight Investment
Intermede Investment Partners
Janus Henderson Investors
Lexington Partners
LGT Capital Partners
Loomis Sayles
ME Bank Pty Ltd
MFS Investment Management
Neuberger Berman
Nikko Asset Management
Northcape Capital
Orbis Investment Management
Pantheon Ventures Ltd
Perpetual Investment Management
Siguler Guff & Company
Tactical Global Management
Wellington Management Company