Local Government Super appoints a new Chief Executive Officer (2)

LGS has announced the appointment of a new Chief Executive Officer, Phil Stockwell. Phil is a highly regarded person from financial services with whom I had the pleasure of sitting on the Regnan board a decade or more ago. Welcome Phil.

In the last issue we expressed our surprise at a report in the Sydney Morning Herald, ostensibly to announce the appointment of an independent Chair of LGS, that said “the $12 billion fund amended its constitution in June to make board changes following a probe into its governance by the Australian Prudential Regulation Authority (APRA)”

A probe? This was a surprise, given the careful language we needed to use trying to explain to members why, despite our historic opposition to the concept of “independent” directors, LGS had decided to do it. Apparently it was the Herald’s word, it wasn’t provided in the media release by LGS.

In June, unknown to us, LGS in an earlier media release announced they were going to reduce the size of the board and appoint an “independent” Chair and two “independent” directors “to more effectively meet APRA’s requirements around superannuation governance”. The media release acknowledges “APRA’s recent guidance and expectations”.

Well, that was more than I could tell you. And I couldn’t tell you that I had carefully drafted advice to members seeking the approval of the  █████████ ██████████ ██████████ █████████ ██████ before ██ ██████ ████ ███ ███████ ██ █████ ███ ███ ████ ████████████ ████ ██████ ███ █████ ██████ ███ █████ ██ ██ ████████ █████ ████ ███████ ████ █████ ██ ██ ████, ████ ██ ████ ███ ██████, ███████ ██ ███████ █████ █████ █ ███ ███████. 

Or anything else about the regulator, whether they have done anything, or haven’t done anything, ███████ ██ ███ ██████ ██████████ ██ ███████ ██ ██ ███ ████ ███, one dare not speak its name.