Equip chair calls for more ‘logical mergers’

Equip Super and Catholic Super director and chair, Andrew Fairley, will step down from the role on 30 June, 2021, after 12 years.

In stepping down, Fairley called on superannuation funds and trustees to place greater priority on members’ interests and performance, and to embrace “more logical mergers”.

“It is a fundamental duty of all trustees to put members' interests ahead of their own interests. I don't think that that is always the case,” he said.

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Fairley noted he supported the Australian Prudential Regulation Authority (APRA’s) performance outcomes test.

“APRA's traffic light approach is very helpful. The more disclosure of underperformance, the better informed the sector is and consequently members become. Members must have the ability to vote with their feet where they are part of an underperforming fund,” he said.

Commenting, Equip and Catholic Super’s chief executive, Scott Cameron, said: “Andrew’s leadership has been integral to our growth and success.

“He has ensured a skills-based professional approach for the trustee that has created better retirement outcomes. Beyond Equip and Catholic Super, he has been a guiding force across the industry.”

Fairley signalled his intention to step down from the role two years ago but continued as chair to see through Equip’s joint venture with Catholic Super.

Fairley would continue as an industry director of the Australian Financial Complaints Authority and intends to maintain an ongoing involvement in the superannuation sector.

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If he knows of cases where the Trustees are not acting in the best interests of members, it would be great if he gave some examples.

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