Michael Cameron

Equip Super and Apex Group has announced that Equip Super has selected Apex Group as its long-term superannuation administration services partner.

Equip Super has been focused for some time on shaping a future administration ecosystem that will strengthen the fund’s strategic position and deliver an enhanced experience for members, employers and other stakeholders. As part of this work, Equip Super undertook a detailed market assessment to identify which partners were best positioned to help bring this vision to life.

“After an extensive review, we’re pleased to enter into partnership with Apex Group,” said Equip Super Chair, Michael Cameron. “Apex Group is well-positioned to support us in bringing our long-term strategy to life, and delivering the next evolution of experience for our 140,000 strong membership and their employers. This first stage will see us working closely with Apex to ensure the transition is well-executed and lays the foundation for achieving meaningful benefits for our members into the long-term.”

Following the comprehensive process, Equip Super selected Apex Group based on its strong alignment with the fund’s preferred operating model, their platform’s ability to administer Equip Super members and employers, the opportunity for digital uplift, and the scale and ambition required to support future growth and innovation.

Apex Group welcomed the partnership and the opportunity to support Equip Super’s administration transformation. “We’re pleased to partner with Equip Super as their service provider. Our combination of market‑leading technology and high‑quality support will give members and employers improved systems, smoother processes and a stronger service experience. We look forward to working with them to drive future growth and innovation,” said Peter Hughes, Founder and CEO of Apex Group.

Detailed transition planning will take place and it is expected that all members, employers and third-party partners will be fully transitioned to Apex Group’s platform by late 2027.

Equip Super is working closely with both its current administrator, Mercer, and Apex Group to ensure a smooth, well-managed transition that maintains continuity of service for members and employers throughout. The fund will continue to keep all stakeholders updated as the transition program advances.

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Steve Laidlaw to succeed Peter Lock as CEO

Steve Laidlaw, Deputy CEO, will succeed Peter Lock as CEO on 1 July 2024, allowing for a smooth transition in line with our merger commitments and coinciding with the start of the new financial year.

Before the merger, Mr Laidlaw was Managing Director and CEO of People’s Choice, a position he held since 2016.

Mr Lock will retire from People First Bank on 31 August 2024 after nearly nine years leading the organisation and Heritage Bank. The business is performing well, and the integration is ahead of expectations.

“These changes reflect our merger commitments to ensure a smooth transition through the merger of Heritage Bank and People’s Choice and now the creation of People First Bank,” said Chairman, Michael Cameron.

“I extend my gratitude to Peter for his leadership and dedication to our members as our inaugural CEO. Peter leaves People First Bank with a strong balance sheet, deposit and lending growth that is outperforming the market, high customer satisfaction and a clear plan for the future.

“I congratulate Steve on his appointment and am excited about the future under his leadership.”

Retirement of Directors

In accordance with the company’s Constitution that was approved as part of the merger, the Board will be reducing in size from twelve to eight directors.

Kerry Betros AM and Georgina Williams will retire at this year’s AGM on 14 November 2024, with two more directors retiring at next year’s AGM.

“Kerry has been synonymous with our organisation for over 30 years, joining as a Director of Heritage Bank in 1991 before being appointed Chairman in 2012 and Deputy Chairman of People First Bank last year. His commitment to our bank, to the values of mutuality and to the communities of South East Queensland have been outstanding,” said Mr Cameron.

“Georgina has been a Board member since 2021 and has played a valuable role in the company’s success.”

“I thank Peter, Kerry and Georgina for their contribution and welcome Steve as the new CEO.”

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Michael Cameron

Leading super fund Equip Super, has announced the appointment of Michael Cameron as the new Chair of the fund’s Board of Directors. Mr Cameron joins as an Independent Director replacing Danny Casey who has stepped down from the Board after six years of service. Mr Cameron takes over as Chair of the Board on 1 November 2023.

Mr Cameron brings extensive experience in both the financial services and property sectors. He is the current Chair of Heritage and People’s Choice as well as the Chair of Resolution Capital Ltd and Deputy Chair of icare (Insurance and Care NSW).

Mr Cameron was previously a Non-Executive Director of the Suncorp Group before being appointed as Managing Director and CEO in October 2015. He was also the former Chief Executive Officer of The GPT Group and was previously the Group Chief Financial Officer of the Commonwealth Bank of Australia.

As well as his extensive financial services experience, Mr Cameron brings strong M&A experience, recently overseeing the merger between People’s Choice Credit Union with Heritage Bank in March 2023. He has led major cultural and organisational transformations, delivered value creating growth initiatives, and implemented industry leading technology change programs.

Speaking on the announcement, Justine Hickey, Deputy Chair of the Board said, ‘I am thrilled to welcome Michael as the Chair of the Board of Directors. I know his extensive experience and passion for profit to member organisations will steer Equip Super through the next chapter of the fund’s growth trajectory.’

The fund has a stated strategic objective of growing in size and achieving further scale that offers a better experience and connection for its members and employers. Over the past seven years the fund has completed five successor fund transfers and a joint venture with Catholic Super, currently managing $32 billion in FUM for over 140,000 members.

Equip Super’s 9-person board is skills-based and consists of three Independent Directors, three Member Directors, and three Employer Directors. The Chair of the Board must be an Independent Director.

Speaking of his appointment, Mr Cameron said “I’m looking forward to joining one of Australia’s oldest superannuation funds, which has been equipping Australians for retirement for more than 90 years. Equip Super is in a unique position in the super industry, being a mid-sized fund with a strong profit to member ethos and I’m looking forward to working with the Board and Executive team in continuing to provide excellent outcomes for our members.”

The outgoing Chair, Danny Casey started at the fund as the Chair of Catholic Super in 2017 and was instrumental in leading the fund through the joint venture with Equip Super. Mr Casey served as the Independent Deputy Chair of the merged entity from October 2019, taking over the Chair position in July 2021.

Ms Hickey commented on the outgoing Chair, “I’d like to thank Danny for the tremendous job he has done as Chair of the Board of Directors. During his tenure he has successfully led the fund through a period of substantial growth and in particular the successful integration of the merger between Equip Super and Catholic Super which has delivered significant benefits to members of both funds. Danny has provided strong leadership and has developed a fund culture that delivers the best retirement outcomes possible for members through connection and commitment. We thank Danny for his service to our fund and wish him all the best for his future endeavours.”

Mr Casey said, “Michael joins a strong, skills-based Board featuring combined experience at the highest levels of organisational leadership. His perspectives and guidance will help the fund to continue to provide excellent outcomes for members, employers and the Equip Super team. I have enjoyed my time at the fund and wish Michael and all at Equip Super all the best for the future.”

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Michael Cameron

Heritage Bank and People’s Choice Credit Union, two of Australia’s leading customer-owned banking organisations, will proceed with merger plans following completion of an extensive due diligence process which confirmed the benefits to members of the proposal.

The next step is the regulatory approval process. Members will then have the final say through a member vote in late 2022.

Strong strategic rationale

The recently completed due diligence confirmed that the proposed merger is a unique and compelling opportunity to combine the best of two member-driven and complementary businesses to improve member benefits including enhanced products, services, digital capabilities and competitive pricing through a growing national footprint, while increasing support for community and environmental initiatives.

The merger will create one of Australia’s largest customer-owned banking organisations with approximately 1,800 employees, 720,000 members and total assets worth more than $22.5 billion.

Governance structure agreed

A robust governance structure to oversee the management and strategic direction of the combined entity has been agreed.

Michael Cameron, the current People’s Choice Chairman, will be appointed Chairman and Kerry Betros, the current Heritage Chair, will be appointed Deputy Chair.

Peter Lock, the current CEO of Heritage, will serve as CEO of the merged organisation and Steve Laidlaw, currently CEO of People’s Choice, will be appointed Deputy CEO. Mr Lock will retire 18 months after the establishment of the merged organisation, when Mr Laidlaw will be appointed as CEO.

This arrangement provides seamless leadership and deep expertise for the merged organisation during the integration period and into the future.

Both organisations will have equal Board representation, with all current directors of both organisations appointed to the new entity’s Board.

This strong Board and Executive partnership will provide stability, local experience, and long-term succession planning, as well as reflecting the fact that this is a true merger of equals.

Both organisations are committed to remaining proudly member-owned and, as a result of the merger, there will be no redundancies below executive level, there will be no branch closures, there will be dual head offices in Adelaide and Toowoomba, and most importantly, members will benefit from more branches, better products and services and contemporary, secure banking technology.

Board and management encourage member support

Heritage Chief Executive Officer Peter Lock said, “We are confident a merger is firmly in our members’ best interests. Joining forces represents a unique pairing of equals, offering unparalleled cultural and strategic alignment and an absolute commitment to mutuality.”

People’s Choice Chief Executive Officer Steve Laidlaw said, “By coming together we will create a national member-owned banking organisation that will be of a size and scale to enable us to deliver outstanding products and services for our members.”

The Chairmen of both organisations encouraged members to support the merger.

“This is an exciting opportunity that will enhance the legacies of both our organisations in our respective communities and will see all members benefit from a stronger, united customer-owned banking organisation,” Heritage Chairman Kerry Betros said.

“The Board is committed to ensuring that we remain a strong values-driven organisation that is dedicated to mutuality, our members, employees and the communities that we operate in,” People’s Choice Chairman Michael Cameron said.

Next steps

The proposed merger remains subject to regulatory and member approval. Detailed information about the merger proposal will be provided to members ahead of a member vote expected to take place at both organisations’ Annual General Meetings towards the end of 2022. Should members vote in favour of the merger, the new organisation is expected to be established in early 2023.

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Michael Cameron

Heritage Bank and People’s Choice Credit Union, two of Australia’s leading customer-owned banking organisations, have announced they have entered into a non-binding agreement to explore a merger opportunity.

If a merger were to proceed, both organisations’ members would benefit from being part of one of Australia’s largest customer-owned banking organisations with approximately 700,000 members and $22 billion in total assets.

The proposed merger has a strong strategic rationale given the complementary capabilities and geographic footprint of both parties. By joining forces, the merged entity would be of a size and scale that would enable both organisations to deliver more for their members through enhanced products, services, digital capabilities and competitive pricing.

The combined entity would retain a mutual status with a committed member focus.

It would operate a national network of more than 90 branches and employ approximately 1,700 people. There would be no branch closures or non-executive redundancies as a result of the proposed merger.

People’s Choice Chairman, Michael Cameron, said, “Heritage and People’s Choice have been in discussions for several months. We recognise that we are both strong businesses, with approximately the same number of members, employees and assets so if a merger proceeds it would be a true merger of equals”.

Heritage Chairman, Kerry Betros, said, “Our members’ interests will be the most important consideration in any decision to merge and they will have the final say in any potential merger”.

“While we are both successful organisations, joining forces would provide us with the scale, profile and nationwide presence to redefine mutual banking for current and future members,” Heritage CEO, Peter Lock, said.

“People’s Choice and Heritage are both strong values-driven organisations that are committed to mutuality, their members, employees and the communities that they operate in,” People’s Choice CEO, Steve Laidlaw, said.

“Together, the merged entity would enable us to significantly enhance our ability to invest in a broader range of products and services as well as providing access to digital capabilities that will benefit our members,” Mr Lock and Mr Laidlaw said.

If the merger proceeded, both organisations would have equal Board representation and head offices would be retained in both Toowoomba and Adelaide.

A detailed and thorough due diligence process is now underway to assess the member benefits. If both organisations decide to proceed, the proposal will go to a member vote which would occur in early 2022.

Members of both organisations do not need to do anything at this stage. Should the merger proceed to a vote, further information will be provided to them to enable an informed decision with respect to the proposed merger.

Heritage and People’s Choice will provide further updates as required as the discussions progress.

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