Developments at legalsuper
Law Institute of Victoria CEO, Mr Adam Awty, has been appointed to our Board replacing former Ashurst partner, Mr Geoff Hone, who retired on 31 March after 11 years as a legalsuper director. We thank Geoff for his very substantial contribution to legalsuper, having also had a key role in the merger of the Blake Dawson Partners Superannuation Fund into legalsuper in 2009.
Adam combines considerable experience within the legal profession with academic qualifications and professional experience as a Certified Practicing Accountant (CPA).
In an article published in Lawyers Weekly legalsuper’s independent Chair, Kirsten Mander, said: "Mr Awty’s appointment continues the important link all directors of the fund have with the legal sector, as well as expanding the financial and commercial expertise on the Board, at a time when scrutiny and change across the entire financial services system have never been greater."
James Peters AM QC
Mr James Peters AM QC has been appointed to our board, replacing Mr Phil Kennon QC, who retired on 9 June 2021 after twelve years as a legalsuper director.
Mr Peters is a distinguished legal practitioner and former president of the Victorian Bar Council, with vast experience in commercial and financial affairs and corporate governance.
According to legalsuper’s chair, Kirsten Mander, Mr Peters’ appointment continues the direct important link legalsuper has with the Victorian Bar since the Victorian Bar Superannuation Fund merged into legalsuper in 2009, and preserves the talent and expert contribution provided to the board from the most senior levels of legal counsel.
"At a time of continued reform of the superannuation system and increasing expectations from members and regulators, it is critical that boards have a relentless focus on their member’s needs, preferences and best interests," Ms Mander said.
"Jim’s breadth of experience across complex commercial and financial matters, along with his investment acumen and legal sector experience, align directly with legalsuper’s purpose of managing the retirement savings of Australia’s legal community."
SYDNEY OFFICE DECISION
In light of the changing operating conditions due to COVID-19 and having consulted with our Sydney team and key stakeholders, we resolved to discontinue our lease of office space in Sydney’s Governor Macquarie Tower from 11 June 2021 and to transition our Sydney team to a work from home model.
This decision was made to improve productivity, operational efficiency and provide significant cost savings for our members, enabling further investment in technology and systems to increase the type and range of channels through which we engage with members.
CYBER RISK REVIEW AND MANAGEMENT
Managing and mitigating cyber risk is an ongoing operational endeavour for all businesses.
As part of this process, legalsuper has engaged a leading cyber risk management company to perform regular penetration testing, vulnerability assessments and phishing attack simulation exercises.
We also completed an independent assessment of the fund’s compliance with APRA’s CPS234 Information Security Standard, which establishes requirements for how Australian financial services organisations govern, manage and operate their information security capability.
In addition, we have implemented a requirement for all material outsourced providers to provide an annual information security attestation.
Investments update - July 2022
In the context of recent widely publicised financial market falls and rising economic uncertainty, legalsuper's investment returns remain strong relative to other funds.
Get ready for super changes from 1 July
There are some important changes to super that will take effect from 1 July 2022.