Nomination of Directors
The Trustee of AvSuper is AvSuper Pty Ltd, a professional corporate trustee company which ensures that the Fund operates in the best interests of all members. The Trustee consists of a Board of nine Trustee Directors governed by the AvSuper Constitution and Trust Deed.
The Principal Employer, Airservices Australia, nominates three employer representative Directors, three member representatives are nominated by the ACTU and the Trustee appoints three independent directors.. Either party may nominate a person to be an AvSuper Director, by written notice to the Trustee. Current Directors can be re-nominated. The Trustee undertakes an extensive due diligence review to ensure that nominated candidates are suitable, fit and proper persons, eligible to be appointed to the Trustee Board. In particular, checks are carried out to ensure the nominee:
- meets APRA’s Fit and Proper Standards
- meets AvSuper’s own requirements under its Fit and Proper Policy
- satisfies the eligibility requirements
- as a Director, would not hinder AvSuper in satisfying the requirements of relevant laws and any board policy relating to the composition of the board or the operation of the Fund.
Appointment of Directors
The Trustee has the final decision on appointing Directors to the Trustee Board, after consideration of any nominated candidates and a review of the due diligence checks as described above. Directors will generally serve for a term of three years, or any other period that may be determined by the Trustee from time to time. Directors can be reappointed for further terms.
Removal of a Director
Directors may cease being a Director by resigning, dying or being removed from their position by the Trustee. If a Director position becomes vacant, a new Director must be appointed within 90 days. The Trustee may appoint an interim Director if necessary, however such individuals remain subject to due diligence checks as described above. AvSuper has policies and procedures in place to ensure that the requirements of the Fit and Proper Standard are met at all times, including processes for the Trustee to remove persons in such circumstances where it becomes necessary to do so. The Trustee may remove a director at any time if the director fails to meet the ‘fitness and propriety’ conditions, fails to comply with relevant laws, fails to meet any conditions determined by the directors from time to time or acts in conflict with his/her duties as a Trustee Director.
