Spotlight: Independent Directors on super fund boards

Thursday 22nd March 2018

Spotlight on Industry Funds

With the Banking Royal Commission now underway, the superannuation industry will also find itself in the spotlight. Independence on boards is likely to be on the agenda, once again. This week we take a look at 10 of the largest profit-for-member funds in Australia - who invest $500 billion of their members' funds - compare their current number of directors, and drill down to find out a little more about the 16 independent directors appointed so far.


10...............Number of funds included
109............Total number of board directors
15%...........Percentage of directors that are independent
25%...........Percentage of independent directors that are female

Industry Funds

More about the Independent Directors


Jim Craig Jim Craig
Appointed: March 2017

Jim Craig has held a number of senior roles within Macquarie Group Limited in the resources, infrastructure and fund management areas, including leading Macquarie’s businesses in Europe from 2003 - 2008. He was Chair of Macquarie Capital (Melbourne) from 2008 - 2014.
Current Directorships: Australian United Investment Company Limited, Cellcare Australia Pty Ltd, River Capital Pty Ltd and Lifestyle Communities Limited.
Degrees: Bachelor of Economics, Bachelor of Laws, Master of Laws.

First State Super

Neil Cochrane Neil Cochrane
Appointed: March 2014

Neil Cochrane's previous roles have included Deputy CEO and Global Head of Business Development at Colonial First State Global Asset Management (CFSGAM) from 2006 - 2009; CEO of the Retail Employees Superannuation Trust (REST) for five years until 2006; and prior to this was CEO of Southern Asset Management in the country of his birth, South Africa.
Current Directorships: State Super Financial Services Australia Limited (StatePlus), Commonwealth Bank of Australia (UK) Staff Benefits Fund.
Degrees: Bachelor of Commerce, Bachelor of Laws, Master of Laws.


Ken Marshman Ken Marshman
Appointed: December 2017

Ken Marshman held the positions of Director of Finance and CEO for the State Electricity Commission of Victoria before joining JANA Investment Advisers in 1995. Ken was CEO of JANA until 2008 and ceased full time employment with the firm in 2013.

Current Directorships: JANA Board of Directors, Super Investment Management Limited.
Degrees: Bachelor of Arts, Maths & Economics, Master of Economics.


Ian Martin Ian Martin
Appointed: April 2013

Ian Martin was formerly CEO and Chief Investment Officer of BT Financial Group, and Head of Global Investment Management and a member of the Management Committee of Bankers Trust. Early in his 30 year career in financial services, Ian held various positions with the Australian Treasury, Canberra, and spent two years at Citibank as its Australian Chief Economist.
Current Directorships: Argo Investments, Argo Global Listed Infrastructure, Berkshire Capital Securities, Wayside Chapel Foundation.
Degree: Bachelor of Economics

Nicolette Rubinsztein Nicolette Rubinsztein
Appointed: December 2015

Nicolette Rubinsztein's executive career in the wealth industry spanned more than two decades, across retail, institutional and insurance markets. She has held senior positions at Towers Perrin, Colonial First State and BT Funds Management. She was a former general manager at CBA/Colonial First State for 14 years in areas covering strategy, marketing and retirement. She was a former Vice President and head of product management at BT and a consulting actuary at Towers Perrin.
Current Directorships: SuperEd Pty Ltd, OnePath Group Life, OnePath General Insurance Pty Ltd, Class Limited, Missionvale Australia.
Degree: EMBA, Business

Mark Armour Mark Armour
Appointed: July 2017

Before retiring in 2015 from his full time CEO role at Invesco, Mark's executive career included positions as Head of EMEA for Invesco and CEO at Invesco Perpetual (based in the UK) and prior to that, Head of Institutional for Invesco based in the USA. Earlier in his career, Mark spent 20 years at AXA as CEO Funds Management and then CIO, Investments.
Degree: Bachelor of Economics


Angela Emslie Angela Emslie
Appointed: 1994

Angela Emslie has extensive experience as a professional Trustee Director having served on a range of industry fund and related boards for almost 20 years. Angela was first appointed to the HESTA board in 1994 and has held the position of Independent Chair since 2010. She has served on the board of AIST, and before that CMSF, for a total of 19 years, before resigning from her position as president of AIST in 2016.
Current Directorships: Frontier Advisors, Suicide Prevention Australia, Principles for Responsible Investment, LIME Management Group
Degrees: Bachelor of Economics, Master of Business Management

Mark Burgess Mark Burgess
Appointed: July 2017

Mark Burgess was formerly Managing Director and President of the Future Fund Agency, a position he left in 2014. Mark also held the position of CEO of Treasury Group and prior to that held roles as executive vice chair and CEO of Credit Suisse Asset Management (EMEA) in London, as well as global CIO roles for American Express Asset Management and Colonial First State.
Current Directorships: Yarra Capital Management, Jamieson Coote Bonds, Northern Territory Infrastructure Development Fund, Official Monetary and Financial Institutions Forum (OMFIF), London.
Degree: Bachelor of Commerce


Andrew Fraser Andrew Fraser
Appointment date: September 2015.

Andrew Fraser served as Treasurer of Queensland from 2007 to 2012. During his career in government, Andrew also held portfolios as Minister for State Development and Trade, Minister for Employment and Economic Development and Minister for Local Government, Planning and Sport. Andrew is the former Head of Strategy & Investment at the National Rugby League (NRL).
Current Directorships: New Zealand Rugby League, Advisory Board EY, Hear and Say - Opening Worlds, Whitsunday Regional Council
Degrees: Bachelor of Laws, Bachelor of Commerce

Jenni Mack Jenni Mack
Appointment date: July 2015.

Jenni Mack is an experienced governance professional with over two decades of board experience, with particular expertise in advising member-based, not-for-profit organisations, which operate in a commercial environment. She was formerly Chair of Australia’s consumer group CHOICE (2006 - 2013) and a director on the Financial Industry Complaints Scheme board for nine years until 2008 .
Current Directorships: Co-ACT, The Australian Red Cross Blood Service
Degrees: Bachelor of Arts, Masters of Administrative Law and Policy

Michael Trail Michael Trail
Appointment date: September 2015

Michael Trail has had extensive experience in private capital investment including 14 years as founding chief executive of Social Ventures Australia (SVA), a position he stepped down from in October 2014. Michael spent 15 years as an executive director at Macquarie Bank, where he jointly founded the organisation’s private equity business, Macquarie Direct Investment.
Current Directorships: MH Carnegie & Co, Australian Schools Plus, Australian Philanthropic Services, Paul Ramsay Foundation, GoodStart Early Learning, SVA Leadership Council, SVA Social Impact Fund, Assetic.
Degree: Bachelors, Masters of Business Administration


John Edwards John Edwards
Appointment date: October 2017

Dr John Edwards completed a five-year term as a member of the Board of the Reserve Bank of Australia in 2016. He is a non-resident Fellow at the Lowy Institute, an Adjunct Professor with the John Curtin Institute of Public Policy at Curtin University, and an economic consultant. He is member of the Board of CEDA and, prior to joining the RBA Board, he headed economic planning and development for the Kingdom of Bahrain.
Degrees Ph.D. and M. Phil. (Economics), Bachelor of Arts

Stephen Dunne Stephen Dunne
Appointment date: February 2016

Stephen Dunne's career in investment management spans 30 years, with 22 years spent at AMP Capital, where he was appointed CEO in 2004, a position he held until stepping down from the firm in 2015. He is Principal of his family-owned business, Myanga Angus.
Current Directorships: Evergen Pty Ltd


Peter Collins Peter Collins
Appointment date: July 2006

Peter Collins' career has included positions as a Company Director, Parliamentarian, Military and Naval Reserve Officer, Barrister and an ABC Journalist. His parliamentary career (1981 – 2003) included posts as Minister for Health, Arts, Consumer Affairs and State Development. Attorney General, Treasurer of NSW, Deputy Leader and Leader of the NSW Opposition.
Current Directorships:Barton Deakin Pty Ltd, Industry Super Australia Pty Ltd, Sydney Financial Forum, Nepean and Blue Mountains Local Health District.
Degrees: Bachelor of Law, Bachelor of Arts

Alexandra Grayson Alexandra Grayson
Appointment date: October 2013

Alexandra Grayson has extensive industrial relations experience in both state and federal industrial relations systems. Alexandra is currently Principal at Maurice Blackburn where she manages the employment and industrial relations practice of the business.

Degrees Bachelor of Laws, Bachelor of Commerce

David Elmslie David Elmslie
Appointment date: February 2007

David Elmslie retired from his executive position as Chief Operating Officer, International Business at Crown Ltd in 2010. David also formerly held positions at TABCORP Holdings Ltd, including Chief Financial Officer, Executive General Manager, Development and Executive General Manager of the Victorian Gaming division.

Current Directorships:IGIPT Pty Ltd, ISPT Pty Ltd, Maldonstation Pty Ltd, Nyah Pty Ltd, Shu Cube Pty Ltd, Vardav Capital Pty Ltd.
Degrees: Bachelor of Law, Bachelor of Commerce

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