We operate with full transparency. Our Board includes respected members of the legal community, committed to a rigorous governance structure to maintain thoroughness & accuracy.
The Board of legalsuper is responsible for the overall strategic direction.
Our Board includes respected members of the legal community. A rigorous governance structure and set of processes ensures we maintain thoroughness and accuracy. We operate with full transparency and are committed to maintaining the quality of our offering.
Our Board has 10 Directors including an Independent Chair who is appointed by the Board. The other nine Directors are nominated by the following organisations. For detailed information regarding the process for the nomination, appointment, renewal and removal of Directors please refer to the Constitution of Legal Super:Constitution of Legal Super Pty Limited (142.22 KB)
Board & Committee Charters
Board & Committee meeting attendance records
|The Board committees||Membership (30 June 2018)|
|ADMINISTRATION & INSURANCE COMMITTEE |
Responsible for overseeing the fund administrator, member insurance arrangements, and the operating cost budget.
|Carita Kazakoff - Chair |
|AUDIT, RISK & GOVERNANCE COMMITTEE|
Responsible for the financial reporting framework, both internal and external audit, the Risk Management Framework, and oversight of compliance with the legislative, prudential and regulatory obligations of the Trustee.
|Geoff Hone Chair|
Responsible for overseeing implementation of the investment strategy, advising the Board on the design of investment options including the risk and return objectives and strategic asset allocation; investment policy; and the appointment or termination of the Custodian or Asset Consultant.
|Richard Fleming - Chair |
Phil Kennon QC
|REMUNERATION & NOMINATION COMMITTEE|
Responsible for making annual recommendations to the Board on the remuneration of the senior executives and others in accordance with the Board’s Remuneration Policy; and determining the processes for the interview of nominees for the role of Director and making a recommendation to the Board.
|Kirsten Mander - Chair|
Board Meeting Attendance for Financial Year
|Financial years ending 30 June||2018||2017||2016||2015||2014||2013||2012||2011||Date Appointed||Date Retired|
|David A. Miles AM||N/A||7||6||6||8||9||8||6||01/08/2005||15/12/2017|
|Phil Kennon QC||7||7||6||6||8||9||8||5||09/06/2009|
|Andrew Gerrit Boog||7||1||28/04/2017|
Directors remuneration disclosures
Director performance evaluation & review
The Board has adopted a number of formal process to review and monitor its ongoing performance, including:
a) Each Director has a position description which sets out key performance indicators.
b) Each year the Independent Chair meets with each Director to discuss the operation and effectiveness of the Board.
c) The Independent Chair reports her findings from these discussions to the Board.
d) The Board assesses the performance of the Independent Chair.
The Independent Chair’s remuneration is determined by the Board.
The remuneration of Directors other than the Chair of the Board is approved by the stakeholders of legalsuper.
Remuneration is indexed annually for a cost of living adjustment.
Travel, accommodation and other incidental costs associated with the Directors’ roles are paid or reimbursed by legalsuper.
The remuneration paid to individual Directors differs, reflecting that some Committees meet more often than others and the Chair of each Committee is paid an additional amount for the extra work involved.
Remuneration is paid directly to individual Directors, unless stated otherwise.
The remuneration paid to each Director in each of the past two financial years was as follows:
|David Miles, AM *||90,387||8,587||98,974||46,053||4,375||50,428|
|Ros Everett *||24,845||2,360||27,205||N/A||N/A||N/A|
|Carita Kazakoff (1)||6,795||646||7,441||39,574||3,760||43,334|
|Phil Kennon, QC||38,878||3,693||42,571||41,096||3,904||45,000|
|Emma Maiden (2)||35,471||3,370||38,841||41,096||3,904||45,000|
|Linda White *||29,974||2,847||32,821||N/A||N/A||N/A|
* Now retired
(1) Remuneration paid to The Australian Services Union. The Australian Services Union paid directly to Carita Kazakoff a meeting attendance fee of $3,250 ($750 in 2016/17).
(2) Remuneration paid to The United Services Union. The United Services Union paid directly to Emma Maiden a meeting attendance fee of $9,033 ($8,998 in 2016/17).
Executive management team remuneration disclosures
Executive performance evaluation & review
The performance of all staff is formally reviewed and evaluated each year.
Each staff member meets with their direct report to review their performance over the preceding year and identify any opportunities for professional development.
The Remuneration and Nomination Committee reviews the performance and remuneration of all responsible officers of the Trustee which includes the
- Chief Executive
- Executive Manager - Operations and Member Services
- Executive Manager - Member Experience
- Executive Manager - Legal, Risk and Compliance and,
- Chief Investment Officer.
The Remuneration and Nomination Committee receives and considers a report and recommendations from the Chief Executive on the performance of the responsible officers and formulates a recommendation for the Board.
The Chief Executive submits a self-evaluation which is considered by the Remuneration and Nomination Committee.
The Board then determines any adjustment to the remuneration of the responsible officers.
legalsuper invests in the professional development of its staff recognising the importance of them being properly trained to undertake their responsibilities and provide high levels of professional advice and service to members and employers.
This professional development includes industry conferences for the superannuation and financial services industries as well as specific tailored professional development. Staff who provide advice to members are required to undertake ongoing training to keep them abreast of changes in superannuation.
Once a year all staff from across Australia meet in Melbourne at a strategic planning and professional development meeting. Industry commentators are invited to present at this meeting to brief the team on current industry trends and developments. As part of the professional development component of these meetings, expert training consultants provide specialist professional development.
The Trustee encourages and supports staff undertaking further studies both by paying the cost of work related study and providing study leave.
Remuneration of responsible officers
The aggregate remuneration paid to each of the responsible officers in each of the last two financial years was as follows:
Travel, accommodation and other incidental costs incurred by responsible officers in their roles are paid or reimbursed by legalsuper and reflected in the financial statements of legalsuper. *Other includes Long Service Leave costs.
Trust Deed & Constitution of Legal Super
A rigorous governance structure and set of processes ensures we maintain thoroughness and accuracy. You can read more about our governing rules in the legalsuper Trust deed and the Constitution of Legal Super Pty Ltd.
Deed of Consolidation (3.44 MB)
legalsuper Trust Deed
Constitution of Legal Super Pty LtdConstitution of Legal Super Pty Limited (142.22 KB)
Policies & disclosures
Refer to page 12 of the Constitution of Legal Super Pty Ltd for the relevant details.
The Independent Chair completes a Board performance assessment and reports the findings to the Board annually. The performance of the Independent Chair is also reviewed by the Board annually.
Proxy voting policy (81.53 KB)
The proxy voting policy sets out how Legal Super Pty Ltd (the Trustee) manages proxy voting in respect of the publicly listed shares in which it invests.
Summary of Conflict management framework (141.43 KB)
legalsuper’s Conflicts Management Framework covers the identification, disclosure, recording and management of conflicts of interest. Conflicts of interest may arise from other interests held or from duties owed to other entities by the Trustee or our Responsible Persons. Conflicts of interest may be actual or potential conflicts. This summary sets out how the Board manages any actual or potential conflicts of duty and/or interests of Legal Super Pty Ltd (the Trustee) and its Responsible Persons to ensure that where conflicts arise, priority is given to the interests of members, so they are not adversely affected.legalsuper register of interests (467.54 KB)
As part of our Conflicts Management Framework, we maintain a Register of Relevant Interests & duties.
Employee code of conduct (123.09 KB)
This Code governs how employees should conduct themselves in the performance of their respective duties, in dealings with other employees and in dealings with third parties such as clients, suppliers and contractors.
Governance Framework (194.69 KB)
Legal Super Pty Ltd is committed to operating in accordance with good governance principles. This Governance Framework describes the key policies and procedures adopted by the Board to ensure the sound and proper governance of legalsuper.
Diversity Policy of Legal Super Pty Ltd (143.63 KB)
legalsuper values diversity and has adopted this Diversity Policy to articulate and promote the benefits of diversity within legalsuper.
Remuneration & Nomination Committee Charter (103.03 KB)
Sets out the role, responsibilities, composition and operation of the Remuneration & Nomination Committee.
Audited financial statements
Financial statements 30 June 2018 (1.56 MB)
legalsuper - audited financial statements for the year ended 30 June 2018Audited financial statements 30 June 2018 (1.07 MB)
Legal Super Pty Ltd - Audited financial statements for the year ended 30 June 2018
The Trustee outsources most operations to expert service providers. Regular tenders are undertaken to ensure the best services and products available in the market are delivered to legalsuper's members and employers.
- Australian Administration Services Pty Limited ABN 62 003 429 114 (all administration enquiries and processing including receipting and allocating of contributions and payment of benefits)
- The Creative Works Pty Ltd. ABN 56 006 243 027 (develops member and employer communication material)
- BNP Paribas Securities Services ABN 87 149 440 291 (custodian of the majority of investment assets)
- legalsuper has appointed specialist investment managers to manage the assets invested with legalsuper. Investment managers currently appointed are listed here.
- Willis Towers Watson Australia Pty Ltd. ABN 45 002 415 349 (advises the Trustee on investment matters including strategy)
- OnePath Life Limited ABN 33 009 657 176 (Death, TPD and salary continuance insurance)
- PricewaterhouseCoopers ABN 52 780 433 757 (Tax Adviser)
- KPMG ABN 20 238 520 534 (External auditor)
- Deloitte ABN 34 112 958 031 (Internal auditor)
- Hall & Wilcox ABN 58 041 376 985
- Holding Redlich ABN 15 364 527 724; and
- Maddocks ABN 63 478 951 337 (legal advisers)
Direct Investment option platform
Provided by UBS Securities Australia Ltd ABN 62 008 586 481
Significant Event Notices
Significant event notice August 2016 - Direct Investment Option (69.97 KB)
Significant event notice August 2017 - Electronic communication (532.16 KB)
Significant event notice August 2016 - Insurance (168.54 KB)
Significant Event Notice - March 2019 (111.49 KB)