Statewide Super has terminated the employment of its chief financial officer and chief risk officer for breaching internal controls.
According to Statewide Super's website, chief risk officer Kieran Netting and chief financial and operating officer Grant Eastwood ceased employment with the fund on Wednesday, January 15.
In an update to members also published on the website, Statewide terminated the employment of two executives on the same day, for failure to obey internal controls.
"Immediate action was taken - appropriate regulators were informed and a statement was released on our website," an updated statement read on Thursday afternoon.
The fund confirmed internal investigations are continuing.
"We take our responsibilities as trustee of your superannuation seriously and you can rest assured your retirement savings, data and privacy have never been at risk," the fund said.
"We, as always, place you at the forefront of everything that we do. It is our privilege to safeguard your retirement savings."
Head of Statewide's project management office Corlia Van Den Raad will act as chief operating officer in the interim, according to the fund's website.
A Statewide spokesperson told Financial Standard the decision to terminate the executives was related to procurement, and added it was unrelated to the fund's investments, products or financial advice.
"As an organisation who exists solely for our members, we understand that our actions set the tone for what will and will not be accepted, for members, for staff and for the wider community," Statewide Super chief executive Tony D'Alessandro said in a statement.
"As a member-based organisation, we want to make it clear that we will not tolerate a failure to conform with internal policies, on behalf of our members, from anyone within or associated with Statewide Super."
In an interview with Financial Standard last September, Eastwood said the fund's decision to combine its chief financial officer and chief operating officer roles allowed it to have a clearer picture of the end-to-end process while weighing potential mergers.
The hybrid role, he said, put Eastwood in charge of both the finance and operating side, which includes information technology, project management office, administration, business performance and data analysis.