IOOF establishes super trustee office

IOOF believes it has actioned all 145 items required to meet licence conditions imposed by APRA late last year, including those which it failed to meet the original deadline for.

In an update to the market late yesterday, IOOF said the independent reviewer it engaged to review its compliance with APRA's licence conditions is now satisfied all 145 items required for validation by June 30 have been successfully actioned.

Specifically, IOOF pointed out it has now actioned four items relating to the implementation of the Office of the Superannuation Trustee, which it failed to set up before its March 31 deadline earlier this year.

Not meeting the OST deadline drew the ire of the prudential regulator, which in May exercised its newly vested powers and directed IOOF to implement and maintain the OST or risk facing a financial penalty under the SIS Act.

Recently appointed IOOF chief executive Renato Mota said the wealth manager had been working "diligently" to implement all items required under the licence conditions by the June 30 deadline.

"I am confident we are building an industry leading governance framework for the future, serving the interests of our members and clients," Mota said.

In an attempt to renew its board, the firm appointed Bank Australia director Michelle Somerville as an independent non-executive director from October 1. An audit partner at KPMG Australia for nearly 14 years, Somerville also sits on the board of real estate investment trust GPT Group.

IOOF chair Allan Griffiths said Somerville would succeed Jane Harvey as chair of the group audit committee, and would add a range of qualities to the board.

"Michelle will bring deep and relevant finance, risk and governance experience to the board, having worked in the financial services industry in both her KPMG and non-executive roles, in both the listed and non-listed spaces," Griffiths said.

Former Actuaries Institute president and Munich Re chief risk officer Lindsay Smartt has also joined the boards of IOOF and IOOF Investment Management as a new independent non-executive director. IOOF confirmed the boards of its APRA regulated entities were still majority independent from the board of IOOF.

Read more: IOOFAPRAOSTActuaries InstituteAllan GriffithsKPMG AustraliaMichelle SomervilleMunich ReRenato MotaSIS Act
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