TWUSUPER is a not-for-profit Industry SuperFund for the transport and logistics industry.
Our Board ensures TWUSUPER looks after the best interests of all members, and we have a skilled and experienced management team looking after the day-to-day operations of the Fund.
The Trustee executive team
Chief Executive Officer
Chief Financial Officer
Chief Investment Officer
Chief Governance Officer
Chief Operating Officer
Executive Manager Stakeholders and Marketing
Manager, Trustee Services
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.
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.
David Galbally AM QC
Timothy Dawson (Alternate)
Paul Ryan (Alternate)
Ian Smith (Alternate)
Nick McIntosh (Alternate)
* Robin Phillips ceased as an Alternate Employer Director from 10 August 2017.
* Dennis Sutton ceased as an Employer Director on 23 July 2018.
* Michelle Harwood ceased as an Alternate Employer Director on 2 August 2018 and was appointed Employer Director on the same day.
* Tony Sheldon ceased as an Employee Director on 11 April 2019.
* Michael Kaine ceased as an Alternate Employee Director on 6 June 2019 and was appointed Employee Director on the same day.
* Nick McIntosh was appointed as an Alternate Employee Director on 6 June 2019.
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.
- Conflicts management policy
- Director remuneration
- Director qualifications and experience
- Rules of appointment
- Relevant duties register
- Relevant interests register
- Audit, Risk and Compliance
- Communications and Marketing
- Complaints and Appeals
- 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
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.
Mercer Outsourcing (Australia) Pty Ltd
32 005 315 917
Custodian and investment
BNP Paribas Securities Services
87 149 440 291
External auditor and tax adviser
Ernst & Young
Mercer (Australia) Pty Ltd
Financial advice provider
Industry Fund Services Ltd
JANA Investment Advisers
See investment managers below
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
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
- AIF Capital
- AMP Capital Investors
- AQR Capital Management
- Aurum Funds Management
- Charter Hall
- Colonial First State Global Asset Management
- Cooper Investors
- DNR Capital
- Eureka Funds Management
- Franklin Templeton Investments
- HarbourVest Partners LLC
- IFM Investors
- 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
- Spheria Asset Management
- Tactical Global Management
- Wellington Management Company