QSuper and Sunsuper to merge

QSuper and Sunsuper have signed a Head of Agreement to pursue a merger, which would create a $200 billion superannuation fund.

The organisations have announced that Don Luke, the current chair of QSuper, will chair the merged fund.

Sunsuper chief executive Bernard Reilly will become CEO of the joint organisation. QSuper CEO Michael Pennisi did not seek a role in the new organisation and will depart later this year.

The board of 13 directors will be drawn from the existing boards with a target date of completion in September of this year.

Luke, who has been the QSuper chair for just over a year, has a great deal of familiarity with both organisations. He served as the Sunsuper CEO from 1997-2007. He has also been the QIC chair, is the chair of the investment committee for M.H. Carnegie, and is also a director for Anglicare North Queensland. He previously held directorships with AMP Capital and was AMP's Queensland manager.

In a joint statement, Luke and Fraser said that the new organisation will have the skills, diversity, and expertise to deliver the high standards of governance needed for one of the largest funds in the country.

"The Board has deep experience in both the private and public sector, strong superannuation-sector knowledge and the capability to deliver excellence in corporate governance.

"The Board brings together directors from a range of backgrounds, each bringing sound judgment and strong commercial acumen, as well as unique skills that ensure diversity of thought and an ongoing culture of putting members first, which will define the merged fund from day one.

"The merged fund's membership will be well-served by this Board, who understand the role of employers nationally and are committed to our expansive adviser community, as well as the Queensland Government as a major employer within the fund."

The board of the merged organisation will include:

• Don Luke as chair.
• Michael Clifford (Sunsuper).
• Bruce Cowley (QSuper).
• Mary-Anne Curtis (QSuper).
• Andrew Fraser (former chair of Sunsuper).
• Mark Goodey (Sunsuper).
• Elizabeth Hallett (Sunsuper).
• Shayne Maxwell (QSuper).
• Sandra McCullagh (QSuper).
• Beth Mohle (QSuper).
• Kate Ruttiman (QSuper).
• Michael Traill (Sunsuper).
• Georgina Williams (Sunsuper).