TWUSUPER
Typemutual fund
IndustrySuperannuation
Headquarters
Australia
Key people
AUM$6.5b
Members99,000
Websitewww.twusuper.com.au

TWUSUPER is an Australian industry superannuation fund.[1][2][3][4]

It operates through a not-for-profit, mutual fund structure.

The fund was established for transportation workers. It now operates on an open-access model. As an industry fund, it is associated with its establishing union the Transport Workers Union.[5]

Governance

The fund is run through the trustee TWU Nominees Pty Ltd. The Board of the trustee consists of six directors appointed by the industry trade union, six directors appointed by industry employers, an independent Director and an independent chair.[6]

The current CEO of TWUSUPER is Frank Sandy. The current chair is former ALP MP Nicholas Sherry.[7]

Internal union disputes have arisen at the Transport Workers Union over the fund's governance board seats. An internal union election in 2022 was noted by the Australian as having stemmed in part from board seat allocations.[5]

In 2017 the fund was criticised for paying its chair, David Galbally AM QC, the highest chairperson salary of all industry super funds; despite its relatively low funds under management.[4][8]

History

In 2021 the fund abandoned a proposed merger with EISS Super.[9]

In 2022 it was announced that the fund would merge with Mine Super.[10]

See also

References

  1. ↑ Appell, Douglas (2022-07-01). "Australian super fund retools portfolio with eye to compete". Pensions & Investments. Retrieved 2023-06-18.
  2. ↑ "Coalition refers TWU Super to APRA". Australian Financial Review. 2022-11-30. Retrieved 2023-06-18.
  3. ↑ "Australia's Gold-Tweed Coast bus workers fight to prevent another union betrayal at Kinetic". World Socialist Web Site. 2023-05-25. Retrieved 2023-06-18.
  4. 1 2 Purves, Dan; Rose, Sally (24 February 2017). "The high cost of governance at TWUSUPER". Investment Magazine.
  5. 1 2 "Vote turns ugly over super". The Australian. 23 Nov 2022.
  6. ↑ leadership team
  7. ↑ Djurdjevic; Maja Garaca (2022-05-04). "TWUSUPER appoints Australia's first super minister as chair". www.investordaily.com.au. Retrieved 2023-06-18.
  8. ↑ "TWU Super chair paid $290k". Super Review. Retrieved 2023-06-18.
  9. ↑ "TWU Super ditches merger with scandal-plagued EISS Super". Australian Financial Review. 2021-10-14. Retrieved 2023-06-18.
  10. ↑ "Australian scheme mergers continue as Mine Super and TWUSUPER enter tie-up talks". www.professionalpensions.com. 2022-12-16. Retrieved 2023-06-18.
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