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The Board of Telstra Super Pty Ltd (Board) is ultimately responsible for the sound and prudent management of TelstraSuper’s business operations. The Board undertakes to perform its duties and exercise its powers in the best interests of members and beneficiaries and to act honestly, fairly, diligently and impartially in accordance with the Constitution, Trust Deed, relevant law and the Trustee’s policies.
The Board is assisted in its role by the following Board Committees:
- Investment Committee
- Audit Committee
- Risk Committee
- Governance & Remuneration Committee; and
- Member Experience Committee.
The Board and each Board Committee has a charter that sets out its duties and responsibilities.
The Board consists of four Employer Representative Directors, four Member Representative Directors and one Independent Director who acts as Chair.
All Employer Representative Directors are nominated by the principal employer, Telstra Group Limited. All Member Representative Directors are nominated by the Australian Council of Trade Unions (ACTU). The Independent Director is appointed by the Board.
The rules relating to the nomination, appointment and removal of directors are set out in the Constitution.
The following people were Directors of Telstra Super Pty Ltd during the financial year during the 2022/2023 financial year,
|Anne-Marie O’Loghlin (Chair)
|Scott Connolly (resigned 12/05/23)
|Megan Bonighton (resigned 16/12/22)
|Gretch Cooke (commenced 16/3/2023)
Joseph Mitchell commenced as a Director during the current financial year (commenced 24/7/2023)
The Governance & Remuneration Committee has responsibility for the oversight of Board renewal. The Committee’s responsibilities include:
- Reviewing the composition of the Board, including succession plans, to enable an appropriate mix of skills, experience and diversity to be maintained.
- Reviewing and recommending to the Board the skills, experience and diversity required by the Board generally and in relation to any proposed Director appointment.
- Reviewing and recommending to the Board the appointment of Director nominees.
- Overseeing the Chair succession process (where required) and making an appointment recommendation to the Board.
- Overseeing the succession process for Independent Committee members and making appointment recommendations to the Board.
The members of the Governance & Remuneration Committee during the 2022/2023 financial year were Anne-Marie O’Loghlin, Nadine Flood and Graeme Smith. Megan Bonighton was on the Committee until her resignation from the Board on 6 December 2023, and similar for Scott Connolly until 12 May 2023. Gretchen Cooke joined the Committee on 16 March 2023.
The Committee held a total of eight meetings during the year. Mr Smith attended all eight meetings, Ms O’Loghlin and Ms Flood attended seven meetings, Mr Connolly attended six meetings, Ms Bonighton attended five meetings, while Ms Cooke attended two meetings.
Board Performance Evaluation
The Board has a Board Performance Assessment Policy in place with procedures for evaluating the performance of the Board, each of its Committees and individual directors.
The Chair facilitates an annual review of the performance of the Board, its Committees and individual directors. The Board engages an independent external party to undertake this review every three years. The Board assesses its performance against a series of measures, including its own objectives. In 2022, Directors completed targeted questionnaires regarding the effectiveness of the Board and the performance of individual directors. The collective outcomes, including peer benchmarks, were considered at the Board’s September 2022 meeting. Director outcomes were subsequently discussed with individual directors.
The Board is currently undertaking a comprehensive review, to be considered at the December 2023 meeting.
Board Skills Matrix
The Executive Team is responsible for the day-to-day leadership of TelstraSuper. Each Executive Team member is also responsible for specific areas of TelstraSuper’s business operations.
The performance of each Executive Team member was assessed in accordance with the performance assessment process following the end of the 2022/23 financial year. Performance evaluation consists of assessment against key performance indicators, including those relating to member outcomes. The Chief Executive Officer undertakes the performance reviews of the Executive Team.
The constitution is the document that specifies the rules governing the operation of Telstra Super Pty Ltd, including rules governing the appointment, powers and removal of directors, the roles, powers and responsibilities of the Board, the procedures for conducting Board and Board Committee meetings.
Download the TelstraSuper Constitution
The Trust Deed contains the rules governing the operation of TelstraSuper.
Download the current Trust Deed
Defined Benefit funds Actuarial Report
The most recent actuarial report for TelstraSuper Defined Benefit Fund.
Download the actuarial report for Defined Benefit Funds
Tax Transparency Report
Conflict Management Policy
Code of Conduct
Outsourced Service Providers
Related Party Transactions
Telstra Super Financial Planning Pty Ltd is a wholly owned investment of Telstra Super Pty Ltd in its capacity as trustee of TelstraSuper. Telstra Super Pty Ltd has an agreement in place with Telstra Super Financial Planning Pty Ltd for the provision of financial planning and related services to TelstraSuper members. The agreement is conducted on an arm’s length basis.
Telstra Group Limited holds all of the share capital in Telstra Super Pty Ltd. Foxtel Management Pty Limited is partly owned by Telstra Group Limited.
Telstra Super Pty Ltd has agreements in place with Telstra Group Limited for the provision of telecommunications, network, AV hardware support and cyber security services. All procurement arrangements and agreements with Telstra Group Limited are conducted on an arm’s length basis. Telstra Super Pty Ltd has an arm’s length agreement in place with Foxtel Management Pty Limited for the provision of cable television services.