(Pictured: John Wilson)
The $7.7 billion Queensland-based local government fund LGsuper has restructured its board along the lines of the new Government’s proposed 3+3+3 system, appointing three independent directors ahead of the independent chair’s retirement in the second half of next year.
LGsuper is one of Australia’s oldest funds – going for nearly 50 years – and has also had a long history of having at least one independent director, dating back to 1995. Among the new directors is John Wilson, former managing director of PIMCO Australia.
The proposal by the Coalition, when in opposition, is for not-for-profit funds to have three independent directors, three member representatives and three employer representatives. There has been some disquiet over the proposal for a couple of reasons: it will not necessarily apply to retail funds and it may introduce a new level of uniformity or blandness among strategies and behaviors. Independent directors may not know the membership as well as the others.
Brian Roebig, LGsuper chair, who announced his intention to retire after the end of the financial year, said the members would benefit from the additional finance, investment and actuarial experience of the new directors.
The other two independents are John Smith, an actuary, who was previously with the Heron Partnership, and Bronwyn Morris, an accountant with KPMG with 18 years experience as a non-executive director.
For Wilson, who left PIMCO this year, the appointment is his first back in the superannuation industry. His other active roles are furthering his academic studies and a new position promoting the development of women’s rugby.