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CORPORATE GOVERNANCE

The trustee
Trustee board of directors
Governance structure
Licence authorisations
Sub-committees
Office of the Trustee
Aon Hewitt services
Governance framework and policies
Compliance
Internal compliance audit
Significant events

 

The trustee
The trustee of the Aon Master Trust (ABN 68 964 712 340) is Aon Superannuation Pty Limited (ABN 83 057 982 822, AFSL No 237465), a wholly-owned subsidiary of Aon Hewitt Limited (ABN 48 002 288 646, AFSL No 236667).

The trustee is committed to:

  • providing members of the Aon Master Trust with superannuation and pension products that meet their needs
  • maintaining membersí best interests in its decision-making and strategy process.

The ultimate goal of the trustee is to provide members with a compliant, competitive and cost effective superannuation product which is appropriately designed for their needs so they can build, protect and utilise their wealth to have financial peace of mind in retirement.

Trustee board of directors
Through its board of directors, the trustee is responsible for the Aon Master Trust’s strategic direction, compliance with legislation, regulations and superannuation prudential standards, and adherence to its trust deed and rules. Trust Deed June 2006, Amending Deed July 2008, Amending Deed March 2013.

The trustee board currently consists of seven directors, three of whom are currently employed by Aon Hewitt and two of whom meet the definition of independent as outlined in the superannuation prudential standards.  All directors are deemed as non-executive under the superannuation prudential standards as the trustee company itself employs no staff.

  Giselle Collins (Independent Director and Chairman)
BEc CA GAICD

Appointed in July 2016.

Giselle is a Chartered Accountant and past head of property, treasury and finance departments in publishing groups and large corporates. As a Senior Manager for KPMG in Switzerland, Giselle ran large global merger transactions for clients such as AstraZeneca, Novartis and ABB.

More recently, as CEO of a property group and General Manager at NRMA Motoring and Services, she has successfully managed structural and operational improvements to businesses within her portfolio in the areas of property, hotels/holiday parks and treasury.

With 13 years of experience across a diverse range of boards, including as Chair of The Heart Research Institute and Chair of the Travelodge Hotel Group, Giselle currently sits on two hotel/accommodation investment boards as Nominee for Indigenous Business Australia.
     

 

Jim Humphrey (Independent Director)
MEng FIA

Appointed in February 2017.

Jim is an Actuary and previously led the Retirement practice in Asia-Pacific for Aon Hewitt.  He spent 15 years in London, Hong Kong, Tokyo and Melbourne leading projects and operations within superannuation, employee benefits, Mergers & Acquisitions and HR consulting.

Jim is the founder and CEO of a tech startup company that facilitates collection and analysis of client feedback.  He is also the Chief Information Officer at a leading Australian education provider.  Jim’s passion is finding new and better uses of technology to improve effectiveness within professional service organisations.

     
  Frank Argent
BA (Hons) LLB MAICD


Appointed in March 1993.

Frank is a founding director of Aon Superannuation Pty Limited. He was also a director of Aon Hewitt from 1989 to 2012. He was a solicitor from 1982 to 2015. Until 2012 he was Head of Legal & Compliance for Aon Australia/Pacific and in that capacity was responsible for the setting up and maintenance of the compliance frameworks for the Aon businesses in the region. He is a member of the Australian Institute of Company Directors.
     

  Michael Murphy
BA, FIA, FIAA

Appointed in December 2003.

Michael is an actuary with over 40 years' superannuation consulting expertise, including 28 years at Aon and 10 years at Mercer.

Michael's consulting experience encompasses retirement and risk benefit plan designs, funding, and accounting for complex global organisations, with extensive experience with defined benefit and defined contribution retirement plans, including integrated death and disability benefits. He also has considerable experience with investment of corporate pension and superannuation plans, and mergers and acquisitions due diligence advice. He has presented at various seminars on corporate employee benefits, especially retirement and was a former member of various committees of the Association of Superannuation Funds of Australia.
     

 

Jennifer Dean
BEc FIAA GAICD
Principal and Head of the Aon Master Trust, Aon Hewitt


Appointed in April 2012.

Jennifer joined Aon in January 1997 and is currently Head of Governance and Trustee Services. She is a member of the Aon Hewitt's Retirement and Investment Council for APACMEA and the Aon Hewitt Operations Committee for Pacific. Jennifer is also fund secretary to the trustee and is responsible for the governance of the board and its committees.

Jennifer is a graduate of the Australian Institute of Company Directors, a fellow of the Institute of Actuaries of Australia and a director of Basketball NSW. She is a regular contributor to ASFA working groups and presents on governance and risk topics across a variety of industries.

     
  Janice Sengupta
BSc MA CIM
Chief Investment Officer, Aon Hewitt


Appointed in April 2012.

Janice joined Aon in 2006 as Head of Research with responsibility for fund manager research within Australasia. In 2007 she was promoted to Practice Leader and Principal of Aon's Investment Consulting business in Australia and is now serving as Chief Investment Officer. She chairs Aon Hewitt's Retirement and Investment Council for APACMEA and sits on Aon Hewitt global investment committees.

Janice has published articles on investment topics, written chapters for the Securities Institute of Australia textbooks and co-edited a book on economic philosophy. Other past experience includes serving as a director of IMCA (including chairing the conference committee) and serving as a member of investment committees for industry associations.
     
  Steven Clarke
Principal and General Manager, Aon Hewitt


Appointed in June 2014.

Steven joined Aon in May 1986 and has held a number of senior roles in Consulting, Client Services, Operations and Product Management and been a member of the leadership teams supporting the Aon Hewitt business. He currently leads the group responsible for implementing the strategic development and operational management of the Aon Master Trust and associated products.

Steven's experience encompasses client management, benefits consulting, benefit design, insurance markets and insurance design, health and integrated employee benefits. He has considerable experience in transition management and has been instrumental in the development and delivery of many financial education pieces to trustees, corporates, members and advisers.

Attendance at trustee board meetings

This table shows the number of trustee board meetings that each director attended from January 2008 to December 2016.

Governance structure

The sole purpose of the trustee is to act as the approved trustee of superannuation funds. Currently, the trustee manages the Aon Master Trust and the Aon Eligible Rollover Fund.

The relationship between the trustee and Aon Hewitt is structured to allow the trustee to operate as an independent company on behalf of the funds it manages and their members whilst benefiting from the experience, knowledge and significant resources of Aon Hewitt.

 

Licence authorisations

The trustee holds an Australian Financial Services Licence (AFSL No 237465) which authorises the trustee to deal and advise in financial products by issuing, applying, acquiring, varying or disposing of a financial product which is classed as superannuation. Financial Services Guide.

The trustee also holds an extended public offer Registrable Superannuation Entity Licence (RSEL No 0000437) for the purpose of acting as a trustee to superannuation funds.

Sub-committees

The trustee has established Operational Risk and Compliance, Audit and Finance, Insurance, and Investment sub-committees to assist with the running of the Aon Master Trust and Aon Eligible Rollover Fund. Each sub-committee has its own charter outlining its responsibilities and delegated authorities.

The trustee regularly reviews the responsibilities and charter of each sub-committee. On an annual basis, the trustee reviews the composition of the each of the sub-committees along with the performance and suitability of its chairperson. The annual assessment of each individual director's skills and knowledge will be considered when determining the composition of the sub-committees.

To promote good governance and to manage conflicts of interest, independent directors fill the roles of chairperson of the trustee board and the audit sub-committee.

Office of the Trustee

The trustee has appointed Aon Hewitt to the role of Office of the Trustee, providing the following services:

  • secretarial support
  • governance implementation and oversight
  • designated risk management function
  • compliance with superannuation prudential standards
  • implementation and monitoring of all trustee policies and procedures
  • trustee and relevant personnel training
  • monitoring of delegations
  • point of contact for all services providers and sponsor organisations
  • coordination of service provider reporting
  • budget and invoice management
  • point of contact for regulators.

Aon Hewitt services

Aon Hewitt provides a range of services to the trustee under a fund administration services agreement. Those services are:

  • product development
  • operations
  • communication and education
  • client services and policy committees
  • business development
  • marketing.

The Compliance team, Legal services support and the Office of the Trustee are all provided by Aon Hewitt but act in operationally independent teams to provide the above services.

Governance framework and policies

The main intent of the trustee board is to oversee the successful operation of the trustee and the funds by:

  • determining and achieving the strategic objectives of the trustee
  • ensuring that the trustee has adequate access to resources required to meet its strategic objectives
  • monitoring the performance of the trustee
  • identifying and managing the risks of the trustee to achieving its strategic objectives
  • implementing any changes that are necessary to ensure the sustainability and success of the trustee, and
  • ensuring that all legal and compliance obligations are met.

Trustee Objectives

The trustee manages the funds in order to meet its objectives to:

  • provide members with a secure fund to accumulate their retirement benefits and distribute their benefits in retirement
  • design an appropriate default structure to address the needs of members who do not make active choices for both investments and insurance in accordance with legislation
  • provide members with investment options that they can tailor to their personal financial circumstances and goals
  • structure and monitor the investments to implement the investment strategy as outlined in the Investment Governance Framework
  • provide members with insurance options for death, total and permanent disablement and income protection that allow members to tailor coverage that helps financially protect members and their beneficiaries
  • provide members with an education and information program, tools and access to advice so they can make informed decisions about their superannuation
  • operate within the compliance framework in order to comply with all legislation, superannuation prudential standards, regulations and to adhere to the trust deed and rules, and
  • manage costs by partnering with each respective service provider to ensure that all initiatives and features of the funds are provided in a cost effective manner.

The trustee’s strategic member focus and prudential compliance responsibilities are aligned within its Strategic Governance Framework.

This framework incorporates the Board Governance Program and Risk Management Framework and prescribes the context in which the trustee considers its risks.

The Board Governance Program outlines the policies and procedures which determine how the trustee operates and makes decisions. The program includes:

Risk Management

Risk management is defined as the cultures, processes and policies that are used in the treatment of risks. A risk is the chance of something happening that will affect the ability of the trustee to meet its objectives. Risks may be positive or negative and the trustee concentrates on those risks that may detrimentally affect its objectives.

The trustee is ultimately responsible for identifying, monitoring and managing the risks associated with the funds that it manages.

The compliance and risk management function are operationally independent of each other in order to allow independence of compliance oversight of the risk management function.

The trustee's Risk Management Framework consists of:

  • risk appetite ie the types and degrees of risk that the trustee is willing to seek and accept for itself and on behalf of its members when making its strategic decisions
  • risk management strategy which outlines the measures and procedures that the trustee has put in place to identify, assess, monitor and manage the actual and potential material risks that the trustee faces
  • risk framework monitoring and review, and
  • material risk schedules which outline fund specific risks and appropriate treatment and controls.

Compliance

The compliance officer reports directly to the Compliance and Risk Management sub-committee and is responsible for monitoring the trustee's overall compliance with legislation and its frameworks and policies. Monitoring activities include the completion of checklists by directors, other responsible persons of the trustee and service providers as well as spot tests of the adequacy of risk controls implemented by the trustee

Internal compliance audit

Aon's Internal Audit team, which reports directly to the Audit committee of the Aon board of directors based in London, conducts periodic reviews of the operations of the trustee and Aon Hewitt as a key service provider.

Its scope may include:

  • the trustee board's responsibilities and oversight process
  • product development and operations, including the distribution and disclosure of products and monitoring of outsourced fund administration, custody and investment activities
  • the compliance framework, including trust deed requirements, regulatory provisions and licensing rules
  • adherence to Aon policies, including anti-corruption protocols, and
  • IT system access and data security controls, including appropriate segregation of duties.

Significant events

The Aon Master Trust was established by a Trust Deed dated 25 June 1990 and this deed has been amended from time to time. The most recent amendment was made on 19 March 2013 to allow for MySuper.

If a significant event occurs to vary the terms and conditions under which members joined the fund affecting their interests, a significant event notice (SEN) will be issued to the affected members.

Register of all SEN notices since May 2015

 

 
 
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