Heather Ridout’s rise continues.
Already a board member of the Reserve Bank and the ASX, she’ll now chair Australia’s largest superannuation fund – AustralianSuper – replacing Elana Rubin.
The Fin Review reports Rubin resigned.
AustralianSuper oversees some $60 billion in pension funds. This year it is facing a potential legal battle against the government’s investment vehicle, the Future Fund, and being drawn into political wrangling over potential superannuation tax increases for high income earners.
The former chief executive of the Australian Industry Group was appointed to the board of the Reserve Bank last year. She has been a member of a range of government advisory panels, including the Henry Tax Review.
A source who worked closely with Ridout during her time at the AIG said the former chief executive had a “fantastic combination of intellectual prowess, enthusiasm, and warmth of personality”.
Ridout tapped into a range of experts to ensure she was always briefed in high detail on issues.
She also had “incredible stamina”, the source said.
AustralianSuper’s legal threats against the Future Fund, which is chaired by David Gonski, centre on the Future Fund’s purchase of a stake in Perth Airport. AustralianSuper has a 5 per cent stake in the airport and it argues the Future Fund transaction deprived it of its right to increase its stake.
More at The Oz.
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