Latest news with #DebbyBlakey
Yahoo
13-05-2025
- Business
- Yahoo
Australian pension fund HESTA sells stake in MinRes amid governance concerns
Australian pension fund HESTA has divested its remaining shareholding in mining services provider Mineral Resources (MinRes), citing unresolved governance concerns and a lack of confidence in the company's ability to implement necessary changes. HESTA's stake in MinRes is valued at approximately A$14m, reported Reuters. The decision follows the abrupt resignations of three directors in April, who were part of the ethics and governance committee established in November 2024. These departures have intensified scrutiny over MinRes, particularly regarding allegations against the company's founder and managing director, Chris Ellison. Accusations include tax evasion and the misuse of company resources for personal endeavours. HESTA stated that a potential future reinclusion of MinRes shares in the fund's portfolio would require a clear plan to address governance issues. The company added that the establishment of effective safeguards to prevent future incidents and a well-managed succession for the managing director are prerequisites for any reconsideration of investment. HESTA initially placed MinRes on its watch-list in October 2024, reflecting concerns over inadequate measures to tackle governance problems. This divestment follows a prior reduction in the fund's holdings of MinRes last year. Despite the sale, HESTA will maintain a watching brief on the company. HESTA CEO Debby Blakey said: 'Last year we outlined our concerns that the managing director's succession time frame did not reflect the seriousness of the issues, and the issues indicated a systemic failure of governance. We have since regularly engaged with senior leaders and directors at the business to encourage action we believe necessary to restore investor confidence. 'The departures of the directors on the ethics and governance committee last month in our view represented a significant step backwards in seeking to address the serious governance concerns. Given these departures and the forthcoming succession of the Chair, we don't currently see a path to our concerns being addressed. 'We are focused on the delivery of strong long-term returns to our members, and believe selling our remaining holdings was in their best interests at this time. We may reconsider our position if circumstances change.' In November 2024, MinRes cut 570 jobs and slowed down the underground construction at its Mt Marion lithium project in Western Australia, amid Chris Ellison's tax evasion probe. "Australian pension fund HESTA sells stake in MinRes amid governance concerns" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Guardian
16-03-2025
- Business
- The Guardian
Why retirees are returning to work
Retirement is supposed to be the endgame – a chance to leave the working world behind for good and settle into a completely new phase of life, ideally with a healthy superannuation balance. That ideal, though, is no longer everyone's reality, and the result is a growing trend of retirees returning to work. Why are so many people opting to 'unretire'? There's no one reason. Australia's 4.2 million retirees are all individuals, with their own circumstances and motivations. 'One of the amazing things about retirement is it's different for everyone, and I think it's always important to give that context,' says Debby Blakey, the CEO of the super fund HESTA. But for some people, the return to work is driven by money. Among people thinking about retiring, the main factor influencing their decision is financial security, the ABS reports. Those who feel financially unprepared are likely to put off retiring for longer. The financial pinch is also affecting people who have already retired. It is reshaping how many retirement-age Australians think about work in their later years. 'For some it is transitioning into retirement, transitioning out of retirement, transitioning back into retirement,' Blakey says. 'For some people, it's actually very fluid, but I do think at the end of the day, what everyone wants and deserves is a regular and reliable income in retirement.' While super funds such as HESTA are doing their best to help members increase their super balances and learn how to live on those savings in retirement, factors such as an escalating cost of living and a desire for a greater quality of retired life are among the reasons behind what has been dubbed 'the great unretirement'. Even occasional work can offer retirees a big financial confidence boost, Blakey says. 'When people are in retirement and they're in this journey of transitioning to being [superannuation] spenders, having the opportunity now and then through temporary work or taking on contract work and being able to have a sense of still being a saver in some element is actually really important to build their confidence and to help them in that transition.' Taken at face value, returning to work post-retirement or staying in work longer than planned can seem like correcting a mistake – particularly if it's done for financial reasons. But not everyone who works through their nominal retirement years or returns to work does so for the money. Dr Zena Burgess, the CEO of the Australian Psychological Society, says returning to work can fill a void that can't be counted on a bank statement. 'The transition to retirement can impact mental health, self-identity, and social relationships, and can either enhance or reduce life satisfaction depending on a multitude of factors,' Burgess says. 'Some retirees experience improved mental health due to reduced job-related stress and increased leisure time. However, for others, retirement can exacerbate mental health issues due to isolation, reduced social networks, or a lack of purpose, among other factors.' For someone yearning for purpose, and perhaps missing the excitement and social connection that came with their previous role, continuing to work, or unretiring, can provide a mental health boost – and anything from a passion project to volunteer work is fair game. 'Retirement may result in significant shifts in identity, particularly for those whose sense of self is strongly tied to their professional roles,' Burgess says. 'Involvement in professionally related social activities, volunteer activities and learning new skills are of value to maintaining engagement and relevance.' Blakey believes the desire to retire from your main role but continue working elsewhere makes sense in the context of purpose and fulfilment, particularly considering HESTA members predominantly work in health and community services. 'As you get older, those roles can be very difficult,' Blakey says. 'But that need for connection with community and that need for feeling that you are making a difference is really important for our members, and that's why I think many of them do seek those opportunities to continue impacting other people's lives and making a difference.' Whether their members are staying in work longer, taking a career sidestep or returning to work after a period of retirement, Industry SuperFunds such as HESTA say they are dedicated to supporting them. 'For many of our members, work-life balance is balancing paid work, unpaid care and other interests that they may have,' Blakey says. 'I do think it's incredibly important for our members to find that balance where they are able to do the things that matter for them.' Considering that retirement may present mental, financial and social hurdles, it's important to know help is available – whether that be planning for the future with an industry fund such as HESTA, or speaking to a mental health professional. Burgess says: 'People can also work with a psychologist to support their retirement planning and help navigate this transition, and to ensure that they maintain a sense of purpose and develop meaningful social networks once they're no longer in the work setting.' Stick with your Industry SuperFund in the transition to retirement and your money could go further. Visit today. The information provided in this article is of a general nature only and does not constitute financial or other advice. It is important to consider personal objectives, financial situations or particular needs when making financial decisions.
