Governance and disclosure

Consistent with superannuation industry practice, we are disclosing specific details relating to our governance, Board of Directors and executive officers, products and performance.

Our governing rules

The governing rules relating to GESB are set out in the following:

About our GESB Board

Our executives' remuneration details

Product Information Booklets

Our Product Information Booklets summarise the key features and membership information for each of our products.

Annual Reports

Our Annual Reports are a vital tool for ensuring financial, performance and operational accountability to the WA State Government and to our members.

Statement of Corporate Intent

Our Statement of Corporate Intent (SCI), outlines our strategic plan for the next 12 months.

The plan provides information on the environment we operate in, our corporate objectives, and the initiatives we'll undertake in the following 12 months to achieve these objectives. It also describes our key performance targets and financial forecasts for the upcoming financial year.

Our strategic plan for 2018/19

In 2018/19, we aim to continue providing efficient, low cost super and retirement products and services to our members, while maintaining alignment with the state’s needs and objectives. We are focusing on 'operational excellence' and delivering well-regarded member services and products.

Learn more about our strategy in the 2018/19 SCI. You can also access our SCI for the last four years:

Significant Event Notices

We notify members in writing of any significant events affecting their membership. Read a summary of significant event notices we have issued to our members.

Significant Event Notices
Notice date Effective date Members affected Summary of changes
May 2017 1 July 2017 Transition to Retirement Pension members

From 1 July 2017, investment earnings from Transition to Retirement accounts are no longer tax exempt.

These earnings are now taxed at a concessional rate of up to 15%

For more information, read our Transition to Retirement changes notification.

March 2017 1 July 2017 All members

The WA State Government made changes to state super regulations, which meant that we are able to:

  • Move our communications to all members online
  • Close GESB Super and West State Super accounts, if they have a balance of zero and haven't received a contribution or roll-in in the previous two years
  • Transfer GESB Super benefits of members who have permanently emigrated to New Zealand, to KiwiSaver accounts

For more information, read Changes to super and retirement accounts.

March 2016 1 July 2016 GESB Super and West State Super members

We introduced changes to premiums and other policy terms and conditions for Death, Total and Permanent Disablement, and Salary Continuance Insurance cover.

For more information, read our Insurance changes notification.

March 2016 1 July 2016 All members

We introduced pay-for-service fees for our Retirement Options Service, and for certain transactions such as Family Law splitting and full and partial withdrawals.

For more information, read our Service fee notification.

Please note: we removed our transaction fees, effective 15 December 2018.

February 2015 1 July 2015 GESB Super, West State Super and Retirement Income Pension members

As a result of a pricing review, we introduced changes to our administration fees.

For GESB Super, the administration fee for a small number of members increased, while for West State Super and Retirement Income Pension, administration fees were reduced.

For more information, see Fee changes to GESB accounts.

February 2015 1 July 2015 GESB Super and West State Super members

In line with Australian Prudential Regulation Authority regulated funds and Commonwealth provisions, member protection on GESB Super and West State Super accounts was removed.

As a result, administration fees that are higher than the investment earnings for accounts with balances under $1,000 are no longer reimbursed.

For more information, read our Product update.

Our service providers

The table below sets out the name and Australian Business Number of each outsourced service provider engaged by GESB that affects our material business activity:

Our service providers

Name

Australian Business Number (ABN)

Australian Administration Services Pty Ltd 62 003 429 114
JANA Investment Advisers Pty Ltd 97 006 717 568
Mercer Consulting (Australia) Pty Ltd 55 153 168 140 
The Northern Trust Company 62 126 279 918

Summary of our conflicts management policy

Our conflicts management framework identifies conflicts that may arise in the course of business operations. We have established policies on conflicts of interests to ensure that employees and Board directors are aware of their obligation to disclose all duties or interests they have which may give rise to a conflict of interest. We have also created procedures to understand and avoid, disclose, monitor and manage conflicts of interests.

Investment governance

Our investment governance statement outlines the legislative requirements and the Treasurer's Prudential Guidelines for Investments, relating to our Board's responsibilities for investing our members' superannuation.

The statement also sets out our investment process, including our approach to environmental, social and governance (ESG) risks and proxy voting.

The statement sets out our investment process, including our approach to environmental, social and governance (ESG) as part of the manager selection process. Learn more about the process adopted by our asset consultant to evaluate and monitor investment managers.

Our proxy voting policy

Our Board considers it best practice, in the prudent management of our investment portfolio, for the right to vote on securities to be exercised. The Board believes our external fund managers are best placed to exercise proxy votes for the securities they manage on our behalf and in accordance with our obligations and objectives as a WA State Government statutory authority.

During the 2017/18 financial year, there were no instances where we exercised our voting rights due to an actual or perceived conflict of interest or reputation risk for GESB or the state. All proxy voting is carried out by our investment managers, in line with our proxy voting policy.

Actuarial reports

Page last updated 12 June 2019