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But across all industries and all pursuits, the bestperforming businesses and individuals are in constant evolution. It has served its members, generating 8. The fund is one of the more established in Australia and grew up in the old-school industry fund era, with a strong focus on its members, who are mostly women and low-paid workers. In , Debby Blakey became chief executive, when Anne-Marie Corboy left the fund after 16 years in the top job. An investment committee was the established 12 months ago, and former head of the Future Fund, Mark Burgess, was appointed independent chair; previously, HESTA had never had such a committee, with the whole board performing this function.
MAY In more change, Angela Emslie, who has been on the board for 24 years and chair of the fund since , will step down at the end of her term. The final piece of the investment puzzle was to choose a new chief investment officer; Sonya Sawtell-Rickson, former investment director at QIC, was appointed last July.
We are still very much focused on members. The first, and arguably the most important, was to reorient the business to a total-portfolio approach. Willis Towers Watson global head of investment content Roger Urwin, who led the transformation with HESTA, says there are benefits to a fresher approach to capital allocation. Sawtell-Rickson says the advantages of this include the ability to be more agile with opportunities, and flex up and down the risk curve.
For that, you need the right benchmarks, incentives and behaviours. The first step is to get people to understand the case for change. While the specifics are yet to be determined, it will apply to the senior investment team and be focused on the total portfolio. Similarly, benchmarks are being reviewed, with a move away from static strategic asset allocation and more towards deciding how much risk the investment committee wants to take on.
The Future Fund uses equity beta and bond beta. HESTA will use a similar concept. Her focus is on improving alignment, building collective intelligence and contributing to the deal flow, all with the purpose of better outcomes for members. The priority ideas will be those that have conviction, are measurable and actionable. There will also be longer-term research priorities, with themes such as climate change, demographics and long-term investing.
This will compare, for example, unlisted real estate, high-yield debt and insurance opportunities. TPA is one of four workstreams Sawtell-Rickson has been driving. The others are long-horizon investing, the investment value chain, and the investment operations and internal model. HESTA employs 17 investment professionals. With its ambitious growth plans, it expects to double this over the next 12 months; in particular in quantitative analysis, research and execution.
The fund is also in the market for a new general manager of quantitative solutions and risk, and will add top-down risk analytics to the team. Sawtell-Rickson will then have four general managers reporting to her: Andrew Major, who looks after unlisted assets; James Harman who is responsible for listed; Gary Gabriel who is in charge of strategy and risk; and the new quantitative solutions general manager. Underneath that structure, there will still be investment managers who specialise in asset classes, but the focus will remain on the total portfolio.
Dynamic asset allocation is a daily process, in which the team looks at where the markets have moved and makes decisions around that. As an example of this, she points to infrastructure and whether direct investments, and more evergreen exposures, make sense. HESTA is encouraging its investment managers to elevate engagement as a priority. The fund is also looking to work with managers differently. And while there is no set target for internal management, the fund buys into the potential improvement in alignment, costs and insight that in-house work can bring.
The fund has a limit of 25 per cent it can invest in illiquid assets across Australian direct property, defensive alternatives, opportunistic alternatives and private equity. Maybe we consider a larger illiquidity allocation. And Turnbull believes the integration with the sustainability team, led by Bill Hartnett, has given it an edge in manager selection. The fund has a relatively low turnover of managers — about one to two a year.
We need flexibility. Within alternatives, he gives credit to the advisers the fund has used. For the last three years, this has included Cambridge Associates, but for a long time the principal adviser was Quentin Ayers. These advisers did much work to get the fund access to managers that have performed well, and Turnbull acknowledges the importance of this access.
While traditionally reliant on consultants, Turnbull acknowledges that the internal team of 10 has improved, in particular in areas such as manager selection, and has now built up a good long-term record. The portfolio is Sydney-based direct property across retail and industrial, and has a very high green rating. In the last six months, the fund has had a governance review and a strategic asset allocation review, which resulted in a swing towards international equities and away from Australian equities.
The governance and decision-making has also been honed slightly. Where previously the board had final sign off on investments, this has been delegated to the investment committee, giving Turnbull and the team one less hurdle to jump through.
Turnbull works closely with the investment committee and tracks and measures decisions closely. He says sustainability is largely about having the right managers and whether they care about sustainability risk. Every manager gets a rating, we like to invest with leaders. For Cbus, a mandatory one-size-fits-all approach like the one initially proposed in the draft Code of Practice would have reduced the level and scope of our cover and left many members without any cover at all.
But for our members in the building and construction injury, the threat is real and present. The construction industry in Australia is consistently rated as one of the most dangerous by Safe Work Australia, in terms of both fatalities and injuries. Providing cost-effective and accessible insurance suited to the building and construction industry, in spite of its dangers, is a core part of our promise to our members.
Ensuring we can continue to do this is a priority and something we believe can be achieved under the new Insurance in Superannuation Voluntary Code of Practice. As an active participant in CL AIMS recognised the fact that young people are less likely to have dependants or mortgages and that more super savings earlier is critical over the long term for retirement balances. Our experience is that by the time our members reach 21, they have been in the workforce for three to four years and often have dependants; this determination is supported by the fact that most death claims made in We listened to our younger members and worked with our insurer to modify the insurance provided.
Last year, in an industryleading move, Cbus reduced the default death cover for to year-olds. The fund relation to members between the ages of 21 and 25 are paid to dependants. An overly prescriptive mandated code that included a catch-all definition of young people as under 25 would have had a negative impact on our members. We listened to our younger members who need to maximise their super savings early and worked with our insurer, TAL Life, to modify the insurance provided.
This resulted in a new deal from September that reduced premiums by 25 per cent per unit of death Premiums and cover are important at one end but the claims process and outcomes for members are just as critical. Our view is that insurance cover for members is valuable and our philosophy is that legitimate claims should be paid.
As it stands, Cbus already exceeds many of the standards set out in the code. The main area of change for Cbus due to the code relates to member communication requirements and we will be making improvements well in advance of the code deadline. Cbus acknowledges that the code represents a first step in creating rigorous industry standards to support continuous improvement in member outcomes.
Each month, we publish an independent column from an industry leader with insights into best practice in the group insurance sector. This page is produced with thanks to advertising support from AIA Australia. But how well does the theory suit the practice? The guidance, issued in late , suggested it was important for superannuation funds to have a board renewal policy that documented the maximum tenure period for each director and the circumstances under which the board member may deviate from the tenure policy.
The figure of 12 years was decided after broad industry consultation. The Australian Institute of Superannuation Trustees notes that the majority 81 per cent of directors of AIST member funds were appointed to their positions after The average length of tenure is 6. Further, 40 per cent of directors were appointed after Jan 1, AIST notes, however, that 19 per cent of trustee directors have been on their board for longer than 10 years.
Research by Investment Magazine has turned up examples of trustees who have served longer than 12 years — sometimes stretching into decades. The explanation boards and trustees have offered for this centres around the balance between board experience, corporate knowledge and skills and the need for board renewal, fresh perspectives and further broadening of experience and skills. We recognise that there are some exceptions and nobody should have a use-by date on their value, if you like.
Some of us can do it for two or three years, investmentmagazine. Boards need to know how things are working, how the dynamics are, what the level of knowledge and experience is — and that is a matter for them to decide. I sit on the investment committee. There is an expectation that those directors offered up have the requisite skills.
No one is sitting on the board as a passenger. Fogarty was contacted by phone and declined to speak.
MICRO INVESTING AUSTRALIA
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