Call for nominations
Two member-elected trustee directors
A feature of UniSaver is your ability to have a say in how it is governed. A sole-purpose trustee company, UniSaver Limited, is the issuer of UniSaver and its manager and trustee. UniSaver Limited has six directors: two are appointed by the universities, two are independent professional trustee directors and two are elected by the members of UniSaver in accordance with the procedures laid down in the trust deed.
The current directors are:
|Malcolm Johnson||Consulting company director and professional trustee, Wellington|
|Independent director and licensed independent trustee|
|Ian Russon||Professional trustee, Wellington|
|Directors appointed by the universities|
|Adrienne Cleland||Deputy Vice-Chancellor (Operations) and Registrar, University of Auckland, Auckland|
|Wayne Morgan||Manager Projects, Victoria University of Wellington, Wellington|
|Carolyn Dimond||Chief Financial Officer, Massey University, Wellington|
Under the terms of the scheme’s trust deed, the term of office for member-elected trustee directors is three years, and at the end of each three-year period, an election is held. The term of office for the current member- elected trustee directors (Carolyn Dimond and John Patrick) ends on 30 June 2018.
The member-elected trustee directors chosen in this election will hold office until mid-2021.
The nomination process
What are my rights as a member?
As a member of the scheme you can:
- nominate someone to stand for election
- second someone else’s nomination, and/or
- vote if an election is required because there are more nominated candidates than vacant positions.
Who can be a member-elected trustee director?
Anyone can be nominated as a member-elected trustee director. For more details on the role and duties of a trustee director, see ‘What does a trustee director do?’
How to nominate
To nominate a candidate, you need to complete the nomination form. Candidates must be nominated by a member of the scheme and seconded by six other scheme members.
You cannot nominate or second more than one candidate, and you cannot nominate yourself.
After nominations close
If only two valid nominations are received, the nominated candidates will be declared elected unopposed. If one or no nominations are received, the vacant positions will be filled by candidates chosen by the universities.
If the Returning Officer receives more than two valid nominations, an election will be held to decide the member-elected trustee directors. Each member will then be entitled to vote for two candidates, with the candidates receiving the highest number of votes being declared elected. If an election is to take place, you will be sent a ballot paper, details of candidates and instructions on how to vote. The election results will be announced soon after the close of the ballot.
Any queries regarding the election should be directed to: The Returning OfficerUniSaverc/o Mercer (N.Z.) LimitedPO Box 2897, Wellington 6140Phone: (09) 819 2600 or 0800 864 724Email: email@example.com
What does a trustee director do?
It is important you understand what is involved in becoming a member-elected trustee director if you are going to nominate someone to stand for election or if you are thinking of standing as a candidate yourself.
The role and duties of a trustee director
Put simply, the role of the trustee directors is to make sure the scheme is managed properly. This means a trustee director must give the management of the scheme proper care and attention and make sure the scheme operates according to the law and the scheme’s trust deed.
The trust deed is the scheme’s governing legal document. It sets out the obligations that a trustee director has towards the members of the scheme and the duties and powers of the trustee. The members of the scheme are also bound by the provisions of the trust deed.
The basic duties of a trustee director are to:
- manage the scheme in accordance with the terms of the trust deed governing the scheme and the Statement of Investment Policy and Objectives (SIPO)
- exercise the care, diligence and skill that a prudent person would exercise in the same circumstances
- act honestly
- act in the best interests of scheme member
- treat scheme members equitably
- not make use of information acquired as a result of being a trustee/director to gain an improper advantage or cause detriment to members
- properly invest trust funds
- seek advice (where appropriate)
- exercise discretions properly and in good faith
- act in accordance with relevant legislation governing superannuation schemes such as the Financial Markets Conduct Act 2013
- monitor outsourced service providers
- ensure reports and information are provided to the regulator and members as required.
The trustee directors meet on a quarterly basis and may be required to meet from time to time on an ad hoc basis.
Acting as a trustee director
Term of office
The normal term of office for a member-elected trustee director appointed at a regular election is three years. At the end of their term of office, member-elected trustee directors are eligible for nomination and re-election.
Filling casual vacancies
If a member-elected trustee director resigns as a trustee director or ceases to be a trustee director for any other reason (as set down in the scheme’s trust deed), an extraordinary election will be held. If the term of office of the trustee director who resigns has 12 or more months to run, the newly elected trustee director will hold office until the term of office of the trustee director they replaced would have expired. If the term of office of the trustee director who the newly elected trustee director replaces has less than 12 months to run, the newly elected trustee director will hold office until the end of the next three-year term of office.
Help with day-to-day and expert matters
Many of the tasks associated with managing a workplace savings scheme are complex and specialised, but that does not mean you have to be a superannuation, legal and investment expert to act as a trustee director.
The trust deed allows the trustee directors to delegate certain tasks to specialist expert advisers such as investment managers, actuaries, accountants, administrators and lawyers.
Although the trustee directors can delegate tasks, they cannot delegate their responsibilities. For example, the trustee directors cannot delegate the responsibility for taking care in selecting their advisers and regularly monitoring their performance.
The trust deed allows the trustee directors to be remunerated for their services as trustee directors with the agreement of the universities. The current trustee directors (other than the independent chair and the licensed independent trustee) are not remunerated for their services. However, the trustee directors are entitled to reimbursement for any costs and expenses that they incur in the administration of the scheme (for example, travel expenses). The independent chair and the licensed independent trustee are engaged as professionals and charge a fee on a time and attendance basis.
The trust deed provides protection for the trustee directors and the scheme against the financial impact of any honest mistakes that might occur. The protection is provided by way of indemnity from the assets of the scheme.
What do I need to do now?
Submit your completed nomination form, signed electronically by six other scheme members. Alternatively, print the form, have each person sign it, then scan and email it to the Returning Officer. The form must reach the Returning Officer, Marilyn Max (firstname.lastname@example.org) by 18 May 2018.
IMPORTANT: Late nominations will not be accepted.
If you have any questions, please contact the Returning Officer, Marilyn Max (email@example.com) or 0800 864 724.