Statewide Super dismisses chief risk officer

Statewide Super has dismissed two executives for failure to obey internal controls.

The $10 billion industry superannuation fund announced the news on their website earlier this month. "Our internal processes uncovered a failure to conform with internal controls. Immediate action was taken - appropriate regulators were informed and a statement was released on our website. Internal investigations are ongoing."

They assured members that their super balance, data, and privacy were never at risk.

A spokesperson for Statewide told Financial Standard that the decision to terminate the executives was related to procurement, and was unrelated to the fund's investments, products, or financial advice.

Chief risk officer Kieran Netting was one of the two executives dismissed. Netting has been with the fund for just under three years.

Before joining Statewide, Netting held a similar risk management position with Standard Charter Bank in Singapore and has held management positions at NAB, CBA, Credit Suisse, and Macquarie Group.

The other executive dismissed was chief financial and operating officer Grant Eastwood.

Statewide's head of project management, Corlia Van Den Raad, will act as interim chief operating officer.

Reporting from Harrison Worley at Financial Standard contributed to this story.