Sunsuper was established in 1987. In 1997, Sunsuper reached its first A$1 billion in funds under management. By 2007, FUM had grown to A$13 billion. In February 2013, Sunsuper was awarded a MySuper authority. In November 2015, Sunsuper appointed new CIO - Ian Patrick. In April 2017, Sunsuper and Kinetic Super announced a merger. In March 2018, Sunsuper signed up for the Insurance in Superannuation Voluntary Code of Practice - to be compliant from July 1 2018. In March 2019, Sunsuper and AustSafe Super merged. In May 2019, long-time CEO Scott Hartley stepped down after 5 years at the helm. In October 2019, Bernard Reilly was appointed as the new CEO of Sunsuper.
Governance
Sunsuper is run by a Trustee company called Sunsuper Pty Ltd. The Board of the trustee has equal representation of independent directors, member representatives and employer representatives. Three directors are appointed by the Queensland Chamber of Commerce and Industry Ltd, two directors by the Queensland Council of Unions and one director by the Australian Workers' Union of Employees, Queensland. The independent directors are appointed by the Board following nomination by either the member or employer representatives. The Chairman of the Board is appointed for a two-year term and this position is rotated between the employer and the member representative directors. The normal term of appointment for a director is three years and may serve a maximum of four terms. The Board is responsible for managing the fund, and ensures it operates in the best interests of all members and continues to comply with all legal requirements. Sunsuper’s shareholders and sponsors are Queensland Chamber of Commerce and Industry Ltd, the Queensland Council of Unions, and the Australian Workers' Union of Employees, Queensland.
Administration
Sunsuper owns and controls its fund administration. Insurance cover for members is provided through group life policies with insurers such as AIA Australia Limited.
Investments
Sunsuper manages its investments through a combination of in-house management and oversight of more than 40 external investment managers in Australia and major financial centres around the world. In June 2008, Mercer was appointed as Sunsuper's investment consultant. The contract was renewed for another three years in 2011. Custodial services are provided by State Street Australia Limited.
