Nick Sherry chairs TWUSUPER

The $7 billion industry fund covering the transport industry has appointed Nick Sherry, Australia's first minister for superannuation, as its new chair.

From 2007 to 2009, Sherry helped steer Australia through the global financial meltdown and set up the Cooper and Financial Advice Enquiries which ultimately led to MySuper and Future of Financial Advice reforms.

In his pre-parliamentary career, Sherry also helped establish as founding trustee two industry superannuation funds, Hostplus and ClubPlus.

Since leaving Canberra ten years ago, he has held advisory positions with Citi, EY, Roc Partners, and the OECD.

Commenting on his appointment, Sherry said he was deeply honoured to have been appointed the new chair as TWU SUPER, was one of a small group of funds in the pre-1987, three percent award super era that pushed superannuation coverage to low and middle-income workers.

"In that era, seven out of 10 workers had nothing," he said.

"TWUSUPER has delivered strong, long-term returns to its members across the transport sector. "

The industry fund's chief executive Frank Sandy said as Australia navigates an increasingly complex set of economic challenges, the former minister's presence will be appreciated by directors and members.

Sherry replaces David Galbally, who has chaired TWUSUPER since November 2000.

During his time chairing the board, the fund has grown from $723 million to $6.4 billion.

"David Galbally has been an exceptional leader. He has consistently ensured the best interests of members guide decision making at TWUSUPER," added Sandy.