Super fund CEO exits a week after performance test outcome
The chief executive of one of the funds named as having failed the Australian Prudential Regulation Authority (APRA) performance test, EISS Super has resigned.
The fund chief executive, Alexander Hutchison announced his resignation late yesterday and it was confirmed by the EISS chair, Warren Mundy.
Hutchison’s exit comes amid general scrutiny of EISS and other funds by APRA around their sponsorships and expenditures and at the same time as the fund has been in merger talks with TWUSuper.
EISS chief financial officer, Lance Foster will be acting chief executive.
The EISS and TWSuper merger has been suggested as being under scrutiny by the regulator because of the relative scale of both funds falling short of that suggested by APRA executives.
There were suggestions that EISS would have been better suited to a merger with big building industry fund, Cbus.
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Financial planners, you know exactly what will happen next. Get your wallets out- Cslr bill coming your way!