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Fit and Proper Matrix

With respect to AIST Requirement 2.2, the Sunsuper Board undertakes an annual Fit and Proper Assessment in order to ensure that the persons responsible for the governance, oversight and management of Sunsuper, have the appropriate knowledge, skills and experience and act with honesty and integrity in the performance of their duties.

The tables (below) portray the diversity of the nine Sunsuper Board members (gender, and tenure), as well as the Board members existing skills, knowledge and experience across key aspects relevant to their roles as Trustees of a profit-to-member superannuation fund.

Sunsuper has twelve skill sets which reflect skills and experience required of the Board collectively to effectively and prudently manage the operations of the Fund and fulfil its strategic plan. Sunsuper’s Fit and Proper Policy provides more details. There are 3 tiers for each skill set as follows:

  • Tier 1 is generally reflective of an understanding of the skill set.
  • Tier 2 and above is generally reflective of substantial skills and experience and substantial knowledge of Sunsuper's business.
  • Tier 3 is generally reflective of extensive skills and experience and extensive knowledge of Sunsuper's business.

Additionally, external consultants are currently appointed to relevant Board committees who have expert knowledge, skills and experience in Insurance and Investments. 

Skills and experience (as at December 2018).

Board Matrix of collective skills, experience and diversity
Skills and experience

Tier 1

Minimum Tier 2

Company Director
  • The role of the Board;
  • Effective decision making;
  • Director duties and responsibilities;
  • Strategy: the Board’s role;
  • Financial literacy for Directors and driving financial performance;
  • The legal environment and risk issues; and
  • Board effectiveness.
9 out of 9 9 out of 9
Risk Licensee Governance  
  • Key obligations of the SIS Act, SIS Regulations, Prudential Standards, trust law; and
  • Fund Governance Framework.
9 out of 9 8 out of 9
Risk Management 
  • Sunsuper’s Risk Management Framework; and
  • Business Continuity Management Policy.
9 out of 9 8 out of 9
Advice 
  • Sunsuper Advice Framework;
  • Corporations Law; and
  • Member experience.
9 out of 9 6 out of 9
Insurance
  • Insurance Management Framework, including Insurance Strategy;
  • Group life risk principles, types of cover and claims;
  • Respective roles/responsibilities of the Trustee and the Insurer; and
  • Member experience. 
9 out of 9 4 out of 9
Financial and Audit 
  • Accounting and auditing processes of the Trustee and Fund;
  • Financial statements and the risks applicable to superannuation fund financial statement preparation;
  • Budgeting process including the dynamics between direct and other management costs and investment management costs;
  • Internal and external audit scopes and audit reporting; and
  • Relevant accounting standards and taxation requirements.
9 out of 9 8 out of 9
People and Remuneration
  • Remuneration framework and trends within Financial Services;
  • Organisational development themes and trends;
  • Employment market and economic drivers for remuneration changes; and
  • Industry benchmarking of remuneration. 
9 out of 9 8 out of 9 
Member Experience
  • Member experience, engagement and outcomes (and that of other customers) and drivers;
  • Sunsuper’s brand and marketing strategies and channels; and
  • Sunsuper’s Operating Model and impact on member experience, engagement and outcomes. 
9 out of 9 8 out of 9
Product
  • All Sunsuper’s products and services;
  • How superannuation products are developed and Sunsuper PDSs;
  • Due Diligence Committee (DDC) process; and
  • Sunsuper’s member experience relating to our products. 
9 out of 9 7 out of 9
Successor fund transfers and strategic growth
  • How Sunsuper’s products and services can be used to leverage growth by way of successor fund transfers in and other corporate growth for the benefit of members;
  • Relevant legal requirements; and
  • Sunsuper’s ability to ensure sustainable growth and strategy. 
9 out of 9 6 out of 9
Investment
  • Members’ best interests when setting investment objectives and strategy;
  • Investment principles (including risk and return, diversification, liquidity, etc);
  • The characteristics of the major asset classes;
  • The process for formulating investment beliefs, investment objectives and strategy;
  • The Trustee’s Investment Governance Framework;
  • Implementation and risk management including legal, tax, fees, governance and investment structures; and
  • Economic factors and the impact on investment market. 
9 out of 9 8 out of 9
Technology
  • Impact of Technology on the Member experience and engagement;
  • Importance of Information Security and Data Governance. 
New SkillSet effective 28 June 2019. Assessment of capability to be carried out December quarter 2019 as part of annual review. 

Diversity

Board Matrix of collective skills, experience and diversity
Gender Male - 55%
Female - 45%

Tenure (as at 1/7/2019)

Board Matrix of collective skills, experience and diversity
Tenure Less than 3 years - 11%
Greater than 3 but less than 6 years - 89%