The Commission looked at two case studies about proposals to merge superannuation funds. In both cases, the merger did not proceed because of disputes over who would sit on the board of the merged entity.
The Electricity Supply Industry Superannuation (Qld) Ltd (Energy Super) is the RSE licensee of Energy Super (the Energy Super Fund), which has over 47,500 members and $7.2 billion in funds under management.[1] During 2016 there were merger discussions between Energy Super and Equipsuper Pty Ltd (Equipsuper), the RSE licensee of the Equipsuper Superannuation Fund.
The Chair of the Board of Energy Super, Scott Wilson, gave evidence about this case study. Mr Wilson was nominated by the Electrical Trades Union Queensland and Northern Territory (the ETU), and has been on the board since 2011.[2]
CSF Pty Ltd (CSF) is the RSE licensee for the MyLifeMyMoney Superannuation Fund (the CSF Fund),[3] which has approximately 75,000 members and $9.3 billion in funds under management.[4] In 2017, CSF was involved in negotiations with Sydney Catholic Super Pty Ltd (SCS), which is the RSE licensee of the Australian Catholic Superannuation and Retirement Fund (the SCS Fund).
The Commission heard evidence from Mr Peter Haysey, the Deputy Chair of CSF. The Commission also received witness statements from Mr David Hartley, a director of CSF, and Mr Greg Cantor, the Chief Executive Officer of SCS.
[1] Exhibit 5.131, Witness statement of Scott Wilson, 26 July 2018, 3 [24].
[2] Transcript, Scott Wilson, 10 August 2018, 4666.
[3] Exhibit 5.237, Witness statement of Peter Haysey, 24 July 2018, 1 [1].
[4] Transcript, Peter Haysey, 15 August 2018, 4997; see also Exhibit 5.237, Witness statement of Peter Haysey, 24 July 2018, 5 [26].