Who's getting the big super board fees?

7 May 2020

If you’re going to be appointed to the trustee board of a superannuation fund choose a bank-owned retail fund or a large industry fund – you’ll get paid more.

That is the bottom line of answers provided by both retail and industry superannuation funds to the House of Representatives Standing Committee on Economics.

The answers reveal that while the trustee directors employed on the National Australia Bank’s NULIS board received a total of $1,151,682 in directors fees equating to an average of $221,477, this compared to the trustees of the Australian Catholic Superannuation Fund who received an average salary of $57,370 a year.

Related News:

This in turn compares to the $125,000 paid to trustee directors of the AMP superannuation funds, and the average remuneration of $118,103 paid to trustee directors of major retail industry superannuation fund, REST.

A number of large retail and industry funds have yet to respond to the questions on notice from the Parliamentary Committee.




Recommended for you

Author

Comments

Comments

Great, I'll pay cheap directors fees and get an outcome like the debacle at Hostplus, where does the cost comparison vs value ever find any reality! The deputy chairman of Hostplus publicly stated they don't invest in junk bonds, only to be provided with an analysis that they had exposure to around $6B of the stuff! Get people on those boards who understand investments, and pay them if they are worth it.

I would say NULIS can afford the large fees. Their main Super fund is dominated by group related products, hence the large salary.........

Add new comment