Chair & CEO Message

Investment Performance
Many of you will remember the negative returns in 2001-02, but for newer members the possibility of a negative return after so many positive years may have been difficult to contemplate. The nature of investment is now clear to us all, it can go up or down but experience tells us that there are more ups than downs and that if we are invested for the long term the outcome will be financially advantageous to us. Is it the ‘down’ we had to have? Maybe! We hope that fund managers and investors learn from recent experiences and that future practices within the investment industry are transparent and ethical.

The Board has put in place investment options and strategies which give members a wide choice within a framework of risk which is managed and appropriate to that investment choice. Catholic Super has a range of conservative, balanced and aggressive options which allows members to choose the most suitable portfolio for their needs and achieve the best possible investment return over the long term. Our highly competent and respected financial services team can assist with advice in this regard.

Responsibilities
The responsibilities of directors are increasingly significant and it is important that you are assured that the Board is continually involved in professional development opportunities as well as supporting the Chief Executive Officer in his executive and operational leadership. The outcome of the recent review by the regulator, the Australian Prudential Regulation Authority (APRA), was very pleasing and members can be satisfied that Catholic Super is extremely well led and managed.

Board Membership
During the past year, Board membership has changed. Fr Michael Morgan PP and Mr Dan Sexton (former Chair and CEO) have resigned after long terms as directors. It is appropriate to recognise the contribution of both in this report.

Dan Sexton commenced with the Fund in 1983 and held all executive positions over that period. His leadership has enabled Catholic Super to grow into a well established, respected and progressive industry fund which is seen as a leader in investment returns and member services. Dan is well known and esteemed within the industry and will be missed not only for his investment acumen but for his sense of humour and fun.

Fr Mike has been with the Fund for over seventeen years and as the only priest on the Board has brought a unique experience which has been highly valued. Fr Mike was renowned for his ability to get to the crux of a matter at meetings and will be missed by directors for his insight and commitment to his role and to the fund generally.

In their stead we welcome Mr John Connors and Mr Brian Reed as newly elected Directors to the board and wish them every success as they take on the responsibilities pursuant to their new roles. Ms Fran Renehan and Ms Marcia Clohesy have been re-appointed as directors. We congratulate them and wish them well for a second term on the Board.

How We Rate
SuperRatings has ranked Catholic Super in the top ten super funds in Australia and we have achieved their highest rating of Platinum. The Catholic Super Pension also achieved a Platinum rating.

We congratulate the Directors and staff for their contributions in a difficult environment and commend the 2008 Annual Report to you.