Q&A with Doug Carmichael, retiring chief of CBA Group Super
With the announcement of his successor imminent, Doug Carmichael spoke to Industry Moves about his nine years as chief executive of Commonwealth Bank Group Super and what he plans to do next. He named his highlights in the role, gave a shout out to a colleague, and admitted that he won't be leaving the industry just yet.
With the announcement of his successor imminent, Doug Carmichael spoke to Industry Moves about his nine years as chief executive of Commonwealth Bank Group Super and what he plans to do next. He named his highlights in the role, gave a shout out to a colleague, and admitted that he won't be leaving the industry just yet.
What do you feel have been the milestones/highlights for the fund during your tenure?
* Seeing the fund grow to serve more than 74,000 members, with more than $12 billion in funds under management for members, and maintaining a strong focus on improving member outcomes.
* Creating a sustainable operating model across both investments and administration for the Defined Benefit component of the Fund.
* Building and strengthening the Trustee Services Team over the years.
Do any colleagues that you've worked with over the years get a special mention?
I particularly enjoyed working with and learning from Neil Cochrane in what was his first role as Chair of a super fund.
What do you feel are the main challenges facing the superannuation industry at the moment?
Eliminating duplicate accounts while controlling fees, premiums and costs, which are all relevant to improving member outcomes.
What are you most looking forward to doing when you step down from a full-time role?
In addition to having the flexibility to travel more, I am looking to invest more of my time into my role as President of the Canadian Australian Chamber of Commerce (CACC). I look forward to working with the CEO of the CACC to realise the many opportunities to deepen the relationships between the Canadian and Australian business communities
Will you consider any board positions after you leave the fund?
Absolutely, I would love to stay engaged in the industry and contribute to addressing the challenges we face. While I will step down from my role as a Director of FEAL, I have volunteered to stay on as Chair of the Program Committee which will allow me to stay in touch.
Where did you grow up and what was it like?
I grew up on the Gaspe Coast in north-eastern Quebec. Winters were long, summers were glorious!
