The superannuation fund for the real estate industry, REI Super, will be holding elections for four positions on its board of trustee directors next year. The call for nominations will be made in June 2017 and the elected directors will take office on 1 October 2017.
There are ten directors of REI Super’s Trustee company. Eight are elected by members of REI Super and two are Independent Directors, one of which is the Chair of the Fund.
REI Super is unique among super funds, in that most of its directors are elected by members of the Fund, rather than appointed by employer or member organisations.
“Having member elected directors on our Board means that our directors truly represent people in the real estate industry,” said REI Super CEO Mal Smith.
“This direct representation of our members helps the Fund to maintain a very close link with, alignment to and understanding of the real estate industry and the needs of people who work in it.”
The term of office for member elected directors is four years and elections are held every second year, when half of the current member elected directors retire. They are eligible to stand for re-election if they wish to.
“If you are thinking of nominating to join the Board it’s important to be aware that to qualify to serve as director, you need to have been a member of REI Super for at least the 12 months prior to taking office,” said Smith.
In order to stand for election to the board, nominated members must also be in active full-time employment with an employer engaged in the real estate industry or associated services in Australia.
And they must be nominated by at least two other people who have also been members of REI Super for at least the previous 12 months.
“We also remind prospective directors of the Fund that superannuation fund trustees are subject to legal obligations in addition to the ordinary responsibilities of company directors and trustees,” said Mal Smith.
“As well as attending regular meetings, acting in the best interests of members of REI Super and complying with REI Super’s governing rules and trust deed, Board members must abide by Australian corporations legislation, financial services law, trust law and legislation specific to the superannuation industry.”
To visit REI Super go to: reisuper.com.au
