Latest news with #PaulSchroder
AU Financial Review
12 hours ago
- Business
- AU Financial Review
AustralianSuper found another $60m behind the couch
One of the more strange turns of events this year is seeing AustralianSuper chief Paul Schroder and his head of ESG, Andrew Gray, rekindle their love for burning coal. The country's largest super fund has become the second-largest shareholder of ASX-listed coal producer Whitehaven. AusSuper had built a 6.17 per cent position in the Queensland coal company, this column reported on Tuesday. After it was published, someone must have been reading.
Yahoo
22-02-2025
- Business
- Yahoo
AustralianSuper fined $17 million for failure to merge duplicate accounts
(Reuters) - AustralianSuper, the country's largest pension fund, was fined A$27 million ($17.3 million) after a court found it had failed to identify and merge duplicate member accounts, the corporate watchdog said on Friday. The firm, which has over 3.5 million members and A$365 billion in assets, did not have adequate procedures in place to the merge the identical accounts of around 90,700 members between July 2013 and March 2023, the Australian Securities and Investments Commission (ASIC) said. As a result, the affected members incurred about A$69 million in losses as they paid multiple sets of administration fees and insurance premiums, ASIC said. "We found this mistake, we reported it, we apologised to impacted members, we compensated them, and we've improved our processes to prevent this happening again," AustralianSuper Chief Executive Paul Schroder said in a statement. AustralianSuper said that a provision was made for an the expected penalty in the 2023-2024 financial year accounts, and member administration fees have not been increased to cover it. In December 2021, AustralianSuper reported a potential failure to comply with the ASIC's obligations to consolidate duplicate accounts and in September 2023, the regulator initiated a lawsuit against the pension fund. ($1 = 1.5627 Australian dollars) Sign in to access your portfolio
Reuters
21-02-2025
- Business
- Reuters
AustralianSuper fined $17 million for failure to merge duplicate accounts
Feb 21 (Reuters) - AustralianSuper, the country's largest pension fund, was fined A$27 million ($17.3 million) after a court found it had failed to identify and merge duplicate member accounts, the corporate watchdog said on Friday. The firm, which has over 3.5 million members and A$365 billion in assets, did not have adequate procedures in place to the merge the identical accounts of around 90,700 members between July 2013 and March 2023, the Australian Securities and Investments Commission (ASIC) said. As a result, the affected members incurred about A$69 million in losses as they paid multiple sets of administration fees and insurance premiums, ASIC said. "We found this mistake, we reported it, we apologised to impacted members, we compensated them, and we've improved our processes to prevent this happening again," AustralianSuper Chief Executive Paul Schroder said in a statement. AustralianSuper said that a provision was made for an the expected penalty in the 2023-2024 financial year accounts, and member administration fees have not been increased to cover it. In December 2021, AustralianSuper reported a potential failure to comply with the ASIC's obligations to consolidate duplicate accounts and in September 2023, the regulator initiated a lawsuit against the pension fund. ($1 = 1.5627 Australian dollars) here.
Bloomberg
27-01-2025
- Business
- Bloomberg
AustralianSuper on Growth Strategy & Outlook
Paul Schroder, CEO of AustralianSuper, the country's largest pension fund, discusses his outlook for the fund's growth. He sees tremendous opportunities in tech and says the US is an incredible place to invest'. He speaks with Haidi Stroud-Watts on "Bloomberg: The Asia Trade". (Source: Bloomberg)
