Message to our members about the Royal Commission
We want to reassure our 75,000 members across the Catholic community that we remain committed to providing you with excellent investment returns complemented by superior service and under the highest possible standards of governance.
During the preparation of documents for the royal commission, we became aware of instances where some of our policies and procedures were not properly followed or enforced.
We identified behaviour by a staff member in relation to conflict of interest and credit card use that was entirely out of step with the policies and values of the fund. This matter is currently under full investigation.
In addition, we have launched an independent external review by PwC, one of the big four international accounting and advisory firms, to understand how and why those policy breaches occurred, and what needs to be done to ensure they cannot be repeated. The review will assess the awarding of contracts to Australian Family for the provision of research, consulting advice, advertising, brand development, design management, and the Australian Early Education and Care Awards.
We are sorry this has occurred and we are committed to strengthening our processes to ensure our governance meets the highest standards. We are open to answering any questions members have in relation to these matters. Please call us on 1300 655 002 if you would like to discuss.
The royal commission also asked why we were unable to reach agreement on a potential merger with Australian Catholic Super and Retirement Fund. We are a consistently high performing fund and earlier this month we received our 12th consecutive Platinum Rating from the independent agency SuperRatings as a “best value for money fund”. One of our Board Directors, Peter Haysey, told the commission we could only pursue a merger if it was in the best interests of members, and the strategies that had produced such strong and consistent returns could be guaranteed in any merged fund.