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Home About Governance

Governance

We operate with full transparency. Our Board includes respected members of the legal community, committed to a rigorous governance structure to maintain thoroughness & accuracy.

Organisational structure

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)


Organisational structure chart

Board Committees & Board meeting attendance records


The Board committeesMembership (30 June 2018)
ADMINISTRATION & INSURANCE COMMITTEE
Responsible for overseeing the fund administrator, member insurance arrangements, and the operating cost budget.
Carita Kazakoff - Chair
Coralie Kenny
Vicki Rogers
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
Andrew Boog
Chris Joyce
INVESTMENT COMMITTEE
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
Coralie Kenny
Emma Maiden
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
Andrew Boog
Emma Maiden

Board Meeting Attendance for Financial Year

Financial years ending 30 June20182017201620152014201320122011Date AppointedDate Retired
Meetings held77668986

Meetings attended









David A. Miles AMN/A766898601/08/200515/12/2017
Kirsten Mander5






15/12/2017
John Evans

4688604/04/200431/03/2016
Ros Everett
5667


20/06/201331/03/2017
Geoff Hone7765798620/01/2010
Phil Kennon QC7766898509/06/2009
Chris Joyce7765797528/02/2005
Emma Maiden7665767529/09/2008
Vicki Rogers7665778618/10/2002
Stuart Westgarth

36882
01/04/201231/03/2016
Linda White
565596524/08/199331/03/2017
Richard Fleming761




27/05/2016
Coralie Kenny671




27/05/2016
Andrew Gerrit Boog71





28/04/2017
Carita Kazakoff72





27/04/2017

Remuneration disclosures

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. 


Director remuneration

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:

Director2016/17
Salary ($)
2016/17
Super ($)
2016/17
Total ($)
2017/18
Salary ($)
2017/18
Super ($)
2017/18
Total ($)
David Miles, AM *90,3878,58798,97446,0534,37550,428
Kirsten ManderN/AN/AN/A58,8535,59164,444
Andrew Boog5,6485376,18536,5303,47040,000
Ros Everett *24,8452,36027,205N/AN/AN/A
Richard Fleming35,7643,39839,16247,1844,48251,666
Geoff Hone36,3513,45339,80445,6624,33850,000
Chris Joyce33,1263,14736,27336,5303,47040,000
Carita Kazakoff (1)6,7956467,44139,5743,76043,334
Phil Kennon, QC38,8783,69342,57141,0963,90445,000
Coralie Kenny37,3293,54640,87547,1884,48351,671
Emma Maiden (2)35,4713,37038,84141,0963,90445,000
Vicki Rogers34,0053,23137,23636,5303,47040,000
Linda White *29,9742,84732,821N/AN/AN/A
Grand Total:408,57438,814447,388476,29645,247521,543

* 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.


Professional development

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:

Executive 2016/17
Salary
($)
2016/17
Super
($)
2016/17
Other*
($)
2016/17
Total
($)
2017/18
Salary ($)
2017/18
Super ($)
2017/18
Other*($)
2017/18
Total
($)
Andrew Proebstl420,47019,30879,609519,387458,37625,00077,338560,715
David Eastwood269,40625,59447,863342,863283,10526,89555,013365,012
Patsy Mullen159,06015,110-174,170180,45717,143-197,600
Edward Smith251,14123,858-274,999261,18724,620-285,807
Kaye Wheatley-Brown76,8377,300-84,137167,80815,942-183,750
Grand Total:1,176,91491,170127,4721,395,5561,350,933109,600132,3511,592,884

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. 

Policies & disclosures


Nomination, appointment & removal of Directors

Constitution of Legal Super Pty Limited (142.22 KB)

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

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.


Conflicts of interest management

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.

Register of Relevant Interests & duties

legalsuper register of interests (162.67 KB)


As part of our Conflicts Management Framework, we maintain a Register of Relevant Interests & duties.


Audited financial statements

 

legalsuper

Financial statements 30 June 2018 (1.56 MB)

legalsuper - audited financial statements for the year ended 30 June 2018

Legal Super Pty Ltd

Audited financial statements 30 June 2018 (1.07 MB)

Legal Super Pty Ltd -  Audited financial statements for the year ended 30 June 2018 

Service providers

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.

Fund administrator

  • 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)

Communications

  • The Creative Works Pty Ltd. ABN 56 006 243 027 (develops member and employer communication material)

Custodians

  • BNP Paribas Securities Services ABN 87 149 440 291 (custodian of the majority of investment assets)
    Pacific Custodians Pty Ltd. ABN 66 009 682 866 (custodian of the bank account and the Direct Investment Option assets)

Investment Managers

  • legalsuper has appointed specialist investment managers to manage the assets invested with legalsuper. Investment managers currently appointed are listed here.

Asset consultant

  • Willis Towers Watson Australia Pty Ltd. ABN 45 002 415 349 (advises the Trustee on investment matters including strategy)

Insurer

  • OnePath Life Limited ABN 33 009 657 176 (Death, TPD and salary continuance insurance)

Corporate

  • 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)