QSuper Chair Don Luke: Our hearts go out to members

QSuper Chair, Don Luke, expresses his support and gratitude to members in this message, which appears in the 2020 QSuper Annual Report.

We are in the midst of a very difficult time for our community due to the health and economic effects of COVID‑19. Many of our members’ lives have been seriously affected and our hearts go out to them.

Many of them are also at the front line of the community response to the health threat and we are deeply grateful.

The QSuper Board’s focus is to serve our members and it’s been pleasing, since I joined the Board in December 2019, to see the dedication of QSuper staff to serving members’ needs for their retirement wellbeing.

This is evident through the annual report. Crises are the ultimate test for the philosophies and strategies of an organisation. While we are disappointed with low market returns, due to the economic dislocation caused by COVID‑19 across the world, our risk‑balanced investment strategy has helped members by delivering solid returns.

We have adapted to the changes caused by COVID‑19 to maximise the educational and advice opportunities for members and we have innovated to develop new services to meet emerging needs.

While this is a credit to QSuper as an organisation, it is also a credit to the members who support us and trust us with one of their largest assets, their retirement savings.

Guidance through strong governance

It’s been pleasing to see that management and staff have this well in hand, particularly through such a challenging year. The Board’s role is to support and guide management through strong governance. The risk controls QSuper exercise, protect both members’ funds and the reputation of the organisation.

While trustees make decisions in the best interests of members, they also carry responsibility for important external relationships with employer and trade union organisations, government, and regulators.

For QSuper, an important relationship is with the Queensland Government, which carries legislative authority and is the largest employer of our members. We value the relationship and look forward to further enhancing it into the future.

Merger talks and community support

A significant matter for the Board this next financial year will be the decision on whether to proceed with a merger with Sunsuper. Together we would become one of the largest superannuation funds in Australia as measured by both members and funds under management. Our sole focus in making this decision will be based only on what is best for our members, now and into the future.

We recognise the important role our members play in the community and, as an organisation, we back them with support through programs that help prevent domestic violence, improve the financial literacy of women, and of Indigenous communities.

Thank you to the QSuper team

The Board recognises and is grateful to the QSuper team, led by CEO Michael Pennisi, for their commitment to help our members achieve their retirement goals.

I also thank the former QSuper Chair, Karl Morris, AO, for his six years of leadership, and outgoing QSuper trustees Steve Christie and Ruth McFarlane for their service to the Board for the past five and six years respectively.

At the same time, I welcome new trustees, Professor Michael Drew and Bruce Cowley. The QSuper Board appreciates the trust that members show in us and the organisation we govern to take care of their retirement savings. Our commitment is to do all in our power to serve them and help them achieve their best retirement.