Smooth as Silk, the $1 million question

On the subject of Tim Wilson and tough questions for superannuation funds, Rollover also notes that his questions on notice have confirmed that the moustachioed chief executive of AustralianSuper trousered $1,111,234 last year.

And it seems that the objective of Wilson’s questioning was to determine how that compared to the “annual remuneration of the average worker who contributes to your fund”.

Sadly for Wilson, AustralianSuper said it was unaware of the remuneration of members but then detailed the annual superannuation contribution of members of its fund, which in the last financial year was $5,338.

To help Wilson, Rollover has conducted a quick calculation premised on $5,388 being 9.5% of a member’s total annual salary. That works out to just over $50,000 a year albeit that other sources suggest the average member account balance is $77,000 a year so, yes, Silk is taking home slightly more than 20 times that of the average member.

On the other hand, they are not overseeing a financial services organisation with over two million members and $172.4 billion in funds under management.

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