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AustralianSuper appoints new independent board member

AustralianSuper has a new investment committee chair.

AustralianSuper has a new investment committee chair. Photo: Getty

The country’s largest super fund, AustralianSuper, has appointed former Macquarie banker Jim Craig to its board as an independent director. Mr Craig has also recently become chairman of the fund’s investment committee.

The move will see the $109 billion fund’s board with five employee-nominated board directors and four employer-nominated directors,  including chairwoman Heather Ridout. AustralianSuper is also seeking another employer-nominated board director.

Ms Ridout welcomed Mr Craig’s appointment. “Jim brings a wide range of experience, expertise and knowledge to the Investment Committee and Board and we are delighted he has joined the Fund,” Ms Ridout said.

“With his knowledge of markets and funds management he will make a key contribution to helping our almost 2.2 million members secure the best possible retirement.”

The appointment comes as the Turnbull Government and the for-profit super funds sector are pushing for changes to the board structure of industry funds. These would see equal board representation between union and employer groups, changed to include one third independent directors and an independent chair.

The industry funds sector opposes the move, saying it could damage the model that has brought better returns than the for-profit sector.

Since retiring from Macquarie in 2014, Mr Craig has taken up a number of directorships including Australian United Investment Company Limited, Cell Care Australia Pty Ltd, River Capital Pty Ltd, Lifestyle Communities Limited, and Trinity College – University of Melbourne.

*The New Daily is owned by industry super funds.

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