#1 fund for weathering market ups and downs3
SuperRatings' Pension of the Year three years in a row4
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The QSuper Board is responsible for managing the QSuper Fund. That includes creating and implementing its strategic plan, formulating and overseeing its investment strategy, and developing and delivering its products and services.
The Board delegates day-to-day administration of QSuper to the Group Chief Executive Officer and Executive management team. The Board does however retain responsibility for the operation of QSuper and receives regular reports from QSuper’s management. The Board has procedures in place to make sure the Executive management team is appropriately qualified and experienced to discharge its responsibilities.
The QSuper Group undertakes the daily administration and investment of QSuper, employing around 1,000 staff around Queensland to provide the following services:
The Board is established under the Superannuation (State Public Sector) Act 1990 (the QSuper Act), and is currently made up of nine Trustees, including equal employer and member entity representation, as well as one additional independent Board member.
The four employer representatives are nominated by the Queensland Government, while the four member entity representatives are nominated by the Queensland Police Union, Queensland Nurses & Midwives' Union, Queensland Teachers' Union and Together Queensland. More detail on the nomination and removal process for Trustees can be found in Sections 5 and 6 of the QSuper Act (link above), as well as Sections 3 - 11 of the Superannuation (State Public Sector) Regulation 2017.
Trustees serve on the Board for a term of up to three years, after which they may be nominated to accept reappointment, generally up to a maximum tenure of nine years.
The current Trustees/Directors are:
Mr Luke is currently Non-Executive Chair of the private equity manager M.H. Carnegie & Co. and For Purpose Investment Partners.
Mr Luke was previously Chair of the Queensland Investment Corporation for five years until March 2019, a Non-Executive Director of AMP Capital Investors Limited and AMP Capital Holdings for seven years until March 2014, and the Executive Director of the Community Services Commission for the Anglican Church in South Queensland for five years until August 2012. Prior to this role, Mr Luke was CEO of Sunsuper for ten years until May 2007, and prior to that AMP Qld Manager.
Mr Luke is currently a member of the Audit & Risk, Investment and People & Nominations Committees as well as Chair of the Proposed Merger Board Steering Committee.
Mr Ivessa joined Queensland Treasury in 1981 and was an Assistant Under Treasurer from 1996 until his retirement in December 2014. During his career as a senior executive with Queensland Treasury, Mr Ivessa’s areas of responsibility included budget strategy and management, economic reform and regulation, government owned corporations and inter-governmental relations. Mr Ivessa is also a former member of the Public Trust Office Investment Board.
Mr Ivessa is currently Chair of the Investment Committee as well as a member of the Audit & Risk and Proposed Merger Board Steering Committees.
Ms Mary-Anne Curtis is currently the Director-General of the Department of Employment, Small Business and Training.
She was previously a Deputy Under Treasurer within Queensland Treasury, providing advice and analysis to the Queensland Government on public policy, fiscal and economic issues particularly in relation to social policy portfolios and inter-governmental financial relations.
Ms Curtis is currently Chair of the Audit & Risk Committee and a member of the People & Nominations Committee.
Ms McCullagh is currently the Principal and Director of About Energy, a consulting firm in the areas of energy, environment, social and governance issues. Ms McCullagh is currently a member of the Investor Group on Climate Change and the Queensland Government’s Climate Advisory Council. Ms McCullagh is also the Chair of Clayfield College and is on the Board of Sydney Dance company.
Ms McCullagh was previously both a Director - Equities Research, and Head of Environmental, Social & Governance Equities Research at Credit Suisse and has held senior positions at several energy companies.
Ms McCullagh is a graduate of the Australian Institute of Company Directors and holds a Bachelor of Science in Computer Science and Maths, a Bachelor of Arts in Computer Science, both from the University of Queensland and an MBA from Adelaide University.
Ms McCullagh is currently a member of the Investment, People & Nomination and Proposed Merger Board Steering Committees.
Professor Drew is a consulting financial economist specialising in the areas of investment governance, pension plan design and outcome-oriented investing. Professor Drew is the Chief Investment Officer at MGD Private and a Professor of Finance at Griffith University.
Concurrently, he serves as a member of the Investment Advisory Board of the Petroleum Fund of Timor-Leste, and as a Trustee (and member of the Finance, Audit and Risk Committee) of Mary Aikenhead Ministries.
Professor Drew is currently a member of the Investment Committee.
Ms Mohle is currently the Secretary of the Queensland Nurses' and Midwives Union (QNMU) where she has worked since 1990. She is also Senior Vice President of the Queensland Council of Unions (QCU). Prior to commencing work at the QNMU, Ms Mohle worked as a registered nurse at the Royal Brisbane Hospital.
Ms Mohle was previously a board member of HESTA, including a term as both Chair and Deputy Chair. In 2008, the Australian Institute of Superannuation Trustees (AIST), named Ms Mohle Trustee of the Year. Ms Mohle was recognised in the 2020 Queen’s Birthday Honours List and was awarded the Member of the Order of Australia (AM) for her significant service to industrial relations, the nursing profession and the superannuation sector.
Ms Mohle is currently Chair of the People & Nominations Committee, as well as a member of the Investment Committee and Proposed Merger Board Steering Committee.
Mr Maxwell is Assistant General Secretary of the Queensland Police Union of Employees.
He is also an Executive Member of the Queensland Council of Unions and a Director of the Queensland Police Legacy Scheme. Mr Maxwell is an experienced law enforcement officer, having served in the Queensland Police Service between 1981 and 2018.
Mr Maxwell is currently a member of the Audit & Risk Committee.
Ms Ruttiman has been Queensland Teachers’ Union (QTU) Deputy General Secretary since 2010 and is currently the Honorary President of the Queensland Council of Unions. Ms Ruttiman is QTU’s lead enterprise bargaining negotiator and leads the Union's response to new educator issues. Ms Ruttiman also represents the QTU on the Rural and Remote Education Stakeholders Reference Group, the School Improvement Advisory Committee, and Teaching Queensland's Future Stakeholders Reference Group. Ms Ruttiman is a Member of the Australian Institute of Company Directors and she was previously a board member of Teachers' Union Health and the Southbank Institute of TAFE.
Ms Ruttiman is currently a member of the Audit & Risk and People & Nominations Committees.
Mr Cowley was, until 30 June 2019, Chair of one of Australia's largest law firms, MinterEllison, and has practised as a corporate lawyer for more than 38 years, specialising in directors' duties and corporate governance. He has authored the 'Protecting Your Position' series of publications on director liabilities and has recently co-authored the book entitled 'Duties of Board and Committee Members'.
Mr Cowley is currently a director of a number of not-for-profit and government entities, including Chair of CPL, the Children's Hospital Foundation Queensland and IDEAS Van Partnerships, as well as a member of the Takeovers Panel, the Australian Institute of Company Directors Law Committee and Griffith University’s Strategic Advisory Board.
Mr Cowley is currently a member of the Audit & Risk and Proposed Merger Board Steering Committees.
Financial years ending 30 June
Previous Trustees and their Board meeting attendance is available in each year’s Annual Report to Members.
1. Karl Morris’ tenure as a Trustee ended on 31 December 2019
2. Ruth McFarlane’s tenure as a Trustee ended on 30 November 2019
3. Steve Christie’s tenure as a Trustee ended on 31 December 2019