Katrina Bacon joins FEAL as its new CEO from 1 January, on the retirement of Joanna Davison. Katrina has extraordinary depth of expertise in, and a personal commitment to the superannuation industry. Over more than 25 years – as a consulting actuary with Towers Perrin, and for 21 years in KPMG’s Superannuation Advisory practice – she has developed a broad matrix of perspectives over the industry for which she is widely respected; assisting and advising funds, providers and employers on all aspect of superannuation.

Chair of FEAL’s board of directors Brian Delaney, said ‘I am delighted to welcome Katrina to the association. She knows FEAL and its members well, and cares deeply about what we do. Her broad industry knowledge and insights will give us a strong base for FEAL’s next stage.’

‘Joanna has transformed FEAL in her time as our CEO. The growth in our membership is testament to the way Joanna has embedded the vision of the organisation to be the leading provider of professional development and education for fund executives. She has developed the services and programs we provide, enhanced our governance, and made FEAL a place for industry leaders of today and tomorrow to collaborate, learn and develop. We all wish her well in her retirement.”

Katrina said she is ‘delighted to be taking on the FEAL CEO responsibilities, and is looking forward to supporting our members, and developing the value FEAL provides.’ 

‘I am a believer in the alignment of the not for profit sector, and am a long-time admirer of FEAL and its mission. I am genuinely excited to pick up the reins from Joanna and work with the FEAL team, Board and members. We will continue to deliver and further develop professional support and education to our Executive members, helping them return outstanding outcomes for whole generations of working Australians.’ 

Joanna said, ‘It has been a privilege to lead FEAL though the last nine years. We have made a significant contribution to the industry with our programs and services, and the opportunities for our members to learn from each other and other leaders at our conferences and forums. I am excited about the next chapter in my life.’

]]> Katrina Bacon is joining the Fund Executives Association Limited (FEAL) as its new Chief Executive Officer, with effect from 1 January 2023. Katrina replaces Joanna Davison, who leaves FEAL after nine years as its leader.

Katrina Bacon joins FEAL as its new CEO from 1 January, on the retirement of Joanna Davison. Katrina has extraordinary depth of expertise in, and a personal commitment to the superannuation industry. Over more than 25 years – as a consulting actuary with Towers Perrin, and for 21 years in KPMG’s Superannuation Advisory practice – she has developed a broad matrix of perspectives over the industry for which she is widely respected; assisting and advising funds, providers and employers on all aspect of superannuation.

Chair of FEAL’s board of directors Brian Delaney, said ‘I am delighted to welcome Katrina to the association. She knows FEAL and its members well, and cares deeply about what we do. Her broad industry knowledge and insights will give us a strong base for FEAL’s next stage.’

‘Joanna has transformed FEAL in her time as our CEO. The growth in our membership is testament to the way Joanna has embedded the vision of the organisation to be the leading provider of professional development and education for fund executives. She has developed the services and programs we provide, enhanced our governance, and made FEAL a place for industry leaders of today and tomorrow to collaborate, learn and develop. We all wish her well in her retirement.”

Katrina said she is ‘delighted to be taking on the FEAL CEO responsibilities, and is looking forward to supporting our members, and developing the value FEAL provides.’ 

‘I am a believer in the alignment of the not for profit sector, and am a long-time admirer of FEAL and its mission. I am genuinely excited to pick up the reins from Joanna and work with the FEAL team, Board and members. We will continue to deliver and further develop professional support and education to our Executive members, helping them return outstanding outcomes for whole generations of working Australians.’ 

Joanna said, ‘It has been a privilege to lead FEAL though the last nine years. We have made a significant contribution to the industry with our programs and services, and the opportunities for our members to learn from each other and other leaders at our conferences and forums. I am excited about the next chapter in my life.’

The post Katrina Bacon joins the Fund Executives Association Limited as CEO appeared first on AdviserVoice.

Kevin O’Sullivan

Kevin O’Sullivan Chief Executive Officer of UniSuper, has been awarded the 2020 Fund Executive Association Limited (FEAL) Fund Executive of the Year.

The annual award, which is in its 19th year, recognises a fund executive who has made an outstanding contribution to their fund and the superannuation industry.

At a dinner attended by more than 60 industry guests in Sydney and live streamed to FEAL members around the country, Kevin was named the 2020 recipient of the award for his contribution in areas including digital innovation, corporate strategy and his leadership during the pandemic which has presented unique challenges.

Jane Perry, Chair of FEAL commented: “Kevin’s outstanding leadership of UniSuper and his contribution to the industry over many decades makes him the perfect recipient for this award. His passion for digital innovation in particular has helped UniSuper’s members become more engaged with their superannuation and goals for retirement.”

Kevin has been the Chief Executive Officer of UniSuper since July 2013. UniSuper manages more than $83 billion on behalf of 495,000 members.

Kevin has more than 30 years’ experience in financial services and is an advocate for innovation in the superannuation industry. He is a Fellow of the Institute of Actuaries of Australia and an annual participant and “fundraising legend” in the Mother’s Day Classic.

Joanna Davison, FEAL Chief Executive Officer, said: “We are delighted to announce Kevin as the 2020 Fund Executive of the Year. His dedication to providing the best possible service to members at UniSuper whilst contributing to positive changes in the superannuation industry more broadly is outstanding.”

Speaking about the 19th anniversary of the award, Jane Perry said: “Recognising outstanding leadership in superannuation is an important pillar to building confidence in the system and ultimately improving retirement outcomes for all Australians.”

Commenting on Mr Elia’s resignation, CEO of FEAL, Joanna Davison, thanked him for his many years of service, and highlighted his significant contribution.

“Mr Elia will be sorely missed. He is one of Australia’s most experienced business leaders, and FEAL has benefitted enormously from his wealth of experience, and his commitment to the professional development of leaders in the superannuation industry.

“There is no question that he will continue to play a pivotal role in financial services in Australia through his role as CEO of HOSTPLUS and his many other board positions,” she said.

Mr Elia said that he felt privileged to have worked with the other Directors on the FEAL Board and was proud of the role he played in transforming FEAL into one of the leading professional development associations in Australia.

“I have really enjoyed my 13 years as a Director, but I felt that given the increasing demands of my role at HOSTPLUS, the time is right to make way for someone new. And Paul Watson is the perfect choice to replace me,” he said.

Ms. Davison said that she is very much looking forward to working with Mr Watson, who brings considerable experience and skills to the Board.

“Paul has been the Chair of FEAL’s Programme Committee since 2011, and served on our Board from 2006 to 2011. He has more than 25 years’ experience in senior leadership roles in both the public and private sector, and his counsel and contribution over the years has been invaluable.

“I am so pleased that Paul has agreed to contribute still further by taking up a position on our Board again,” she said.

Mr Watson said that he was looking forward to continuing to serve FEAL and its members.

“It is more important than ever that we strive to support the professional development and leadership capabilities of our executives as they confront the challenges of a rapidly evolving financial services landscape.

“That’s where FEAL plays a pivotal role, and I am looking forward to developing the skills of both current and emerging leaders through my role as a Director of FEAL’s Board,” Mr Watson said.

Joanna Davison

Despite a lack of engagement with their superannuation, the overwhelming majority of Australians have no regrets about investing in super.

This is one of the surprisingly strong findings from the 2014 Net Promoter Score Survey (the Survey), an annual joint initiative of the Fund Executives Association (FEAL), Customer Service Benchmarking Australia (CSBA) and Melbourne Business School (MBS).

The Survey is now in its seventh year, and is designed to benchmark member satisfaction with their super fund by assigning each fund a net promoter score (NPS)[1] based on responses collated from over 4,500 interviews with fund members twice a year. The difference in the July 2014 survey was that additional questions around the subject of ‘regret’ were added to the Survey by Professor Don O’Sullivan, Associate Professor of Marketing, and Ujwal Kayande, Professor of Marketing, at MBS.

Professor O’Sullivan was interested in understanding what Australians really feel about mandatory superannuation, given how little thought most people give to their super choices, and at a time when super is very much in the spotlight in terms of its structure, adequacy and interaction with the tax system.

Professor O’Sullivan said most people do not make an active decision to join a super fund. Sixty-eight percent end up in the default fund, and only 13% follow recommendations. Most do not fully understand what they are buying.

“Engagement with super is incredibly low. In fact, most Australians do not apply a rational decision making process to their choices about super, they give it about as much thought as buying a bar of chocolate, and unless something goes horrifically wrong, their on-going strategy could best be described as set-and-forget.

“That’s why we chose to ask questions about regret, to find out what Australians ultimately think about the outcome of super choices that, due to their own inaction, are made for them by others,” Professor O’Sullivan explained.

Questions included, “If I had the choice, I would not have put my money into a superannuation fund”, and participants were also asked whether they regretted their decision to join a particular fund, and whether they regretted their current investment option with a particular fund.

Professor Kayande said that regret was revealed to be so low as to be negligible, and lowest of all among older Australians. This is no doubt because older Australians are closest to retirement and accessing their savings, but statistically there was very little difference between the levels of regret of younger versus older Australians.

When it came to the differences between members with default and customised super options, the Survey found that levels of regret across both groups were extremely low.

“And that’s great news for the founding fathers of our super system, like Paul Keating, who had to fight so hard to introduce mandatory super and to sell the benefits,” said Joanna Davison, CEO of FEAL.

Speaking about the member satisfaction results, Ms. Davison said that NPS scores recorded were excellent again this year. Most of the funds surveyed received a positive NPS, which is widely seen as a strong result in any industry.

“This is a great overall finding, but for super funds aiming to continue to meet and exceed member expectations, the Survey also revealed a number of insights into what members value most.

“Service was the number one driver of satisfaction, with members citing reliability, a strong reputation or brand and responsiveness as most important,” Ms Davison said.

Ms Davison said that participation in the Survey, including analysis of results at the subsequent workshop conducted by Professor O’Sullivan, had once again proved to be of enormous benefit to funds. Funds looking to benchmark their performance and identify ways of measuring and improving member satisfaction and engagement were able to take away actionable insights which could be applied to their overall business strategy.

In conclusion, Ms Davison said that the results of the Survey, and in particular the findings about regret were unexpected yet very revealing.

“If Australians do not regret contributing to super and are ultimately happy with the outcomes that the industry provides for them, then super funds are doing what they were set up to do.

Which is great news for all Australians,” she said.

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[1] An NPS is a widely use measure of customer loyalty around the world.

Ms Davison, who has been acting CEO since November 2013, will be responsible for providing significant educational and development programs for the leaders in superannuation. . She has previously held senior leadership positions at Colonial First State Global Asset Management and Russell Investments and brings to the role at FEAL her extensive industry knowledge, networks and experience in stakeholder management.

Ms Davison’s appointment comes at a time of significant change in the superannuation industry, when FEAL’s role in continuing to support superannuation executives in their on-going professional development is more pivotal than ever.

Ms Davison said she was delighted to be appointed to the role and is looking forward to building on the significant steps FEAL has already taken to help its members prepare for the responsibilities and obligations that come with their roles as leaders in the superannuation industry.

“I am very much looking forward to the opportunity of adding value to an industry which aims to achieve dignity in retirement for its members,” she said.

Survey results an important tool for super funds looking to boost member engagement.

Results from the 2013 Net Promoter Score Survey, developed as a joint initiative of the Fund Executives Association (FEAL), Customer Service Benchmarking Australia (CSBA) and Melbourne Business School (MBS) were yesterday described as an important tool for super funds looking to boost member engagement and more closely align fund management with member participation needs.

The Net Promoter Score Survey (the Survey), now entering its sixth year, is designed to benchmark customer satisfaction by assigning each participant a net promoter score (NPS). The NPS is a metric derived from survey responses to the question “how likely are you to recommend” and is a widely used measure of customer loyalty around the world.

Pat Heaslip, Research Director of CSBA, said that this year over 30 superannuation funds from around Australia were involved in the Survey.

“We interviewed 200 super fund members from within each of the funds,” she explained, “which equates to over 6000 interviews. This gave us a real insight into what drives customer satisfaction. In addition, we interviewed 50 employers from 11 funds to assess their satisfaction in dealing with superannuation funds. ”

Joanna Davison, acting CEO of FEAL, explained that in Australia, a positive NPS is seen as a great result for any industry.

“On that basis the results for the super funds involved in the survey were excellent”, she said “in that the overall NPS remained positive among members.”

For those super funds which participated in the Survey, results were then analysed at a workshop held at Melbourne Business School and facilitated by a specialist in the field, Associate Professor Don O’Sullivan.

Ms. Heaslip said that participants were united in their praise of the benefits they received from participation in the Survey and subsequent workshop.

“A number described the program as well-rounded and thorough,” she said, “and others said that the insights it offered around member engagement and satisfaction were extremely valuable and applicable to future strategy and planning initiatives.”

Ms Davison concluded by saying that for super funds looking to measure and improve member satisfaction and retention, the Survey is a great, cost-effective initiative.

“It has become the recognised industry benchmark,” she explained “and as a result, a number of Boards and CEOs now require a benchmarked NPS in their regular reporting.”

FEAL and CSBA are both committed to this Survey and its long term success as the industry’s benchmark. We would encourage all super funds to participate next year.”

Local Government Super (LGS) has appointed Joanna Davison to its Board. Ms Davison replaces Ian Robertson who has resigned after 16 years as a Director on the Board.

Ms Davison brings to the role extensive experience in a number of senior leadership and strategic positions in financial services with a focus on the management of environmental, social and governance (ESG) risks. She currently serves as the Acting Chief Executive of Fund Executives Association Ltd (FEAL).

Previously, Ms Davison was the Regional Managing Director for Australia and New Zealand at CFS Global Asset Management (CFS GAM). During this time she was integral in CFS GAM’s positioning as a leading position as an ESG manager. Ms Davison was also a member of the Executive Committee and Operating Group responsible for strategy and development of the global CFS Asset Management business.

Prior to her tenure at CFS GAM, Ms Davison was a Director at Russell Investments.

Chair of Local Government Super, Bruce Miller, said, “Joanna has an impressive background in leading business strategy and development and her experience will be of great benefit to our Board and our members.

“Her demonstrated understanding not only of the importance of sustainability in investing but of how to successfully address ESG issues in everyday investment planning and practice, makes her an excellent choice for the Board. We are pleased to welcome her and look forward to working with her over the coming years.”

Ms Davison’s appointment was confirmed by the LGS Board at a meeting in Sydney on 30 October 2013 and is effective immediately.

Ian Robertson served as a Director since the inception of LGS in 1997 and was instrumental in developing the fund’s sustainable and responsible investment strategy.

CFSGAM has been managing fixed income portfolios in Australia for the past 26 years and currently controls AUD$50.8 billion of assets in credit, fixed interest and cash. In addition, a team of five investment professionals has been based in Hong Kong for 13 years, focusing on Asian fixed interest investments.

Joanna Davison, Colonial First State Global Asset Management’s Regional Managing Director, Australia & New Zealand said emerging markets debt holds strong prospects for investors over the next ten years.

“The establishment of an emerging markets debt team marks a significant expansion of our capabilities in Europe, the Middle East and Asia, with intentions to take this offering to other regions in the longer term,” said Ms Davison.

“This move will allow us to build on our existing capabilities and investment expertise in the areas of emerging markets and fixed income, providing certainty for investors who are seeking a determined level of income over a set period of time. In addition, we believe this move will deliver significant opportunities for the organic growth of our business globally.”

The newly established Emerging Markets Debt team will be based in the United Kingdom and will be headed by Helene Williamson, a 30 year veteran of financial services with 15 years experience in emerging markets debt. The UK team will be supported by the team in Asia. CFSGAM’s operations across Europe, the Middle East, Africa and Asia (First State Investments) manage more than AUD$51 billion across some of the best performing Asia Pacific and global emerging market equity funds and segregated portfolios.

“There is significant institutional interest in emerging markets debt, particularly in Australia and continental Europe but also in Asia, the UK and the US,” said Ms Davison.

“Investors are looking to take advantage of a rise in demand for debt from corporate and sovereign borrowers in South America, Russia and Asia – this move has been prompted by concerns over inflation, low government bond yields and the deteriorating creditworthiness of some European countries.”