6 December 2022
In a video to members today, Brighter Super Chairman John Smith thanked the outgoing members of the fund’s transitional Board of 15 directors and announced the new, eight-member Board’s composition.
From 1 January 2023, Brighter Super’s directors will be:
|Member representatives||Ray Burton||Local Government members|
|Peter Scott (new appointment)||Energy and Electrical members|
|Jennifer Thomas||The Services Union|
|Employer representatives||Teresa Dyson||Energy Queensland|
|Cr Mark Jamieson||LGAQ|
|Independent directors||John Smith||All members|
|Ron Dewhurst||All members|
Mr Smith welcomed the only new appointee to the Board, energy industry veteran Peter Scott, who has extensive experience working in both Queensland state and local government-owned corporations.
“Peter has a long history in the energy industry and substantial experience and qualifications for being a director,” he said.
“It is wonderful news for members that a director of Peter’s calibre who is committed to representing the best financial interests of energy employees will join our Board.”
Mr Smith said while most members may not see the work performed day-to-day by the Board, director representation was an important issue for members.
He said the fund’s new, eight-member Board would have equal member and employer representation from the energy industry and from local government.
Mr Smith also highlighted the achievements of the retiring Board members, including driving the formation of Brighter Super and shaping the direction and strategy of the fund through the merger of LGIASuper and Energy Super and the acquisition of Suncorp’s superannuation business, SPSL.
“The formation of Brighter Super and all our subsequent work delivered foundation members a reduction in fees of up to a 29%1 in the 12 months post-merger, as well as an increase in services,” Mr Smith said.
“Just last week, our achievements were recognised by Money magazine, which awarded Brighter Super two 'Best of the Best' awards. Our MySuper product was named Money magazine’s Best-Value MySuper Product for 2023, and our default insurance was judged the Best-Value Income Protection Insurance in Super for Men in 2023.”
The fund’s outgoing Board members are:
For more information about the Board transition for 2023, view Mr Smith’s member video above, or the full text of his announcement here.
Brighter Super Products are issued by LGIAsuper Trustee (ABN 94 085 088 484; AFS Licence No. 230511) as trustee for LGIAsuper (ABN 23 053 121 564), trading as Brighter Super.
1Based on a comparison of the Energy Super Accumulation Account Product Disclosure Statement for the MySuper investment option dated 31 December 2020 (pre-merger) and the Brighter Super Accumulation Account Product Disclosure Statement for the MySuper Option dated 1 July 2022 calculated with a member account balance of $50,000 for the 12-month period post-merger. This example is the maximum possible reduction in fees for Energy Super Members. The maximum possible reduction for LGIAsuper members is 28% and is based on a comparison of the LGIAsuper Accumulation Account Product Disclosure Statement for the MySuper investment option dated 1 May 2021 (pre-merger) and the Brighter Super Accumulation Account Product Disclosure Statement for the MySuper Option dated 1 July 2022 calculated with a member account balance of $50,000 for the 12-month period post-merger. Exact cost outcomes and any reduction will be different for every member based on their individual circumstances and investment option election. This amount is used for illustration purposes only and reflects changes in fees and costs up to 1 July 2022 only.
What does this mean for me?
This update is for members’ information. You do not need to take any action and it doesn’t change your membership in Brighter Super in any way or our tailored industry offerings for energy and local government. It also doesn’t change Brighter Super’s status as the industry fund for energy and local government in Queensland.
What is the current Board composition?
The Brighter Super Board consists of a mix of qualified Employer representatives, qualified Member representatives (as nominated by the members) and qualified Independent Directors.
As part of the merger agreement between LGIAsuper and Energy Super to form Brighter Super, 6 Employer, 6 Member, and 3 independent representatives were appointed to the interim Transitional Board – 2 of the Member representatives were nominated by the ETU, and 1 by The Services Union. One of the Employer representatives is nominated by Energy Queensland.
A total of 8 Board Director positions will exist after January 1, 2023.
What will the new Board composition look like?
The new Board will have equal member and employer representation from energy and local government.
The new trust deed specifies that there will be 8 directors after January 2, 2023- 3 Employer, 3 Member and 2 independent directors. One of the member representatives will be nominated by The Services Union (TSU) and the other two will be appointed out of each of the former Energy Super and LGIAsuper memberships.
What’s a trust deed?
A trust deed is a legal document that sets out the conditions, terms and rules for managing the Brighter Super fund. It sets out the objectives of the fund, the management and administration of the fund, investment approach and returns, member benefits and payments. The trust deed is public and available online for any member to read. The trust deed importantly sets out the framework for the appointment and removal of directors (Chapter 1; Point 3).
Will this change diminish representation from energy or local government on the Brighter Super Board?
There will still be excellent representation from the energy industry on the Board, with TSU’s member representative, a representative from the Energy Super member base and the Energy Queensland employer representative. Local government members will have a member representative and there will be two LGAQ employer representatives. There will be equal member and employer representation from energy and local government.