Statewide Super terminates employment of two execs

Two executives for Statewide Super were dismissed in mid-January following findings that they had failed to obey internal controls.

Statewide released a statement on their website immediately following the move reassured members that their retirement savings, data, and privacy were never compromised.

Updated information released on Thursday clarified: "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."

In comments to Financial Standard, a Statewide spokesperson said that the issue was related to procurement and was unrelated to the fund's investments, products, or financial advice.

"As an organisation who exists solely for our members, we understand that our actions set the tone for what will and will not be accepted, for members, for staff and for the wider community," Statewide Super chief executive Tony D'Alessandro said in a statement.

"As a member-based organisation, we want to make it clear that we will not tolerate a failure to conform with internal policies, on behalf of our members, from anyone within or associated with Statewide Super."

Chief financial and operating officer Grant Eastwood was one of the two executives removed. He had been in the combined role for a few months, a decision that came out of a desire for operational clarity while weighing potential mergers.

Before joining Statewide Super, Eastwood had been an executive manager for management consultant Intec Group. He also spent more than 13 years as a manager of relationship banking with ANZ.

Chief risk officer Kieran Netting was also dismissed by Statewide.

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.