November super news

5 min read
5 min read

$26bn joint venture takes off

Equip and Catholic Super have joined forces. The $26 billion venture will manage funds for 150,000 members with an aspiration to be a much larger entity by 2025. It will be governed by a new, skills-based board of 12 directors.

Andrew Fairley, chairman, said the unique tie-up sets the scene for further industry consolidation.

“This is a new dawn and a new era for super mergers as we scale up to benefit members under an extended public offer (EPO) licence,” he said.

“At a time when funds are being urged to merge, Equip and Catholic Super have a rare opportunity to be one of the industry’s great growth stories. We’re open for business with an APRA-approved licence, attractive to funds that are keen to drive down costs while maintaining their distinctive brands and member engagement that they’ve always been known for.”

Danny Casey, deputy chair (former Catholic Super chair) encouraged other funds to follow suit and consolidate under a ground-breaking house-of-brands model that grows funds under management.

“As trustees we have a firm obligation to act in our members best interests. With the industry being challenged to consolidate further, funds that are seeking to ensure they can deliver sustainable member outcomes are encouraged to be part of this new and innovative approach. We’ve studied this model and unlocked the potential to join forces and maintain our super fund’s heritage. Those who join can retain their distinct identity that attracted members to their fund of choice in the first place. For example, our Catholic Super members, who care for and educate millions of Australians every day, will retain their high-performing brand and exceptional service from their award-winning, in-house service centre.”

MetLife encourage industry to rebuild trust with BFO

MetLife has worked with The Banking and Finance Oath (BFO) over the last five months to build a bespoke program that educated staff on The Oath, building on the existing values of the business and strengthening the ‘speak up’ culture.

The Banking and Finance Oath was started in 2012, as an initiative by The Ethics Centre and industry representatives who wanted to improve the ethical standards and reputation of the financial services industry.

The program included Cris Parker from the Ethics Centre and BFO director talking to staff about the role ethics plays in business decision making, along with education and communications on the values of the Oath. Following the roll out of the program, more than 40 per cent of MetLife staff have taken the Oath and MetLife plans to continue working closely with The BFO to support its staff through ongoing education and embedding the Oath into the business.

The BFO and MetLife are now joining with fellow signatories to encourage the rest of the insurance and financial services industry to support their staff in taking the Oath, by providing education and driving awareness. The Oath is a simple way for individuals to publicly declare their intention to uphold high ethical standards and help to rebuild trust in the industry.

Richard Nunn, MetLife Australia CEO, reflected on the work with The BFO, saying, “We believe in doing the right thing and we know there is work across the industry to do to rebuild trust.”

John Laker, chairman, The Banking and Finance Oath, says, “We’re very encouraged by the level of engagement from MetLife. We know that taking the Oath enables individuals to demonstrate their pride in their workplace and their industry. People want to see ethics being prioritised and management leading by example.”

Zurich awarded group insurance mandate from $8b Industry Super Fund

Zurich has secured a group insurance mandate from Energy Super.The mandate is Zurich’s first since it acquired OnePath Life in June this year.

Commenting on the announcement, Gerard Kerr, head of OnePath proposition and group insurance, said it underlined the commitment of Zurich to the group market, and the strength of its proposition as a local expert within a specialist global insurance group.

Energy Super CEO Robyn Petrou said: “We are the fund of choice for the energy industry, so our insurance offering has to be affordable, comprehensive and responsive to meet the needs of people who work in higher-risk occupations.”

Tim Bailey, CEO Zurich life and investments said Zurich was now a large, multi-channel insurer and believed it had the opportunity to become a leader in the group sector.

AFA Policy Research and Papers

ASFA contributes to the development of good public policy and industry best practice through our policy and advocacy work. Following are some of the recent research papers and submissions.

Recent Research Papers:

Recent ASFA submissions:

ESG Factors in a Superannuation Context: new ASFA paper

ASFA has published a new paper on environmental, social and governance (ESG) factors in a superannuation context to help superannuation trustees decide what is best for their fund. The paper, Environmental, Social and Governance (ESG) Factors in a Superannuation Context, provides an overview of ESG to help trustees better understand ESG factors.

Read more on the ASFA Action page (exclusive member content; log in required).

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Derek Thompson

Via live link

Best Selling Author, Podcast Host of 'Plain English'

Sessions

Keynote 8 – Navigating the energy transition: opportunities, investor strategies and policy needs

Few speakers can match Derek Thompson‘s ability to synthesize mega-trends in society, labor, economics, technology, and politics. Put another way: Derek trawls the data sets and does the forecasting and deep reporting necessary to help us better understand how we live, how we vote, how we spend, and how we work.

In his paradigm-shifting #1 New York Times bestseller, Abundance (co-written with Ezra Klein), this award-winning journalist reveals how our policies and culture have pushed us into a world of scarcity (not enough housing, workers, or progress)—and offers a radical new path towards a world where housing is affordable, energy is plentiful, and innovation flourishes across industries.

He shares a compelling vision of a future where we have more than enough for everybody, and a practical, actionable roadmap for how to get there. It starts with taking more risks, building more expansively, and recognizing that we all have the power to create a world of abundance. “Everything’s utopian until it’s reality,” he says.

Carmen Beverley-Smith

Executive Director - Superannuation, Life & Private Health Insurance, APRA

Sessions

Keynote 8 – Navigating the energy transition: opportunities, investor strategies and policy needs

Carmen joined APRA in March 2023 and holds the role of Executive Director, Life and Private Health Insurance and Superannuation.  

She has had an esteemed career in financial services, spanning over 25 years. She has held diverse leadership roles at Westpac and Commonwealth Bank of Australia, including across risk, transformation and change, product and portfolio development, and sales and service. 

Prior to joining APRA, she held the role of General Manager, Risk Transformation Delivery Integration at Westpac. This involved leading the group-wide implementation of a suite of solutions to uplift risk management capability and develop data, analytics and reporting. 

Carmen leads with a values-driven approach and a particular interest in developing and mentoring talent. 

She holds a Bachelor of Commerce and Accounting, is a certified Chartered Accountant and a Graduate of the Australian Institute of Company Directors. 

Amy C. Edmondson

Novartis Professor of Leadership and Management, Harvard Business School

Sessions

Keynote 8 – Navigating the energy transition: opportunities, investor strategies and policy needs

Amy C. Edmondson is the Novartis Professor of Leadership and Management at the Harvard Business School, a chair established to support the study of human interactions that lead to the creation of successful enterprises that contribute to the betterment of society.

Edmondson has been recognized by the biannual Thinkers50 global ranking of management thinkers since 2011, and most recently was ranked #1 in 2021 and 2023; she also received that organization’s Breakthrough Idea Award in 2019, and Talent Award in 2017.  She studies teaming, psychological safety, and organisational learning, and her articles have been published in numerous academic and management outlets, including Administrative Science Quarterly, Academy of Management Journal, Harvard Business Review and California Management Review. Her 2019 book, The Fearless Organization: Creating Psychological Safety in the Workplace for Learning, Innovation and Growth (Wiley), has been translated into 15 languages. Her prior books – Teaming: How organizations learn, innovate and compete in the knowledge economy (Jossey-Bass, 2012), Teaming to Innovate (Jossey-Bass, 2013) and Extreme Teaming (Emerald, 2017) – explore teamwork in dynamic organisational environments. In Building the future: Big teaming for audacious innovation (Berrett-Koehler, 2016), she examines the challenges and opportunities of teaming across industries to build smart cities. 

Edmondson’s latest book, Right Kind of Wrong (Atria), builds on her prior work on psychological safety and teaming to provide a framework for thinking about, discussing, and practicing the science of failing well. First published in the US and the UK in September, 2023, the book is due to be translated into 24 additional languages, and was selected for the Financial Times and Schroders Best Business Book of the Year award.

Before her academic career, she was Director of Research at Pecos River Learning Centers, where she worked on transformational change in large companies. In the early 1980s, she worked as Chief Engineer for architect/inventor Buckminster Fuller, and her book A Fuller Explanation: The Synergetic Geometry of R. Buckminster Fuller (Birkauser Boston, 1987) clarifies Fuller’s mathematical contributions for a non-technical audience. Edmondson received her PhD in organisational behavior, AM in psychology, and AB in engineering and design from Harvard University.

 

Daniel Mulino MP

Assistant Treasurer and Minister for Financial Services

Sessions

Keynote 8 – Navigating the energy transition: opportunities, investor strategies and policy needs

Born in Brindisi, Italy, Daniel was a young child when he moved with his family to Australia. He grew up in Canberra and completed his first degrees – arts and law – at the ANU. He then completed a Master of Economics (University of Sydney) and a PhD in economics from Yale.

He lectured at Monash University, was an economic adviser in the Gillard government and was a Victorian MP from 2014 to 2018. As Parliamentary Secretary to the Treasurer of Victoria, Daniel helped deliver major infrastructure projects and developed innovative financing structures for community projects.

In 2018 he was preselected for the new federal seat of Fraser and became its first MP at the 2019 election, re-elected in 2022 and 2025. From 2022 to 2025, Daniel was chair of the House of Representatives’ Standing Economics Committee in which he chaired inquiries; economic dynamism, competition and business formation and insurers’ responses to 2022 major floods claims.

In 2025, he became the Assistant Treasurer and Minister for Financial Services.

In August 2022, Daniel published ‘Safety Net: The Future of Welfare in Australia’, which aims to explore the ways in which an insurance approach can improve the effectiveness of government service delivery.