Q&A with departing LGsuper Director, Peter Smith
LGsuper has announced the departure of former CEO Peter Smith as a member representative director after the recent board elections. Feeling confident that LGsuper is well-placed for the future, Smith plans to devote himself to family, particularly his cherished grand-children and is looking forward to a somewhat different pace of life on the Gold Coast.
LGsuper has announced the departure of former CEO Peter Smith as a member representative director after the recent board elections. Feeling confident that LGsuper is well-placed for the future, Smith plans to devote himself to family, particularly his cherished grand-children and is looking forward to a somewhat different pace of life on the Gold Coast.
Why are you departing your role?
As CEO from 1988 I led the development of the fund in structure and purpose based on three simple tenets:- Low Fees; Sound Long Term Investment Performance; and Good Service to Members.
Having been very closely involved from the time of its infancy to its standing today I would naturally have liked to have continued on the board, but on reflection, after 18 years as CEO and 6 years as a director, the time and circumstances were right for me to move on. The fund is well positioned for the future with CEO David Todd and his experienced team in place, together with the recent addition of 3 new independent directors to the board (including John Wilson (ex Pimco ) and John Smith (ex Heron)).
What will you miss about the role and the organisation?
I will certainly miss being involved in the continuing development and sustainability of LGsuper in its role of providing superannuation benefits to members and assisting them in having a financially secure retirement. On a personal level I will (and already do) miss the many people in the industry from whom I have gained knowledge and inspiration.
What do you regard as your greatest achievement?
Setting the foundations for LGsuper and managing its growth into the business it is today. Similar success was enjoyed in the early 80s with the merger of a myriad of separate super funds into a single consolidated fund for the electricity industry in Queensland. A degree of achievement in the Sunshine State for an AFL mad immigrant from Victoria ...some might say an achievement in its self.
What are you going to do next?
Continue to enjoy living down the Gold Coast. The part time position as a LGsuper director allowed me to transition into a much different lifestyle. There is more time to devote to family (especially our 3 cherished grand children). We will also be visiting our son who resides in London shortly .
Future involvement in the industry? ...who knows ...never say never.
Would you consider yourself an introvert or an extrovert?
Definitely an introvert. I have always felt more comfortable in the company of close friends and family and one-on-one/small group discussions in the work environment.
What was your very first job?
I followed my father into the State Electricity Commission of Victoria as a junior clerk. Dad's first job, also as a junior clerk, was collecting time sheets in the open cut mine at Yallourn. My first job was in the Commission's publicity branch and involved delivering press statements to newspapers for publication. Somewhat parallel starts to working life. I moved to the SECV Provident Fund administration shortly thereafter which marked the commencement of my career in superannuation.
Super has certainly changed in my time. Of course we now have universal coverage but [some] might recall the days when Federal Government rules were essentially limited to:- The 30/20 ratio; and 5% of lump sum benefits being assessable for tax.
Do you have a secret skill/hidden talent?
No. Its all out in the open on me.
