Westpac super

Directors of the Scheme Trustee

 

Bruce Kerr - Independent Chairman

Bruce has been involved with the Scheme for more than 20 years, as a member elected trustee, the Scheme secretary, and as a bank appointed trustee.

He has been granted an Independent Trustee Market Services License by the FMA and acts as the independent trustee director for a number of other workplace super schemes (ACC, Diary Industry, Shell NZ & Toyota) and also hold other voluntary governance positions.

Wellington-based, Bruce is widely experienced in the workplace retirement savings arena, having recently retired after 13 years leading Workplace Savings NZ (the peak industry organisation representing employers, trustees and members of workplace super & KiwiSaver schemes, as well as industry service providers).

 

Marc Figgins - General Manager, Human Resources & Corporate Affairs

Marc joined Westpac New Zealand as General Manager Human Resources and Communications in May 2020.

Marc is a senior Human Resources executive with extensive international experience covering all aspects of Human Resources across a number of industries including aviation and financial services. Prior to joining Westpac New Zealand, Marc was General Manager People for Revenue and Operations divisions at Air New Zealand, a role that was responsible for driving the people strategy to support over 5,000 people across 11 countries. While based in Hong Kong, Marc also held senior leadership roles in the International Division of ANZ Bank, and for Standard Chartered Bank.

Marc holds a Bachelor of Laws from Waikato University, and has also completed a post graduate programme with Stanford University on leading organisational change and renewal.

Tim McGuinness - Licensed Independent Trustee

Tim McGuinness became an Independent Trustee in July 2015. He is currently a professional trustee for a number of significant corporate superannuation schemes (Dairy Industry, Police, NZ Fire Service, NZ Aluminium Smelters) as well as a director of UniMed.

Tim brings to the Board a broad knowledge and understanding of investment, financial and superannuation matters as well as general governance experience as a director of a number of entities over the last 15 years or so. Outdoor and sporting pursuits including golf and tramping are a feature of his non-work time.

 

Ian New - Chief Actuary

Ian is Chief Actuary, Westpac New Zealand and a member of the Finance Leadership team. Ian is the Appointed Actuary to Westpac Life-NZ-Limited and a director of BT Funds Management (NZ) Limited.

A graduate of London University, Ian has over 35 years' experience in the life insurance and funds management sectors, including in the UK and New Zealand. Ian is a Fellow of the NZ Society of Actuaries and has previously served as President of that organisation.

 

Mark Weenink - General Counsel and General Manager, Regulatory Affairs and Corporate Legal Services

Mark was selected as a Bank-appointed Trustee Director on 1 October 2018 having been with Westpac since August 2015 serving as General Counsel and General Manager, Regulatory Affairs and Corporate Legal Services.

Before this, Mark was Managing Partner at Minter Ellison Rudd Watts and also spent time overseas as a partner at US law firm McDermott Will Emery (based in London).

 

Liam Cleary - Head of Funding, Treasury

Liam joined Westpac in 2010 as the Head of Funding, Treasury. In this role, Liam has been heavily involved in the banks governance and Financial Markets Conduct Act 2013 (FMCA) obligations relating to the bank’s wholesale funding activities.

The first half of Liam’s career was spent in the investment management of cash and fixed interest funds for a range of KiwiSaver, retail, and institutional clients, including the Westpac Staff Superannuation Scheme. During this time, Liam also became a CFA.

Liam is a member-elected Director and commenced his tenure on 1 March 2019.

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 members
  • 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 members and regulator as required.