The Trustee of Media Super is Media Super Limited. Media Super is governed by a Trustee Board of Directors. The Board of Media Super Limited includes individuals nominated by the sponsors of Media Super to represent all members and employers.
As an industry super fund, Media Super's Board is made up of an equal number of employer and employee representatives. The current Board of directors also includes one independent director and representatives from:
|Number of Directors|
|Fairfax Media Limited||One|
|Live Performance Australia (LPA) or Screen Producers Australia (SPA)||One|
|Media, Entertainment and Arts Alliance (MEAA)||Two|
|Automotive, Food, Metal, Engineering, Printing and Kindred Industries Union (AMWU)||Three|
|Print and Visual Communications Association (PVCA)||Three|
The role of the directors is to make sure that Media Super Limited is run according to its Trust Deed and Rules (the document that controls Media Super’s operation) and to act in the best interests of all members and beneficiaries. Media Super Limited is also run in accordance with its Constitution, which includes rules relating to the appointment, conduct and removal of Trustee Directors.
Under the terms of the Trust Deed, the Board has the ability to delegate some of its powers and responsibilities to Committees of the Board. Directors have responsibility for attending nominated committee meetings.
The current Committees of the Board are:
- Audit and Risk Committee
- Investment Committee
- Remuneration and Nominations Committee
- Member Services Committee
Day to day operations are managed by Media Super's executive team. The Fund's staff work closely with a range of specialist service providers to deliver products and services for our members.
Below you'll find information regarding important aspects of Media Super's fund governance and operations.
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.
Modern Slavery Statement
This is our first Modern Slavery Statement and covers Media Super’s activities in the financial year ending 30 June 2020 to identify, manage and mitigate the risks of modern slavery occurring across our operations, investments and supply chain.
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 30 June 2021
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 2021.
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 2019-2020.
In addition, an evaluation of the performance of senior management is undertaken each year. Performance was reviewed in July-September 2020 in respect of the 2019-2020 period.