EISS chair exits super fund
Energy Industries Superannuation Scheme (EISS) chair, Warren Mundy, has departed the fund, shortly after the resignation of chief executive Alex Hutchison.
A statement from the superannuation fund said the board had met on 17 September and elected Peter Tighe as new chair to replace Mundy.
Tighe had 15 years’ experience as a board member in the superannuation industry and was also national secretary for the Electrical Trades Union for 20 years.
Mundy had joined the EISS Super board in 2017 and sat on the fund’s audit and compliance and investment committees.
EISS said: “Peter has extensive experience as a director in the superannuation industry and has held directorships on a number of other boards. The board has confirmed that the trustee retains the support of stakeholders and shareholders, and that vacancies on the board will be filled in accordance with the entity’s constitution.
“The trustee is aware of recent press coverage related to the fund and is in dialogue with APRA [The Australian Prudential Regulation Authority] to confirm that appropriate governance arrangements have remained in place and that the trustee continues to act in the best interests of members.”
The departure followed the resignation of Alex Hutchison earlier this month, who said was a result of a ‘smear campaign’ against him and the fund regarding whether corporate sponsorship was in members’ best interest.
Hutchison’s role was currently being held by former chief financial officer, Lance Foster, in an acting capacity.
AUTHOR
Laura Dew
Recommended for you
Treasurer Jim Chalmers has handed down his third budget, outlining the government’s macroeconomic forecasts and changes to superannuation.
Online investment adviser and fund manager Stockspot has introduced Stockspot Super, Australia’s first 'ETF only' superannuation product. superannuation product.
ASIC has called on superannuation funds to improve their oversight of advice fee deductions following an investigation of 10 trustees that found $990 million was charged in one year.
With just 30 per cent of Australians knowing their superannuation balance to the nearest $1,000, Findex has emphasised the role of financial advice in addressing the critical super knowledge gap.
