Former Gillard Labor Government parliamentary secretary during the time of the Future of Financial Advice (FoFA) implementation, Bernie Ripoll has joined the board of the SMSF Association.
The SMSF Association announced today that Ripoll, who is already a member of the Association’s public policy committee, would replace Cath Mulcare who is stepping down after being a director since June, 2015.
The chair of the SMSF Association, Dr Deborah Ralston confirmed the appointment following the organisation’s board meeting and foreshadowed that there would be additional board appointments made soon following a call for expressions of interest from members.
Commenting on Ripoll’s appointment, Ralston said she believed his knowledge and insights from the boarder advice and superannuation sectors had made a valuable contribution to the Association’s discussions.
Comments
Can anyone tell me the process for selecting a board member?
The CEO rings up a mate (Mr/Mrs X), someone who agrees with the current CEO but ultimately will sure up their position on the board and asks them to stand. You could call this a puppet. This person usually has an array of part time board positions and actually dosen't do much in real life but attends board meetings full time and just rubber stamps the suggestions of the CEO. Once you start on one board you just keep going...soon you're recommending those that recommended you. The CEO then strongly promotes/instructs/pleads with junior staff in particular that Mr or Mrs X is the right person, has a very high profile in the industry regardless of their actual skills and therefore will be a marketers gold mine. The candidate voting members actually want come a close second. I hope this explains the process.
Terrible timing. They want me to RENEW my membership while putting this guy on their board at the same time? No way!
Strange move from Bernie. If Labor wins the election he could wangle appointments to plenty of prestigious, high paying, taxpayer funded "jobs for old mates". Why on earth would he want to slum it at the SMSF Association? Particularly when Labor is likely to decimate SMSFs to reduce competition for union (aka "Industry") funds.
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