An update on Qantas Super’s 2022/23 Annual Member Meeting
Qantas Super held our 2022/23 Annual Member Meeting on 15 February 2024.
This year, our Chair John Atkin and CEO Michael Clancy were joined by our CIO Andrew Spence, member-elected director Klair Safier and company-appointed director Lorraine Berends AM to share the highlights of the year and look at what’s on the horizon for Qantas Super.
If you were unable to attend, you can catch up by reading the recap below, or by watching the recording, or by listening to the meeting as a podcast.
Highlights of the year
The 2022/23 financial year was a big one for Qantas Super. John highlighted several achievements, including the Platinum rating for our income account and the Gold rating for our MySuper product from leading research house SuperRatings*, and our completion of APRA’s CPS 234 Tripartite Review, which focused on our cyber security efforts, where Qantas Super compared favourably to peer organisations.
Michael then shared a few highlights, including the positive feedback received from members in our Voice of the Member survey, the efforts of our Member Engagement team to provide support and advice to thousands of members across the country, and the work we have done with our insurer, MetLife, to reduce insurance premiums on 1 July 2023 and 1 January 2024.
Investment performance
Turning to investments, Andrew discussed Qantas Super’s investment performance both over the 2022/23 financial year, and over the longer term. He observed that the financial market volatility we’ve seen since 2020, with returns soaring to record highs one year and down to negative figures the next and back up again, are to be expected and are also a good reminder that it’s important to focus on the long term and have a diversified investment portfolio.
Andrew also shared a snapshot of a few recent investments Qantas Super has made, looking at RFC Ambrian, a well-established adviser focused on the natural resources, energy, and heavy industrial sectors; goFARM, a manager focusing on sustainable agriculture; and For Purpose Investment Partners, a leading impact investment manager focused on quality aged care.
Focus on the member experience
Klair then put a spotlight on Qantas Super’s efforts to enhance the member experience, talking through the launch of the Qantas Super Hub at Mascot Campus, the online tools developed to help members manage their super, and the implementation of our Retirement Income Strategy.
The decision to explore merger options
While the purpose of an Annual Member Meeting is primarily to focus on the prior financial year, we know that many members also wanted to hear more about the Trustee Board’s decision to explore merger options, which was announced in September 2023. Lorraine, Chair of the Merger Committee, joined us to speak about this decision.
Lorraine explained that it is the Trustee Board’s job to not only look at what’s going well today, but also to recognise what could be better; to look forward to how Qantas Super will likely fare in the future; and to consider the different strategic options available.
In turn, Lorraine explained that the Trustee Board made the decision to explore opportunities to merge with another super fund, principally because of:
- Scale
- Legislation and regulation; and
- The sustainability of Qantas Super
Lorraine explained that this process of exploring merger opportunities will take several months to complete, and Qantas Super will provide updates to members when there is information to share.
Q & A session
The panel answered a range of questions from members, including several that had been submitted via email prior to the meeting.
Many of the questions focused on the decision to explore merger opportunities.
The minutes of the meeting and all questions and answers are also available here.
*The 2024 ratings are issued by SuperRatings Pty Ltd ABN 95 100 192 283 AFSL 311880 (SuperRatings). Ratings are general advice only and have been prepared without taking account of your objectives, financial situation or needs and are only one factor to be taken into account when deciding whether to invest in a financial product. Consider your personal circumstances, read the product disclosure statement and seek independent financial advice before investing. The rating is not a recommendation to purchase, sell or hold any product. Past performance information is not indicative of future performance. Ratings are subject to change without notice and SuperRatings assumes no obligation to update. SuperRatings uses objective criteria and receives a fee for publishing awards. Visit superratings.com.au for ratings information and to access the full report. © 2024 SuperRatings. All rights reserved.
Catch up on the year that was
You can get up to speed with Qantas Super’s 2022/23 by reading:
- Our Annual Report
- Our Financial Statements
- Our remuneration report
- Our FY22 Member Outcomes Assessment
- Our register of significant and material change notices
In addition, the following information is provided in accordance with paragraph 29P(3)(b) of the Superannuation Industry (Supervision) (SIS) Act 1993 and regulation 2.10 of the SIS Regulations 1994 (the Regulations).
Short-form expenditure summary for the 2022/23 financial year
| Expense category | Total ($) |
|---|---|
| Aggregate remuneration expenditure | $2,459,666 |
| Aggregate political donations | Nil |
| Aggregate promotion, marketing, or sponsorship expenditure | $37,486 |
| Aggregate industrial body payments | $7,688 |
| Aggregate related party payments | $361,430 |
Please note: The expenditure disclosed in each expense category is not mutually exclusive. That is, payments to some entities are included in multiple categories as required by Superannuation Industry (Supervision) (SIS) Act section 29P(3), and SIS Regulation 2.10.
More information on the short-form expenditure summary for the 2022/23 financial year
- Remuneration expenditure: Remuneration expenditure includes the remuneration for our Executive Officers and Directors. You can find detailed information about remuneration here.
- Political donations: Qantas Superannuation Limited does not make political donations.
- Promotion, marketing, or sponsorship: This expenditure goes towards helping to grow Qantas Super, and educate our members. This type of spend may include design, production, and distribution of educational materials, as well as the running of educational events and targeted sponsorships. For example, Qantas Superannuation Limited sponsored the annual Australian and International Pilots’ Association (AIPA) retiree dinner in 2023, which gave us the opportunity to speak to a cohort of members about how super works in retirement.
- Industrial body payments: Any payments made to industry bodies registered under the Fair Work (Registered Organisations) Act 2009 must be disclosed. Our spend in this category was for the AIPA retiree dinner also specified in the Promotion, marketing, or sponsorship category.
- Related party payments: The Trustee contracts with Qantas Airways Limited, a related party, for office accommodation, use of office equipment, technology, and certain administrative services, which are provided on an arms-length basis.
You can find detailed information on expenditure here.
We're here to help
If you want to learn more or need help with making a decision about your super, you can get simple advice over the phone or face-to-face. It’s included as a part your membership so there’s no extra cost.