Hostplus is disappointed that having convened an APPF Industrial investor meeting in September, for the second week running, the meeting did not commence because a quorum was not present.
This raises serious governance concerns about how investor decisions can be made in a timely, accountable, and sensible way.
It is not merely an administrative issue, particularly when Lendlease was telling investors not to attend, well knowing, that the APPFI quorum requirements are dated and inappropriate.
Investors in a $2 billion fund require a more current constitution that enables timely engagement and a clear pathway for change when major investors have concerns.
Also of concern is the decision by a number of investors, including superannuation funds, sovereign wealth funds and other member-based organisations, to absent themselves from these meetings.
By failing to attend, those other investors have denied their own stakeholders a voice in how their capital will be managed. Fiduciary responsibility demands active engagement and not passive avoidance.
As a fiduciary for 1.9 million members, Hostplus will always act in the best interests of our members. That means holding managers to account when governance frameworks are weak, when decision-making is opaque, and when investor voices are sidelined.
Hostplus will keep pursuing reform and accountability across the APPF funds so governance meets today’s expectations and delivers the best long-term outcomes for members.