Governance

To maximise the retirement savings of our members, it's important the Construction and Building Unions Superannuation Fund (the Fund) which offers Media Super products is well governed by the Trustee.

As the Trustee of the Fund, United Super Pty Ltd holds:

  • A Registrable Superannuation Entity (RSE) licence from the Australian Prudential Regulation Authority (APRA)
  • An Australian Financial Services Licence (AFSL) issued by the Australian Securities and Investment Commission (ASIC)
  • Indemnity insurance to protect, within limits, the Trustee from legal action.

The primary source of the Trustee’s power are the Trust Deed (Governing Rules) of the Fund and the Company’s Articles of Association (Constitution).

These documents set out the rules for running the Fund including how Directors are appointed and removed.

Fund Governance Framework

The Fund Governance Framework informs our day-to-day decision making.

The framework details the activities and responsibilities of our oversight and decision-making forums, such as the Board and its Committees. It also includes key policies and procedures to guide the Trustee on how the Fund is to be managed.

With guidance from our regulators, our policies are developed in line with industry best practice.

These policies and procedures come together under the Fund Governance Policy, which provides guidance to stakeholders on the integrity of the Fund’s operations.

The Fund Governance Policy is reviewed by the Board at least once a year or as required.

AIST Governance Code

The following sets out the Trustee’s report on compliance with the Australian Institute of Superannuation Trustees (AIST) Governance Code requirements for the period ending 30 June 2021.

Read the  AIST governance code report (PDF).

Member Outcomes Assessment

Financial Year ending 30 June 2021

Along with being one of Australia’s largest super funds, our Fund is the leading industry super fund in the building, construction and allied industries. Our mission is to ensure our 785,000* members retire with the best possible outcomes.

We achieve this through a history of delivering Top Quartile^ returns over the medium to long term, combined  with competitive fees and significant reductions in investment fees over the last four years.

We have determined each of our super products promote the best financial interests to our members.

Member Outcomes Determination summary

Investment strategy

We have achieved Top Quartile^ returns over 3-, 5- and 7-year time frames relative to peers. We also achieved our highest ever return in the fund’s 37-year history of 19.34% for our Growth (MySuper) Option in FY21.

Scale

It is our size, managing $68bn* of members’ money, that has enabled us to deliver this outcome and take advantage of economies of Scale. We offer great services at a lower cost for our members.

Options, benefits and facilities

Our members have access to a leading online portal, mobile accessibility, supplemented by assistance through workplace co-ordinators, front counter offices, and over the phone support. We also provide enhanced value of Advice Services that is included as part of our membership.

Setting of fees

The cost of these services is competitive, headlined by our Statement of Fees and Costs being below the median of our peers**  for the MySuper Product.

Operating costs

We ensure our performance is sustainable. This is managed through the need to future-proof in order to deliver strong long-term performance, whilst returning all profits to our members (not shareholders).

Insurance strategy

It is our insurance offering that best illustrates our central tenet of putting members at the heart of everything we do. We offer a tailored product for not only our workers in the building and construction industry, but also across non-manual and professional occupations.

Our default Death and Total and Permanent Disablement (TPD) cover is below the benchmark of 1%^^ of salary for the average blue collar worker in the construction industry. It maximises the cover according to their life-stage so that it is always fit for purpose throughout the members’ journey with us.

We put members at the heart of everything we do. Read our  FY21 Cbus Member Outcomes Determination  (PDF)

Discover our  awards and ratings.

*As at 31 December 2021.

^ Sourced from SuperRatings, refer Cbus Member Outcomes Determinations for FY21 for more details.

** Data is sourced from APRA, and metric is calculated by Cbus, refer Cbus Member Outcomes Determinations for FY21 for more details.

^^ Sourced from the ChantWest Member Outcomes Dashboard

Register of relevant duties and relevant interests

The Trustee maintains a register of relevant duties and interests for itself, its responsible persons and associates, which includes:

  • all Directors of the Trustee
  • Company Secretary of the Trustee
  • all Executive Managers of the Trustee
  • external fund auditor
  • Cbus Property Pty Ltd, its Directors and officers.

This Register captures all external interests and appointments held by our Responsible Persons and Associates, providing transparency of their commercial and personal interests to our members and stakeholders.

Duties and interests will be disclosed in the register for as long as the Trustee, Responsible or Person has the relevant duty or interest. All gifts received by Directors and the Trustee above $500 in value will be included in the register for 24 months.

Read our  Register of Relevant Duties and Relevant Interests (PDF).

Code of Conduct

We have a Code of Conduct Policy that sets out our values, culture and expected standards of behaviour to deliver great outcomes for our members.

Read our  Code of Conduct Policy (PDF).

Conflicts Management

The Trustee has a conflicts management framework which applies across the entire Fund. The framework is a combination of systems, processes, policies and controls which enable the Trustee to identify, assess, mitigate, manage and monitor conflicts.

Read our  Conflicts Management Policy (PDF).

Board and Committee Skills Matrix

The Board has collectively identified the series of skills required on the Board to ensure it can effectively set and execute the Trustee’s strategy.

These skills have been captured in our Skills Matrix and the results of the Directors self-assessment is below.

Skills with this symbol  [ — ] prefixing it are required only at a Committee level, these skills are more technical and are required to ensure the Committee can effectively discharge its delegated duties from the Board, all other skills are required at the Board level. The boxes that are shaded in grey indicate that those skills are not relevant for that particular Committee.

The Directors are required to assess their skills against the Skills Matrix upon appointment and annually as part of the Fit and Proper process.

The Skills Matrix will be reviewed annually by the Board to ensure the skills remain relevant.

Board Performance

The Director Appointment, Performance and Renewal Policy sets out procedures with regard to annually evaluating the Board performance and individual director performance.

In accordance with the Director Appointment, Performance and Renewal Policy, the Company Secretariat is responsible for ensuring that the Board performance assessment (individual and collective) takes place annually. Regular assessment of Board performance supports:

  • Improving the effectiveness of the Board to achieve objectives
  • Identifying any areas for improvement
  • Clarifying individual and group roles.

The assessment encompasses the Board as a whole, Board Committees, individual Directors, Committee Chairs and the Board Chair. A record of the assessment is maintained by the Company Secretariat.

Triennial independent performance reviews of the Board, Directors and Fund Chair occur every three years. Every three years, the Company Secretariat will arrange for the annual, ‘whole of board’ performance assessment to be completed by an external specialist. The external specialist will obtain whole of Board feedback and, to assist in ongoing annual assessments of the Chair's performance and effectiveness, provide this feedback to both the Chair and to the other Directors.

Product dashboard

The superannuation product dashboard is set out to help you better understand the fees, risks and performance for our default investment option, Growth ( MySuper).

You can use the dashboard to compare the Growth (MySuper) investment option with MySuper products offered by other funds.

See our  product dashboard.

Further reading

You can read more about the information about our governance by clicking on the links to view relevant further reading.

Remuneration

Our remuneration policies and practices reflect our core values, placing our members at the centre of all we do.

The way we resource the Trustee provides quality products and services to our members.

Further reading

You can read more about the remuneration of our Directors and Executives by clicking on the links to further reading.