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TWU Super chair paid $290k
TWU Super has revealed to a parliamentary committee that its chair, David Galbally is being remunerated a sum of $290,700 a year for working one day a week.
Answering questions from Liberal backbencher, Tim Wilson, the transport industry superannuation fund’s chief executive, Frank Sandy, said the remuneration was on the basis as contribution of the fund as its chair, various committee work, and advocacy work on behalf of the fund.
When Wilson asked whether Sandy thought the amount was excessive for working one day a week, Sandy said: “that is what the remuneration the board agreed to”.
“That’s a rubbish answer. If we multiply that by give for a standard working week you’re saying you’ll pay him $1.5 million pro rata for being the chair of an entity – you’ve got to admit that’s a lot,” Wilson said.
Sandy said he agreed that “it [was] a nice remuneration. $1.5 million is a lot of money for five days of work”.
When further pressed, Sandy said he was paid a total of $410,000, and the chief investment officer, Edward Smith, was paid $360,000. Nobody in the fund, he said, was paid a bonus.
Sandy also revealed that the average active superannuation member had a total balance of $70,000 and $40,000 for inactive members.
“So the average super fund member of TWU Super is $70,000 a year and you’re paying let’s be generous and say four times that for one day a work a week for your chair,” Wilson said.
“…So the best job in seems at TWU Super is in fact to be the chair of the board cause really in comparison to everybody else you’re doing sweet bugger all and taking all the cream off the top. Honestly I find that extraordinary.”
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The remuneration in Financial Service is extraordinary, full stop. This is a fine example, no question.
The rampant skimming and ticket clipping that has been allowed to flourish needs to stop - right across the board. 1 day work for $300k. Great if you can get it. Sounds like a very poor cousin of the 100's of thousands in commissions, funds management fees, and "advice fees" for absolutely no work at all...
I concur.
The remuneration for all PUBLIC OFFER super funds should reveal the income paid to their executives, amounts paid to the sponsors (includes Trade Unions and their reps) and also for sponsorships (eg football clubs) So much money is being taken away from members.
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