- Created on Tuesday, 13 February 2018 00:05
A vacancy has arisen on the Board of the Trustee of the CBH Superannuation Fund and nominations are sought from members who would like to participate in the management of the Fund by becoming a Member-Elected Director of the Trustee. The term of office is 4 years.
Members of all categories of membership (CBH employee, Retained, Spouse, Pension and Growers) are eligible to nominate to be elected as a Director.
Prospective nominees are advised that the position is unremunerated however training and education costs required by the Fund will be paid by the Fund.
The Board of CBH Superannuation Holdings Pty Ltd (‘the Trustee’) is responsible for:
- setting the strategic direction, policies and objectives of the Trustee and the CBH Superannuation Fund and ensuring appropriate resources are available;
- monitoring the implementation of those strategies, policies and the achievement of those objectives;
- reporting to members on the performance and state of the Fund; and
- assessing and monitoring the risks involved in running a superannuation fund, including risks related to investments.
In meeting the responsibilities set out above, the elected Director agrees to meet all obligations prescribed in law, in particular those in the Superannuation Industry (Supervision) Act (SIS Act) and the Corporations Act. Obligations of Directors and Trustees from the SIS Act include:
- to act honestly in all matters;
- to exercise the same degree of care, skill and diligence as an prudent superannuation entity director would exercise in relation to an entity where he or she is a director of the trustee of the entity and that trustee makes investments on behalf of the entity's beneficiaries;
- to ensure duties and powers are performed and exercised in the best interest of the beneficiaries;
- where a conflict of duty or conflict of interest arises, to give priority to the duties to and interests of the beneficiaries over the duties to and interests of other persons; and
- not to enter into any contract, or do anything else, that would prevent or hinder in, the Trustee properly performing or exercising its functions and powers;
- to act fairly in dealing with classes of beneficiaries within the Fund and in dealing with beneficiaries within a class;
- to keep the money and other assets separate from any other money and assets held personally and held by the employer-sponsor of the Fund;
- to formulate and give effect to an appropriate investment strategy, insurance strategy and risk management strategy;
- formulate and give effect to a strategy for the prudential management of reserves in the Fund;
- al allow a beneficiary access to any prescribed information or documents;
- to adhere to all Trustee policies and relevant governing legislation.
Nominees should be aware that the Trustee and each Director are legally liable for their actions. Members may commence proceedings against them either through the courts or through the Superannuation Complaints Tribunal. In addition, the Federal Government has established a system of fines that may be levied against Trustees and Directors, who do not discharge their duties. These penalties can extend to prison sentences in cases of fraud or dishonesty. The Trustee takes out insurance against the outcome of any errors or omissions they may make. While that is the case, this insurance is limited in its potential application and will not protect a Director from acts of dishonesty or fraud.
A Member-Elected Director will need to be willing and able to make a commitment to undertake Trustee work both during and external to normal work hours.
The position provides an opportunity for personal development and the exercise of investment, risk management, legal compliance and planning skills.
Each nominee will need to be assessed by the Trustee to ensure they met the Trustee’s Fitness and Propriety requirements. As part of this assessment you will need to provide a current National Police Certificate with your nomination. You will be reimbursed for the costs involved in obtaining this certificate. The Trustee will also carry out a bankruptcy check on you as part of the Fitness and Propriety assessment.
Nominations close 5pm March 2, 2018.