ASFA chair to step down after four years

The Association of Superannuation Funds of Australia (ASFA) is on the hunt for a new independent chair.

Gary Dransfield is stepping down after four years as independent chair of ASFA.

While there, he oversaw the appointment of Mary Delahunty as chief executive, the development of the lobby group's 2024-2027 strategic plan, and the integration of ASP Services into ASFA InPractice, it noted.

"I am proud of the organisation ASFA has become during my four years as chair," Dransfield said.

"ASFA is a unique organisation. It is the only body that brings together all parts of Australia's superannuation sector into the one tent, and it is the only body that delivers end-to-end policy reform for the benefit of the whole sector."

At the same time, Bryony Hayes, formerly chief risk officer at TelstraSuper, is also departing the board.

It comes as TelstraSuper merges into Aware Super.

"It has been a pleasure to work with the ASFA chief executive and board at a pivotal time for the organisation and the super sector," she said.

"ASFA is strongly positioned to continue to meet its role as the voice of super as the sector evolves to meet new challenges."

In acknowledging both Dransfield and Hayes, ASFA said they "provided invaluable guidance and advice on the development of the SC3 Framework, a sector-driven initiative coordinated by ASFA to build resilience to cyber threats, fraud and scams by sharing threat intelligence across the industry."

"I am very appreciative of the assistance, collective wisdom and time Gary and Bryony have devoted to the ASFA board," Delahunty said.

"Gary in particular was a valuable source of guidance to me in my first two years as chief executive, and I am grateful for his leadership and help."

Dransfield will stay on to assist with the transition to a new chair, recruitment for which has commenced. ASFA is also in the process of appointing a new board director to replace Hayes.

Meantime, yesterday ASFA and JANA published a guidance note on investment manager operational due diligence to help super trustees meet their fiduciary and regulatory obligations.

ASFA said it aims to complement APRA's prudential framework, including SPS/SPG 530 (Investment Governance) and CPS/CPG 230 (Operational Risk Management), with important intersections with CPS 234 (Information Security).

"The strength of our due diligence frameworks really matters to the integrity of the super system. So, this work has consequences for every Australian worker and retiree," Delahunty said.

"The Guidance Note gives the industry a consistent, practical method for assessing investment manager risk. It's also timely. Quite rightly, regulators' expectations around operational resilience are only moving in one direction, and that's upwards."

Also commenting, JANA head of operational consulting Jo Leaper said: "Operational due diligence isn't a tick-the-box exercise. In practice, there can be gaps between how processes are document and how they operate day to day."

"Effective due diligence is about understanding how an investment manager functions, and whether governance and controls are genuinely working under pressure. Clear roles and responsibilities, appropriate segregation between decision-making and oversight, and well-defined escalation pathways are fundamental to making due diligence meaningful."