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Our governance and disclosures.

Our corporate governance is designed to protect and enhance the interests of members, while also taking into account the interests of other stakeholders, including employees, providers and the community.

As an industry super fund, Hostplus is run to benefit members. We are proud of our governance practices, which facilitate fairness, transparency and accountability. We are governed by three independent directors, including an independent Chair, three employer directors and three employee directors.

Host-Plus Pty Limited (Hostplus) is the trustee for the Hostplus Superannuation Fund (the ‘Fund’).  The Hostplus Superannuation Fund is governed and managed by our Trustee Board. The Hostplus Board represents our members in accordance with the Hostplus Trust Deed and superannuation law. They also ensure that Hostplus meets Federal Government requirements for the fair and safe operation of the fund.

The Hostplus Board is responsible for the overall governance and strategic direction of the Fund, with the aim of protecting and enhancing the interests of members, taking into account the interest of other stakeholders, including employees, employers and the wider community.

The Hostplus Board is committed to effective corporate governance, to fairness, transparency and accountability in the way it operates. We believe that in attracting and retaining members to the Fund, it is beneficial for the Board to sponsor and partner with certain organisations in the hospitality, tourism, recreation and sport industries we serve. The Board will only partner with organisations that have robust corporate governance and Board accountability in place.

The Hostplus Board does not make political donations or support individual political parties. We are cognisant of our responsibility to all Fund members, no matter what political ideology they hold.

The Hostplus governing rules are contained within two documents; the Constitution and two Trust Deeds – one for the Superannuation Fund and the other for the Pooled Superannuation Trust (PST). The constitution of Host-Plus Pty Limited is the body of fundamental principles that govern the Trustee. Both Trust Deeds set out the rules for the established and ongoing operations of the Superannuation Fund and the PST – the latter is the vehicle whereby Hostplus transfers all investments.

You can download the Constitution here

You can download the Superannuation Fund Trust Deed here

You can download the PST Trust Deed here

Board composition

The Hostplus Board comprises three employer representative directors, nominated by the Australian Hotels Association (AHA) and three employee representative directors, nominated by United Workers Union, as well as three independent directors jointly selected by the AHA and United Workers Union. Our Board is chaired by one of Hostplus’ independent directors.

Board Charter

The Board Charter details the key policies and processes that the Board has in place for the governance of the Fund and principal areas of the Board’s role and responsibility including strategic planning, corporate culture and the monitoring and evaluation of management and stewardship.

Board nomination

Directors are appointed to the Hostplus Board in accordance with the Hostplus Constitution and the Fit and Proper policy. The Founding Members (Australian Hotels Association ‘AHA’ and United Workers Union) are responsible for nominating employer and member representative directors respectively. Independent directors are appointed by the Founding Members, or failing agreement by the Founding Members, by the Selection Committee.

The Founding Members consider and assess each potential candidate prior to a new Board member being appointed. This is to ensure that the Hostplus Board remains open to new ideas and independent thought while retaining adequate expertise to comply with the requirements of the SIS Act, performing its trustee duties and the exercising of trustee powers in the best interest of the members.

Board appointment

Directors are appointed for a three-year term. At the conclusion of each term, the nominating body either renews the term of the existing director or appoints another representative. For independent directors, the Founding Members must reach agreement on the appointment or re-appointment of the independent directors (as the case may be) in each relevant year by 16 May. The remaining two independent directors must also agree to the appointment of the third independent director. If the Founding Members fail to reach agreement by this date, the Selection Committee must appoint or reappoint the independent directors (as the case may be) by no later than 30 June in each relevant year.

In assessing directors, the Founding Members will consider the overall balance of the Board, taking into account stability, longevity, skillset, experience, corporate knowledge and whether an individual’s period of tenure on the Board could, or be perceived to, materially interfere with their ability to act in the best interests of the members.

Each nominating body may elect to appoint an alternate director to represent appointed directors in their absence. The Chair of the Hostplus Board (who must be an independent director) is elected by the Board.

Removal of directors

The general procedure for the removal of directors is set out in the constitution of the Trustee. The constitution details how and when a director needs to be removed from the directorship of the Trustee Company.

Any director elected by the Founding Members may be removed by the Founding Members whenever the best interests of the members would be served - including non-compliance with the Hostplus Fit and Proper Policy, in the Founding Member’s judgement and in accordance with the constitution.  A director may also resign by giving written notice to the trustee.

Under the Trust Deed of the Fund, the Hostplus Board has the ability to delegate its powers and responsibilities to Committees of the Board.  Currently, the Hostplus Board has established the following Committees:

Committee 

Chair

Members

Role

Audit, Risk and Compliance Committee (ARCC)

Peter Collins 

Timothy Lyons, Mark Robertson

The role of the Audit, Risk and Compliance Committee is to oversee the financial reporting, regulatory, legislative, risk management and taxation activities of the Fund.

Claims Review Committee (CRC)

Robyn Buckler

Robert Hinkley,

Colin Cassidy

The role of the Claims Review Committee is to review members’ claims rejected by the insurer.

People and Remuneration Committee (P&RC)

David Gibson

David Elmslie,

Timothy Lyons

The role of the People and Remuneration Committee is to oversee the remuneration strategies of the Fund and make recommendations to the Hostplus Board in respect of executive remuneration.

Nomination and Board Renewal Committee (NBRC)

David Elmslie

Mark Robertson,

Tim Lyons

The role of the NBRC will be to make recommendations to the Board for the appointment of representatives to the Board’s sub committees and any organisations to which the Board makes appointments (for example entities that Hostplus invests in). The NBRC will also make any recommendations to the Founding Members that relate to the composition of the Board.

Operations Committee

Alexandra Grayson Bev Myers, Mark Vaile The role of the Operations Committee is to assist the Board in relation to the development, implementation and review of certain products and services including administration, marketing and communications, and group insurance provided to members and employers. The committee ensures Hostplus’ Members First focus and key values are applied as relevant to all matters under consideration.

Special Investment Group (SIG)

 

David Elmslie,

Mark Robertson,

Tim Lyons,

David Gibson

The SIG is responsible for considering, reviewing and approving recommendations from the Trustee’s Investment Advisor relating to direct investments and co-investments in property, infrastructure and private equity asset classes via pooled investment vehicles or mandates. All investment decisions made by the SIG on behalf of the Board must be made in accordance with the investment policies approved by the Board.

 Each Committee operates in accordance with its Terms of Reference.

Every year the Hostplus Board and Committees undertake a performance assessment process using the services of an external consultant annually to assess and benchmark the performance of the Board and Committees.

The Board of Hostplus have approved a number of policies that assist in managing the governance responsibilities of the Fund.  Such policies include:

  • Fit and proper policy – sets out Hostplus’ processes for assessing and monitoring the fitness and propriety of responsible persons and senior managers.
  • Outsourcing policy - sets out Hostplus’ processes for appointing, assessing, monitoring and terminating of material outsourced service providers.
  • Risk management framework - sets out Hostplus’ approach to risk management, how the trustee identifies, assesses, mitigates, manages, monitors and regularly reports on risk.
  • Conflicts management policy – sets out processes and procedures Hostplus has adopted to manage conflicts of interests. 
  • Code of conduct policy - sets out Hostplus’ expectations and requirements of its directors and staff including contractors - their responsibilities and obligations relating to various matters including confidentiality, privacy, conflicts of interest and other principles and behaviours.
  • Fraud policy – sets out Hostplus’ expectations and requirements of its directors and staff and their responsibilities and obligations relating to fraud awareness, governance and oversight, internal controls and fraud management and investigation procedures.
  • Whistleblowing policy - sets out Hostplus’ expectations and requirements of its directors and staff and their responsibilities and obligations relating to its whistleblowing mechanism and reporting procedures to protect the interests of individuals acting in good faith and reporting suspected incidents of misconduct.
  • Diversity policy – sets out Hostplus’ expectations and requirements of its directors and staff and their responsibilities and obligations relating to managing diversity throughout the Hostplus organisation, and respecting diversity in the wider community.  This includes maintaining a workplace environment that supports diversity and is free from discrimination, hostility, harassment, bullying and victimisation. 
  • Gift and hospitality policy - sets out Hostplus’ expectations and requirements of its directors and staff and their responsibilities and obligations relating to being offered and/or accepting any type of gift, hospitality or benefit, or free access to entertainment which may be related to their capacity as Hostplus directors and staff.

The Hostplus Board has a compliance program which formalises the structure and processes to meet legislative and regulatory requirements, including relevant prudential standards and contractual obligations.  The compliance program has two tiers:

  • “The compliance framework”, is the structure Hostplus employs to manage the compliance requirements; and
  • “Policy documents & standards”, is a listing of policy documents and standards adopted at Hostplus.

The Hostplus Board risk framework consists of:

  • The Risk Management Strategy (RMS) which outlines the Board’s approach to risk management. It includes how we identify, access, mitigate, manage, monitor and report on risk;
  • Risk Appetite Statements (RAS) which is a formal declaration of the Board’s risk appetite and articulates how much risk the Board is willing to accept in order to achieve its strategic and business objectives; and
  • Material Risk Register (MRR) and Key Risk Indicators (KRI) which contain details of material risks impacting the Fund and captures the risk assessment, risk tolerance and mitigating controls of all the identified material risks.

The Hostplus Board appoints an external auditor to undertake an annual audit of the Fund’s financial statements and regulatory returns to ensure compliance with legislative requirements.  An independent audit opinion is issued at the conclusion of the audit providing assurance over the integrity of the financial statements and compliance with legislative requirements.  The external auditor reports to the Audit, Risk and Compliance Committee.

The appointed internal auditor is responsible for providing further assurance over the control environment of the Fund and Trustee.  An annual internal audit program is developed by the internal auditor in conjunction with the Audit, Risk and Compliance Committee who oversees the performance of the internal auditor. The internal auditor reports to the Audit, Risk and Compliance Committee.

Year ended 30 June 2019

Director/ Alternate Director Full Board Meeting of Directors Meeting of Committees
Audit, Risk & Compliance Claims Review People & Remuneration Special
Investments Group
Operations Nomination
and
Board Renewal
A B A B A B A B A B A B A B
Directors    
D Elmslie 7 7 - - - - 3 3 2 2 - - 2 2
P Collins 7 7 3 3 - - - - - - - - - -
A Grayson 7 7 - - - - - - - - 2 2 - -
D Gibson 6 7 1 3 - - 3 3 2 2 - - - -
M Robertson 6 7 2 3 - - - - 2 2 - - 1 2
M Vaile 6 7 - - - - - - - - 2 2 - -
T Lyons 6 7 3 3 - - 3 3 2 2 - - 2 2
B Myers 7(+) 7 - - - - - - - - 2 2 - -
J Hill 7 7 - - - - - - - - - - - -
Alternate Directors    
R Buckler - - - - 13 16 - - - - - - - -
N Randall 3 - - - - - - - - - - - - -
Observers    
D Elmslie - - 2(*) - - - - - - - - - - -
D Gibson - - - - - - - - - - 1(*) - - -
M Vaile - - - - - - 1(*) - - - - - - -
R Buckler 3(#) - - - - - - - - - - - - -
N Randall 3(#) - - - - - - - - - - - - -

A Number of meetings attended including where an alternate may have attended on behalf of the appointed Director
B Number of meetings held during the time the Director held office or was a member of the Committee during the year
(#) Alternate Directors are invited to attend Board Meetings as an Observer
(*) All Directors and alternates are invited to attend Committee meetings and receive full Committee papers
(+) B Myers was appointed the Alternate Director for T Lyons for in the Board Meeting held on the 27 July 2018. Consequently, B Myers was assigned two voting rights.
Where a non-committee member has attended a Committee, attendance has been noted.

Year ended 30 June 2018

Director/ Alternate Director Full Board Meeting of Directors Meeting of Committees
Audit, Risk & Compliance Claims Review People & Remuneration Special
Investments Group
A B A B A B A B A B
Directors  
D Elmslie 7 7 - - - - 2 2 2 2
P Collins 7 7 3 3 - - - - - -
A Grayson 7 7 - - - - - - - -
D Gibson 6 7 - - - - 2 2 1 2
M Robertson 7 7 3 3 - - - - 1 2
M Vaile 7 7 - - - - - - - -
T Lyons 7 7 3 3 - - 2 2 2 2
B Myers 7(+) 7 - - - - - - - -
J Hill 6 7 - - - - - - - -
Alternate Directors  
R Buckler - - - - 16 17 - - - -
N Randall 1 - - - - - - - - -
Observers  
D Elmslie - - 2(*) - - - - - - -
A Grayson - - - - - - 1(*) - - -
R Buckler 2(#) - - - - - - - - -
N Randall 3(#) - - - - - - - - -

A Number of meetings attended including where an alternate may have attended on behalf of the appointed Director
B Number of meetings held during the time the Director held office or was a member of the Committee during the year
(#) Alternate Directors are invited to attend Board Meetings as an Observer
(*) All Directors and alternates are invited to attend Committee meetings and receive full Committee papers
(+) B Myers was appointed the Alternate Director for J Hill in the Board Meeting held on the 15 September 2017. Consequently, B Myers was assigned two voting rights.
Where a non-committee member has attended a Committee, attendance has been noted.

Year ended 30 June 2017

Director/ Alternate Director

Full Board Meeting of Directors

Meeting of Committees

Audit, Risk & Compliance

Claims Review

People & Remuneration

A

B

A

B

A

B

A

B

Directors

D Elmslie

7

7

3

3

P Collins

7

7

3

3

A Grayson

7

7

T Lyons

6

7

2

3

3

3

B Myers

2

3

J Hill

3

3

D McElrea

4

4

R Stark

1

3

M Robertson

7

7

2

3

D Gibson

7

7

3

3

M Vaile

5

7

Alternate Directors

R Buckler

3

15

15

N Randall

2

1

Observers

D Elmslie

3(*)

R Buckler

1(#)

 

N Randall

2(#)

A Number of meetings attended including where an Alternate may have attended on behalf of the appointed Director
B Number of meetings held during the time the Director held office or was a member of the Committee during the year
(#) Alternate Directors are invited to attend board meetings as an Observer
(*) All Directors and alternates are invited to attend Committee meetings and receive full Committee papers
Where a Non-Committee member has attended a Committee meeting, attendance has been noted

Year ended 30 June 2016

 

Director / Alternate Director

Full Board Meeting of Directors

Meeting of Committees

Hostplus Investment Pty Ltd (^)

Hostplus Property Pty Ltd (^)

Audit, Risk & Compliance

 

Claims Review

People & Remuneration

A

B

A

B

A

B

A

B

A

B

A

B

Directors

D Elmslie

7

7

-

-

-

-

3

3

1

1

-

-

R Buckler

2

2

-

-

19

20

-

-

1

1

-

-

P Collins

7

7

3

3

-

-

-

-

1

1

-

-

D Gibson

7

7

-

-

-

-

3

3

1

1

-

-

A Grayson

7

7

-

-

-

-

-

-

1

1

-

-

R Stark

6

7

-

-

-

-

2

2

1

1

-

-

M Robertson

7

7

3

3

-

-

-

-

1

1

-

-

M Vaile

7

7

-

-

-

-

-

-

1

1

-

-

D McElrea

4

5

-

-

-

-

-

-

-

-

-

-

T Lyons

5

6

3

3

-

-

-

1

1

1

-

-

Alternate Directors

R Buckler

3

-

-

-

-

-

-

-

-

-

-

-

T Lyons

1

-

-

-

-

-

2

-

-

-

-

-

D McElrea

1

-

-

-

-

-

-

-

1

-

-

-

N Randall

1

-

2

-

-

-

-

-

1

-

-

-

Observers

D Elmslie

-

-

1(*)

-

-

-

-

-

-

-

-

-

R Buckler

1(#)

-

-

-

-

-

-

-

-

-

-

-

A Grayson

-

-

1(*)

-

-

-

-

-

-

-

-

-

M Robertson

-

-

-

-

-

-

1(*)

-

-

-

-

-

N Randall

3(#)

-

-

-

-

-

-

-

-

-

-

-

A Number of meetings attended including where an alternate may have attended on behalf of the appointed Director
B
Number of meetings held during the time the Director held office or was a member of the Committee during the year
(^) The Directors resigned from their Directorship of Hostplus Investments Pty Ltd and Hostplus Property Pty Ltd on 06/11/2015
(*) All Directors and alternates are invited to attend Committee meetings and receive full Committee papers
(#) Alternate Directors are invited to attend Board Meetings as an Observer
Where a Non-Committee member has attended a Committee attendance has been noted

Year ended 30 June 2015

 

Director / Alternate Director

Full Board Meeting of Directors

Meeting of Committees

 

Hostplus Investment Trust

 

Hostplus Property Pty Ltd

Audit, Risk & Compliance

Claims Review

 

Remuneration

A B A B A B A B A B A B

Year ended 30 June 2015

Directors

D Elmslie

7

7

-

-

-

-

3

3

3

3

3

3

R Buckler

7

7

-

-

18

21

3

3

3

3

3

3

P Collins

7

7

3

3

-

-

-

-

3

3

3

3

B Daley

7

7

3

3

-

-

-

-

3

3

2

3

D Gibson

7

7

-

-

-

-

2

3

2

3

2

3

A Grayson

7

7

-

-

-

-

-

-

2

3

3

3

R Stark

4

7

-

-

-

-

-

-

2

3

2

3

M Robertson

5

7

2

3

-

-

-

-

1

3

1

3

M Vaile

5

7

-

-

-

-

-

-

3

3

1

3

Alternate Directors

D McElrea

2

-

-

-

-

-

-

-

-

-

-

-

T Lyons

1

-

-

-

-

-

-

-

-

-

-

-

N Randall

3

-

1

-

-

-

-

-

-

-

-

-

Observers

D Elmslie

-

-

1(*)

-

-

-

-

-

-

-

-

-

N Randall

2(#)

-

-

-

-

-

-

-

2(#)

-

2(#)

-

R Buckler

-

-

1(*)

-

-

-

-

-

-

-

-

-

D Gibson

-

-

1(*)

-

-

-

-

-

-

-

-

-

M Robertson

-

-

-

-

-

-

1

-

-

-

-

-

T Lyons

-

-

1(*)

-

-

-

-

-

1(#)

-

-

-

D McElrea

1(#)

-

-

-

-

-

-

-

1(#)

-

1(#)

-

A Number of meetings attended including where an alternate may have attended on behalf of the appointed Director
B Number of meetings held during the time the Director held office or was a member of the Committee during the year
(*) All Directors and alternates are invited to attend Committee meetings and receive full Committee papers
(#) Alternate Directors are invited to attend Board Meetings as an Observer
Where a Non-Committee member has attended a Committee attendance has been noted

Year ended 30 June 2014

Director/ Alternate Director

Full Board meeting
of Directors

Meetings of committees

 

HOSTPLUS
investment trust

 

HOSTPLUS
Property Pty Ltd

Audit, risk and compliance

Claims review

Remuneration

A

B

A

B

A

B

A

B

A

B

A

B

D Elmslie

8

8

3(*)

-

-

-

3

3

3

3

1

1

R Buckler

7

8

-

-

9

15

3

3

3

3

1

1

P Collins

8

8

3

3

-

-

-

-

2

3

1

1

B Daley

7(†)

8

3

3

-

-

-

-

3

3

1

1

D Gibson

8

8

1(*)

-

-

-

2

2

2

3

1

1

M Robertson

8

8

3

3

-

-

1

1

3

3

1

1

M Vaile

8

8

-

-

-

-

-

-

2

3

1

1

T Burton

3

3

-

-

-

-

-

-

2

2

-

-

A Grayson

5

6

-

-

-

-

-

-

1

1

1

1

R Stark

2

3

-

-

-

-

-

-

1

1

1

1

Observers

D Elmslie

-

-

3(*)

-

-

-

-

-

-

-

-

-

R Stark

2(#)

-

-

-

-

-

-

-

1(#)

-

-

-

N Randall

4(#)

-

-

-

-

-

-

-

1(#)

-

-

-

A Grayson

1

-

-

-

-

-

-

-

1

-

-

-

A Number of meetings attended including where an alternate may have attended on behalf of the appointed Director
B Number of meetings held during the time the Director held office or was a member of the Committee during the year
(#) Alternate Directors are invited to attend Board Meetings as an Observer
(*) All Directors and alternates are invited to attend Committee meetings and receive full Committee papers
(†) Director Daley did not participate in the April 2014 meeting due to a conflict
Where a Non-Committee member has attended a Committee attendance has been noted

Year ended 30 June 2013

Director/ Alternate Director

Full Board meeting
of Directors

Meetings of committees

 

HOSTPLUS
investment trust

 

HOSTPLUS
Property Pty Ltd

Audit, risk and compliance

Claims review

Remuneration

A B A B A B A B A B A B

D Elmslie

9

9

3(*)

-

-

-

3

3

3

3

-

-

R Buckler

8

9

-

-

9

9

3

3

3

3

-

-

P Collins

9

9

3

3

-

-

-

-

3

3

-

-

B Daley

8

9

3

3

-

-

-

-

3

3

-

-

D Gibson

8

9

-

-

-

-

-

-

1

3

-

-

B Hinkley

8

9

2(*)

-

9

9

2(*)

-

-

3

-

-

M Robertson

9

9

3

3

-

-

3

3

3

3

-

-

M Vaile

8

9

-

-

-

-

-

-

1

3

-

-

T Burton

9

9

-

-

-

-

-

-

1

3

-

-

Observers

R Stark

1(#)

-

-

-

-

-

-

-

2

-

-

-

N Randall

2(#)

-

-

-

-

-

-

-

2

-

-

-

A Number of meetings attended including where an alternate may have attended on behalf of the appointed Director
B Number of meetings held during the time the Director held office or was a member of the Committee during the year
(#) Alternate Directors are invited to attend Board Meetings as an Observer
(*) All Directors and alternates are invited to attend Committee meetings and receive full Committee papers
Where a Non-Committee member has attended a Committee attendance has been noted

Hostplus will always advise its members about any material changes to the Fund - particularly when the outcome will impact their retirement savings. A change or event includes any decisions that will affect a member's investment, including a change to fees and costs, the benefit design, such as insurance cover and premiums or instances where a member's benefit may be transferred without their consent.

The key message announcing the decisions and impact is referred to as a significant event notice (SEN) which is sent to affected members. Hostplus aim is to provide information to members in a clear, concise manner that will enable our members to understand the nature of the change or event and the effect it could have on them.

Timing of a Significant Event Notice (SEN)

  • A change or event which is an increase in fees, but not because of increased costs will be sent at least 30 days before it occurs.
  • A change or event which is an increase in fees as a result of increased costs will be sent as soon as possible but not later than three months after the change or event occurs.
  • A change that is not an increase in fees and is not adverse will be sent within 12 months of the change.
Notice date

Nature of event/change

Impact of change

 Financial year 2019/20

22 June 2020

The full 22 June 2020 SEN for Hostplus Superannuation and Personal Super Plan is available here.

Changes to Hostplus insurance arrangements including Putting Members’ Interests First legislation and other changes that may affect your Hostplus insurance.

Various changes to insurance arrangements such as:

  • Putting Members’ Interests First legislation,
  • General changes that may affect your Hostplus insurance,
  • Changes to Non-default MetLife Salary Continuance insurance cover, and
  • Income Protection Insurance (SalarySafe).
Suspension of applications, switches, redemptions and withdrawals. Information was provided in the Hostplus Superannuation and Personal Super Plan PDS of how the trustee may suspend or restrict applications, switches, redemptions and withdrawal requests, for all or a particular investment option at its absolute discretion. In such circumstances, transactions may not be processed or may be processed with significant delay.

22 June 2020

The full 22 June 2020 SEN for Hostplus Executive members is available here.

Changes to Hostplus Executive insurance arrangements including Putting Members’ Interests First legislation and other changes that may affect your Hostplus Executive insurance.

Various changes to insurance arrangements such as:

  • Putting Members’ Interests First legislation,
  • Changes that may affect your Hostplus Executive Death and TPD insurance, and
  • Changes to Salary Continuance insurance cover.
Suspension of applications, switches, redemptions and withdrawals. Information was provided in the Hostplus Executive PDS of how the trustee may suspend or restrict applications, switches, redemptions and withdrawal requests, for all or a particular investment option at its absolute discretion. In such circumstances, transactions may not be processed or may be processed with significant delay.

22 June 2020

The full 22 June 2020 SEN for Pension members is available here.

Suspension of applications, switches, redemptions and withdrawals.

Information was provided in the Pension PDS of how the trustee may suspend or restrict applications, switches, redemptions and withdrawal requests, for all or a particular investment option at its absolute discretion. In such circumstances, transactions may not be processed or may be processed with significant delay.

27 February 2020

 

The full 27 February 2020 SEN for Hostplus Superannuation and Personal Super Plan and Hostplus Executive members is available here.

 

The full 27 February 2020 SEN for Pension members is available here.

Changes to investment options descriptions

Various investment options have had changes to their descriptions such as:

  • Return target,
  • Level of investment risk,
  • Investment suitability,
  • Minimum suggested time frame, and
  • Strategic asset allocation.

From 1 December 2019, Hostplus offered a new investment option, Infrastructure.

 

Changes affected Hostplus Superannuation and Personal Super Plan, Hostplus Executive and Hostplus Pension members invested in these options.

27 February 2020

 

The full 27 February 2020 SEN for Hostplus Superannuation and Personal Super Plan and Hostplus Executive members is available here.

Insurance changes

Putting Members’ Interest First legislation effective 1 April 2020 has resulted to changes to Hostplus insurance arrangements. These and some other insurance changes are detailed in this SEN.

Changes will affect Hostplus Superannuation and Personal Super Plan and Hostplus Executive members.

24 October 2019

 

The full 24 October 2019 SEN for Hostplus Superannuation and Personal Super Plan and Hostplus Executive members is available here.

 

The full 24 October 2019 SEN for Pension members is available here.

Changes to investment options descriptions

Various investment options have had changes to their descriptions such as:

  • Return target,
  • Level of investment risk,
  • Investment suitability,
  • Minimum suggested time frame, and
  • Strategic asset allocation.

Changes affected Hostplus Superannuation and Personal Super Plan, Hostplus Executive and Hostplus Pension members invested in these options.

Financial year 2018/19

23 April 2019

The full 23 April 2019 SEN is available here.

Changes under Protecting Your Super legislation

Protecting Your Super legislation introduced several changes such as:

  • the cancelling of insurance on inactive accounts,
  • inactive low-balance accounts to be transferred to the ATO,
  • a new cap on administrative and investment fees for low-balance accounts, and
  • changes to the Work Test Exemption rules.
10 September 2018

The full 10 September 2018 SEN is available here.

Annual changes to disclosure of fees and costs

Each financial year Hostplus calculates the total Indirect Cost Ratio (ICR) and Investment Fee, Borrowing Costs and Property Operating Costs for all Hostplus investment options. The 30 June 2018 investment related fees that are deducted from gross earnings before they are applied to your account are provided in the SEN to reflect the updates made to all Hostplus Member Guides on 29 August 2018.

10 September 2018

Correction to Choiceplus fees and costs disclosure

Hostplus has not previously disclosed the investment fee and indirect cost ratio that was deducted from gross interest earnings on a Choiceplus member’s transaction account. No loss resulted to Choiceplus members because of the omission.

10 September 2018

Change to the 10-year return target for the Balanced (MySuper) investment option

From 1 July 2018 the Balanced (MySuper) investment option return target changed to CPI + 3.0%.

This section summarises the current Hostplus Conflicts Management Policy (Policy). A new summary will be disclosed, if any further amendments are made to the Policy, within such time as required by Law.

Introduction

The Policy sets out the processes and procedures that Host-Plus Pty Limited (Hostplus) as Trustee of the Hostplus Superannuation Fund (the Fund) has adopted to identify, assess and manage Conflicts of Interest that may arise during the provision of superannuation services to Fund members.

The Policy has been designed to comply with the APRA Standard SPS 521 "Conflicts of Interest" and the requirements under sections 52 and 52A of the Superannuation Industry (Supervision) Act 1993 (Cth) (SIS Act).

The Policy applies to all Hostplus Registerable Superannuation Entity (RSE) Licensee Responsible Persons and Specified Employees.

Maintenance of conflicts management framework

Hostplus has a conflicts management framework to ensure that practical arrangements (i.e. measure, processes and procedures) must be implemented and maintained. It is designed to reflect the nature, scale and complexity of Hostplus’ operations.

Role of Board and Directors’ duties

Hostplus’ Board of Directors (Board) is ultimately responsible for the development and maintenance of its Conflicts Management Framework, including this Policy. It must also take all reasonable steps to ensure that Hostplus staff clearly understands:

  • the need to identify all actual and potential Conflicts of Interest,
  • the circumstances that might give rise to a Conflict of Interest;
  • the content and purpose of Hostplus’ Conflicts Management Framework, including this Policy; and
  • their obligations under the Policy.

Policy Summary

Under the Policy:

  • both Hostplus, itself, and certain members of Hostplus’ staff (including but not limited to the Board, Senior Management, and other staff that Hostplus determines should be included);
  • certain service providers; and
  • certain associates of Hostplus,

must disclose certain interests they personally hold and duties they owe to third parties as and when they arise. These interests and duties, if deemed relevant, must be registered on the consolidated Register of Relevant Interests and Duties, which can be accessed here:

Relevant Interests and Duties Register

The Board periodically reviews the Register to determine whether any Conflicts of Interest may arise that could affect the Fund and its members. If a Conflict of Interest is identified, Hostplus must determine whether to manage or avoid the Conflict of Interest. In certain cases, Conflicts of Interest cannot be avoided, and these will be managed, in accordance with the requirements of the Law, including but not limited to the SIS Act and Corporations Act 2001 (Cth).

Relevant Interest

A Relevant Interest is any interest, gift, emolument or benefit (for example earnings, dividends, payments, capital gains, rights or profits) whether pecuniary or non-pecuniary, directly or indirectly obtained or offered that Hostplus considers to be relevant because it has the potential to have a significant impact on Hostplus’ capacity to act in a manner that is consistent with its Trustee duties.

Relevant Duty

A relevant duty is a duty that a person may owe to a third party (for example, as a director or employee of that third party) that Hostplus considers to be relevant because it has the potential to have a significant impact on Hostplus’ capacity to act in a manner that is consistent with its Trustee duties.

Conflict of Interest

Put simply, a Conflict of Interest arises if a person’s Relevant Interest or Relevant Duty is likely to affect his or her ability to make an impartial decision or judgement that he or she is required to make for the benefit of the Fund’s members.

Identification, disclosure and recording of Relevant Interests and Relevant Duties and subsequent Conflicts of Interest

Relevant Interests and Relevant Duties will remain disclosed on the Registers until the relevant person no longer holds that interest or owes the duty, or no longer is employed by, provides services to, or is associated with Hostplus.

Each person must ensure that their Relevant Interests and Relevant Duties are disclosed on the Register on a periodic basis or when a change to their interests or duties arises during their tenure.

Over time certain Relevant Interests or Relevant Duties may or may not be considered to create Conflicts of Interest, and this will depend upon the relevant circumstances at the time. Hostplus may maintain a Conflicts of Interest register, in order to aid it in managing and avoiding Conflicts of Interest, but is under no obligation to disclose this to members.

Management and monitoring of conflicts of interest

The Law requires Hostplus and the Board to manage Conflicts of Interest. The aim of the Hostplus Board is to avoid Conflicts of Interest. However, there might be circumstances where the avoidance of Conflicts of Interest will not always be possible or prudentially practical.  The Board will identify, analyse and evaluate all such conflicts and then determine whether to avoid a particular Conflict of Interest or accept and act notwithstanding the Conflict of Interest, subject to any management controls. Any Conflict of Interest that cannot be avoided must be managed, as is reasonable in the circumstances, but always so that priority is given firstly to the interests of members and beneficiaries.

The Hostplus trustee has engaged the key service providers listed below to assist the trustee in delivering Hostplus products and services.
An outsourcing policy has been implemented to assist in the appointment, overseeing and management of these service providers.

Services outsourced

Appointed service provider

ABN of Appointed service provider

Fund Administrator

Australian Administration Services Pty Ltd (Member of the Link Group of companies)

62 003 429 114

Custodian

Citigroup Pty Limited

88 004 325 080

Pacific Custodians Pty Limited 66 009 682 866

Clearing House Services

Westpac Banking Corporation

33 007 457 141

Direct Investment - Platform provider

UBS AG

47 088 129 613

External auditor

PricewaterhouseCoopers

52 780 433 757

 Enterprise Technology Services Dimension Data Australia Pty Ltd  65 003 317 239

Financial Planning services

Industry Fund Services Limited

54 007 016 195

Group life insurer

MetLife Insurance Limited

75 004 274 882

Internal auditor

KPMG Australia

51 194 660 183

Investment adviser

Jana Investment Advisers Pty Ltd

97 006 717 568

Investment Management Airlie Funds Management Pty Ltd 75 159 022 974
Allan Gray Australia Pty Ltd 48 112 316 168
Apollo ST Fund Management LLC N/A
Barings LLC 41 132 880 007
Baillie Gifford Overseas Limited N/A
Balanced Equity Management Pty Limited 78 006 987 613
 BCP3 Pty Ltd   32 604 871 481
Colonial First State Property Limited 20 085 313 926
Cooper Investors Pty Limited 26 100 409 890
Greencape Capital Pty Ltd 98 120 328 529
 Hosking Partners LLP   N/A
IFM Investors Pty Ltd  67 107 247 727
Independent Franchise Partners, LLP N/A
 Investec Asset Management Australia Pty Limited     52 131 940 451
ISPT Pty Ltd 28 064 041 283
L1 Capital Pty Ltd 21 125 378 145
Lend Lease Investment Management Pty Limited 64 068 103 659
 Macquarie Investment Management Global Limited 90 086 159 060
Martin Currie Investment Management Limited N/A
Mesirow Financial Investment Management Inc. N/A
Neuberger Berman Australia Pty Limited 90 146 033 801
Northcape Capital Pty Ltd 53 106 390 247
Paradice Investment Management Pty Ltd 64 090 148 619
Proa Partners Pte Ltd N/A
 RWC Asset Management LLP   N/A
 Vaughan Nelson Investment Management, LP  N/A
Wellington International Management Company Pte Ltd 54 075 981 270
 Yarra Capital Management Limited  63 005 885 567

Legal advisers

Mills Oakley Lawyers

51 493 069 734

Holding Redlich

15 364 527 724

Tax advisers

KPMG Australia

51 194 660 183

You can find out about the Fund’s financial position, investment performance, people and activities for the most recently completed financial year in our annual report. The annual report is available online, but you may elect to have a hard copy of the annual report sent to you free of charge. If you elect to receive a hard copy we will continue to send you the report for every subsequent financial year until you notify us that a hard copy is no longer required.

View our annual reports

Financial statements

The financial statements are prepared in accordance with relevant accounting standards and are approved by the Board of Host-Plus Pty. Limited.

Hostplus Superannuation Fund Financial Statements for the year ended 30 June 2019

Host-Plus Pty. Limited Special Purpose Financial Statements for the year ended 30 June 2019

Hostplus Pooled Superannuation Trust Financial Statements for the year ended 30 June 2019

Hostplus Superannuation Fund Financial Statements for the year ended 30 June 2018

Host-Plus Pty. Limited Special Purpose Financial Statements for the year ended 30 June 2018

Hostplus Pooled Superannuation Trust Financial Statements for the year ended 30 June 2018

Hostplus Risk Governance Self Assessment

At the request of the Australian Prudential Regulation Authority (APRA) Hostplus completed a self-assessment into its governance, accountability and culture frameworks. The work for this assessment began in July 2018 and was completed and submitted to APRA in December 2018.

Through the assessment process the Hostplus Board identified many strengths, but also some areas that could be enhanced to ensure the continuous improvement of Hostplus’ risk governance, accountability and culture. The Hostplus Board has agreed to implement all of the 22 initiatives identified and believes this work will help Hostplus continue to be an industry leader in superannuation and provide positive retirement outcomes for all of its members.

Hostplus has since established a program to oversee the implementation of these 22 initiatives which is being led by the Group Executive of Risk and Compliance. The program provides regular updates to the Board at each board meeting to ensure ongoing accountability and delivery of these important initiatives.

To date the program has completed 9 of the 22 initiatives and continues to work towards its commitment to complete all actions by December 2020. These initiatives include:

  • The implementation of a Fund wide Governance, Risk and Compliance system
  • The introduction of a Senior Leadership Risk Forum
  • The enhancement of risk reporting to all levels of the organisation
  • The development of collective risk Key Performance Indicators

Read the full report here

Hostplus receives Infringement Notice penalty

In May 2019 Hostplus paid an Infringement Notice penalty of $12,600, issued by ASIC, in relation to an alleged misleading claim relating to Hostplus stating that it offered 'independent advice' to Hostplus members in relation to personal advice.

Read more

The Financial Services Guide (FSG) is to ensure you are given adequate information about the financial services being offered by Hostplus.

It contains information about the services we offer, how we are paid, any potential conflict of interest we may have, and our internal and external dispute resolution procedures and how you can access them. If you need more information or clarification of any matters raised in this document, please contact us

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