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Directors
AGEST Super Pty Ltd (ABN 44 007 390 392) is the trustee company that is responsible for the management and investment decisions of AGEST. The trustee company was established by the Australian Government and the ACTU in 1990.
The Trustee Board has 7 Directors:
- 3 Directors are appointed by the Minister for Finance and Administration
- 3 Directors are appointed by the ACTU
- the seventh Director is the independent Chairperson who is jointly appointed by the Minister for Finance and Administration and the ACTU.
Appointments continue until withdrawn by their nominee (Minister/ACTU) or they resign.
The Trustee holds indemnity insurance to protect the Trustee and fund assets from losses arising from claims against it. This cover is provided by Dexta Corporation Limited.
Chairperson and Independent Director
- Dr Michael Vertigan, AC, retired as Chair on 31 May 2008, after over 4 years as Chair and 8 years as a Director.
He retired in order to take up the position of Chairman of Polytechnics Tasmania, a newly created entity which is part of a set of initiatives by the Tasmanian Government designed to improve the level of education attainment and skill development in the State.
His replacement as Chair is yet to be determined.
Other Directors
- Ms Cath Bowtell
(Appointed by the ACTU effective 1.4.2005)
Senior Industrial Officer, ACTU; Director of another superannuation fund.
- Mr Tony Hyams
(Appointed by the Minister effective 9.10.2000; reappointed 12.8.2004)
Senior Adviser, Credit Suisse; Director, Australian Maritime Safety Authority. Chairman of another superannuation fund.
- Ms Sally O'Loughlin
(Appointed by the ACTU effective 22.10.2002)
Former Assistant National Secretary, Community and Public Sector Union; previous experience as a Director of other superannuation funds.
- Ms Gail Owen, OAM
(Appointed by the Minister effective 3.5.2000; reappointed 12.8.2004)
Partner, HWL Ebsworth; previous experience as a Director of other superannuation funds. Ms Owen was awarded the Medal of the Order of Australia (OAM) on Australia Day 2006 "for service to the law, particularly through executive roles in a range of professional organisations".
- Mr Gary Potts
(Appointed by the Minister effective 9.2.2004)
Financial Consultant; former Deputy Secretary, Commonwealth Treasury.
- Ms Catherine Wood
(Appointed by the ACTU effective 14.12.1995)
Former Executive Officer, Trade Union Training Authority; Director of another superannuation fund.
Trustee Committees
The Trustee has established committees to deal with issues and make recommendations to the full Board. The current committees are outlined below.
- Audit and Risk Management Committee
Gail Owen (Chair), Cath Bowtell, Sally O'Loughlin, Gary Potts
- Business Development Committee
Cath Bowtell (Chair), Gary Potts, Kate Wood
- Human Resources Committee
Sally O'Loughlin (Chair), Tony Hyams
- Insurance Committee
Catherine Wood (Chair), Gail Owen
- Investment Committee
Tony Hyams (Chair), Sally O'Loughlin, Gary Potts, Catherine Wood
Directors' Remuneration
Remuneration paid to Directors recognises the time, experience and responsibility required of those people.
This remuneration is paid directly to the Director (or to their nominated superannuation fund) except in the case of Cath Bowtell whose fees are paid to her employer (ACTU).
Current remuneration is noted below. The next review of remuneration is expected to be effective from 1 July 2009.
Chair of the Board: $60,000 pa
Other Directors: $42,000 pa
Audit and Risk Management Committee Chair
$6,000 pa (in addition to Director fee)
Investment Committee Chair
$8,000 pa (in addition to Director fee)
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