QSuper Chair Don Luke: We are deeply grateful to our members

QSuper Chair, Don Luke, expresses his gratitude to members who continue to deal with the challenges of coronavirus after another challenging year in this message, which appears in our 2021 Annual Report.

We continue to live through a period that is confronting for both our members and the broader community. Many of our members remain on the front line in the efforts to combat the impact of the coronavirus and all have felt the economic and social dislocation it has caused.

I want to pay special tribute to the work our members do to serve the community, particularly over the past year in the face of COVID-19. Whether it’s in a hospital ward, a classroom, a disaster scene, or an office, we respect what you do, value your commitment, and are deeply grateful.

QSuper has worked to be our members’ partner through these difficult times.

Committed to our core purpose

We remain committed to our core purpose of investing for a comfortable retirement, thus offering peace of mind through our members’ working lives and beyond.

Investment returns over the past year have been strong across the QSuper investment options with many providing their highest returns in over a decade. We continue to pursue very broadly diversified investment strategies with the objective to smooth returns from year to year and deliver strong long-term returns, which is at the heart of our investment philosophy.

Your needs are central to the work of QSuper staff whose dedication to members is at the heart of every action they take. We have continued to innovate with both products and services that enhance the experience of being a QSuper member.

We have launched a new innovative Lifetime Pension product, redesigned the Socially Responsible investment option, and continued to manage our climate change policies to align to the Paris agreement and net zero emissions by 2050.

Focussed on best outcomes for members

Your trustees’ ability to serve your needs is supported by our staff’s dedication, which extends all the way from the front-line people who answer member queries to the executive offices. I can reassure you that every major decision is influenced by the answer to the question: what does this achieve for members?

The role of the Board is responsibility for the governance of the organisation. I can assure you also that we take this responsibility seriously, focussing on decisions that will deliver the best possible outcomes.

Your Board has taken some major decisions during the year, including the decision to pursue merger discussions with Sunsuper to become one of Australia’s largest superannuation funds. This has involved a great deal of thought to understand the potential benefits to members, whose best interests will govern the final decision on whether to merge.

It has also involved a complex body of work to identify what each fund will need to change as we move towards a merger by forming a fund with about 2 million members and more than $200 billion in funds under management.

QSuper places a lot of value in its relationship with the Queensland Government, the principal employer of many of our members. We continue to value that relationship and have worked closely with the government through the merger process, enjoying both its support and the legislative changes needed to proceed with the merger considerations/decisions.

Farewells

During the year, we farewelled Walter Ivessa who has served 12 years as a trustee. During that period, Walter has acted as both chair of our Audit and Risk Committee and, since January 2020, as chair of the Investment Committee. His counsel has been valued by both fellow trustees and our finance, risk and investments teams.

I want to also pay tribute to our Chief Executive Officer, Michael Pennisi, who has chosen to step down after six years in the role. Michael’s strong leadership has steered the fund through its greatest period of change – moving from a closed fund to an open fund and then entering the negotiations that will see us part of an organisation global in scale and ambition.

He has been an excellent leader who has always ensured that QSuper is first and foremost a member organisation that assists our members to achieve their best retirement. The board is truly grateful for what he has done as both CEO and a senior executive of QSuper.

2021 Annual Report

You can read the full report 2021 Annual Report here

 

The opinions expressed and those providing comments are theirs alone, and do not necessarily reflect the opinions of the QSuper Board. No responsibility is taken for the accuracy of any of the information supplied and you should seek advice for your circumstances.