Professional indemnity insurance
Media Super Limited, as an AFSL holder, has taken out professional indemnity (PI) insurance in accordance with the requirements of the Corporations Act. The PI insurance will cover claims in relation to the conduct of Media Super Limited and its employees or any representatives who work, or who have worked, for the company, where the Fund is found to have a liability for loss or damage suffered by a person to whom it provides a financial service.
Media Super is a complying superannuation fund for taxation purposes. All necessary returns, certificates and audited Financial Statements have been lodged with the Australian Prudential Regulation Authority (APRA).
If you are required to provide proof of Media Super's complying fund status to your employer for the purposes of nominating your choice of super fund, our Letter of Compliance can be found on the back of our Standard Choice form.
Insurance in Superannuation Voluntary Code of Practice
Media Super has made a commitment to adopt the Insurance in Superannuation Voluntary Code of Practice, which started on 1 July 2018, and we have developed a transition plan for how Media Super will become compliant with the standards of the Code. Due to a number of legislative changes, Media Super has issued an updated transition plan with a revised timeline in which the Fund will comply with the Insurance in Superannuation Voluntary Code of Practice.
Note that the Insurance in Superannuation Voluntary Code of Practice will be revised to reflect the “Protecting Your Super” and “Putting Members’ Interest First” legislation and our transition plan may be further updated once the revised version is released.
Created as part of the Code, our Insurance in super key facts sheet will help members compare cover across different superannuation funds.
Register of relevant duties and interests
Media Super maintains a Register of relevant duties and interests* held by Trustee Directors and staff employed by Media Super. Media Super also maintains a Gifts & Hospitality Register*, which covers gifts and hospitality determined to be relevant interests in accordance with the Gifts & Hospitality Policy.
Where an actual or perceived conflict of interest is deemed to exist as recorded on either register, details of the conflict will be recorded on the Conflicts of Interest Register per the processes set out in the Conflicts Management Policy.
* current as at 31 December 2019
RSE licensee financial statements
Annual financial statements for Media Super Limited, the RSE licensee, are prepared and audited each financial year. The most recent financial statements are for the year ended 30 June 2019.
Media Super’s Board Performance Review Policy requires an annual assessment of the effectiveness of the Board and Board Committees and the contributions of individual directors. A survey of directors is undertaken each year with the overall results discussed by the Board at a subsequent meeting. The Board will determine appropriate action in relation to recommendations or suggestions that arise out of the evaluation process. The Board may appoint independent experts to perform this review.
The Chair of the Board reviews the individual responses (and overall results) with each director in a series of one-on-one meetings each year. These sessions assist in setting individual training plans for each director, to manage skills gaps on the Board and to enhance each director’s understanding of all aspects of superannuation, their responsibilities under the law and their obligations to the fund’s members, staff and outsourced providers.
This annual Board performance review was completed in 2018-2019.
In addition, an evaluation of the performance of senior management is undertaken each year. Performance was reviewed in July 2019 in respect of the 2018-2019 period.