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2024 Annual Members' Meeting

7 November, Brisbane City Hall

All members were invited to attend the 2024 Annual Members’ Meeting which was held at 12pm (AEST) on Thursday, 7 November 2024 at Brisbane City Hall and online. 

Meeting Minutes 

Minutes from the 2024 Annual Members' Meeting are now available for download.

Agenda

The Annual Members' Meeting provided an update on: 

  • Update on Brighter Super following the product harmonisation. 
  • Performance of the Fund in 2023/24.
  • Recent changes to legislation.
  • The year ahead, and the future direction of the Fund. 

You can read the full Notice of Meeting that was emailed or posted to members.

Presenters

John Smith Kate Farrar and Mark Rider

Presenters at the 2024 Annual Members' Meeting (from left to right): Chair John Smith, CEO Kate Farrar and CIO Mark Rider.

Recorded live on 7 November 2024.

Additional information

In accordance with regulatory requirements, the following additional information is available for you to view prior to the Annual Members’ Meeting:

Further information

In accordance with regulatory requirements, the following additional information is available for you to view prior to the Annual Members’ Meeting:

  • Notes to the short-form expenditure summary

    Please note that expenditure disclosed in each expenditure item in the short-form expenditure summary is not mutually exclusive. That is, payments to some entities may be included in multiple expenditure items as required by section 29P(3) of the Superannuation Industry (Supervision) Act 1993 (Cth), and regulation 2.10 of the Superannuation Industry (Supervision) Regulations 1994 (Cth). This may result in an overstatement of the total expenditure.

    Remuneration expenditure includes the remuneration of all executive officers of the Fund for the financial year 2023/2024. Executive officers include directors, special advisors and executives who have the authority and responsibility for planning, directing and controlling the activities of the Fund.

    Promotion, marketing or sponsorship expenditure includes expenditure of design, production and distribution of Fund promotional or educational materials, advertising development and media costs, and partnership arrangements. This expenditure is necessary to grow the Fund.

    Political donations – Brighter Super does not make political donations.

    Industrial body payments are payments to organisations registered under the Fair Work (Registered Organisations) Act 2009 for member access, distribution of Fund promotional and education materials and marketing of the Fund. The amounts recorded here are also included within the total promotion, marketing or sponsorship expenditure item.

    Related party payments include payments made to entities which are wholly owned by Brighter Super. The payments relate to administration, advice and management services provided to the Fund by its related entities. On 1 June 2023, SPSL Services Pty Ltd (a subsidiary of Brighter Super) commenced the provision of administration services to Brighter Super on a cost recovery basis, resulting in an increase in related party amounts disclosed in the current year, as the arrangement was in place for the full financial year.

    Note: Financial information reported in the short form expenditure summary may differ to the Annual Report due to differences in requirements between the Superannuation Industry Supervision Act and the Australian accounting standards.

  • Brighter Super short form expenditure summary for financial year 2023/2024
    Expenditure item   Aggregate amount ($)
     Remuneration expenditure  5,955,972
     Promotion, marketing or sponsorship expenditure  1,540,481
     Political donations  -
     Industrial body payments  97,667
     Related party payments  17,493,149

  • Details of contracts associated with promotion, marketing or sponsorship expenditure
    Organisations Contract term Expenditure 2023/24 ($) Expenditure 2024/25 ($) Expenditure 2025/26 ($) Expenditure 2026/27 ($) Total payments ($) Comments 
    Australian Municipal, Administrative, Clerical and Services Union Queensland (Services and Northern Administrative Services) Branch 1-Jul-23 30-Jun-24 51,056 0 0 0 51,056 Sponsorship
    BCM Group (Australia) Pty Ltd 30-Aug-23 29-Aug-24 456,544 0 0 0 456,544 Marketing
    BEEF Australia 30-Nov-23 31-Aug-24 62,030 0 0 0 62,030 Sponsorship
    Cole Lawson Communications Pty Ltd 1-Sep-23 31-Aug-24 106,541 12,887 0 0 119,428 Public relations
    Cole Lawson Communications Pty Ltd 1-Sep-23 31-Aug-24 25,285 2,770 0 0 28,056 Marketing
    GrowthOps Khemistry Pty Ltd 1-Jul-23 30-Jun-27 185,077 0 0 0 185,077 Marketing
    Local Government Association of Queensland (LGAQ) 1-Jul-23 30-Jun-24 51,636 0 0 0 51,636 Sponsorship
    Local Government Managers Australia (QLD) Inc. (LGMA) 1-Jan-23 31-Dec-23 13,871 0 0 0 13,871 Sponsorship
    Local Government Managers Australia (QLD) Inc. (LGMA) 1-Jan-24 31-Dec-24 13,871 13,871 0 0 27,742 Sponsorship
    Master Electricians Association Queensland Industrial Organisation of Employers (MEA) 1-Jul-23 30-Jun-24 72,138 0 0 0 72,138 Sponsorship
    Mates in Construction (Australia) Ltd (trading as MATES in Energy) 1-Jul-23 30-Jun-24 159,087 0 0 0 159,087 Sponsorship
    National Electrical and Communications Association (NECA) NSW 1-Jul-23 30-Jun-24 18,058 0 0 0 18,058 Sponsorship
    National Electrical and Communications Association (NECA) WA 1-Jul-23 30-Jun-24 28,553 0 0 0 28,553 Sponsorship
    PEER Education Employment & Training Ltd 1-Jul-23 30-Jun-24 10,338 0 0  0 10,338 Sponsorship
    Pinstripe Media Pty Ltd 14-Mar-24 13-Mar-27 113,864 285,000 305,000 240,000 943,864 Marketing
    Agency 888 Pty Ltd     300 0 0 0 300 Marketing
    Financial Advice Association Of Australia Ltd     7,315 0 0 0 7,315 Sponsorship
    Local Government Finance Professionals Queensland     2,817 0 0 0 2,817 Sponsorship
    QESI Rosebowl     1,500 0 0 0 1,500 Sponsorship
    Queensland Futures Institute     15,714 0 0 0 15,714 Sponsorship
    Queensland Council of Unions Rockhampton     1,500 0 0 0 1,500 Sponsorship
    Queensland Energy Club Pty Ltd     16,983 0 0 0 16,983 Sponsorship
    SuperRatings Pty Ltd     10,450 0 0 0 10,450 Marketing
    Tarong Golf Day     750 0 0 0 750 Sponsorship
    The Branding Business     103,012 0 0 0 103,012 Marketing
    The Magazine Publishing Company     7,869 0 0 0 7,869 Marketing
    Vimeo, Inc     317 0  0 0 317 Marketing
    Vistar Productions     661 0 0 0 661 Marketing
    Winton Shire Council     3,344 0 0 0 3,344 Sponsorship
    TOTAL     1,540,481 0 0 0 2,400,009  

  • Itemised list of industrial body payments 2023/2024
    Organisation   Amount ($) Date 
     National Electrical and Communications Association NSW  3,612  31/07/2023
     National Electrical and Communications Association NSW  3,612  19/06/2024
     National Electrical and Communications Association NSW  3,612  28/11/2023
     National Electrical and Communications Association NSW  3,612  14/08/2023
     National Electrical and Communications Association NSW  3,612  16/02/2024
     Electrical & Communications Association WA  17,058  3/06/2024
     National Electrical and Communications Association WA  11,495  11/06/2024
     Australian Municipal, Administrative, Clerical and Services Union Queensland (Services and Northern Administrative Services) Branch  51,056  24/08/2023
     TOTAL  97,667  

  • Itemised list of related party payments in 2023/2024
    Payment  Related party  Amount ($) Date 
     Administration and advice fees  ESI Financial Services  332,749  28/06/2024
     Administration and advice fees  ESI Financial Services  332,749  31/05/2024
     Administration and advice fees  ESI Financial Services  332,749  30/04/2024
     Administration and advice fees  ESI Financial Services  332,749  31/03/2024
     Administration and advice fees  ESI Financial Services  332,749  29/02/2024
     Administration and advice fees  ESI Financial Services  332,749  31/01/2024
     Administration and advice fees  ESI Financial Services  332,749  31/12/2023
     Administration and advice fees  ESI Financial Services  332,749  24/11/2023
     Administration and advice fees  ESI Financial Services  332,749  30/10/2023
     Administration and advice fees  ESI Financial Services  332,749  28/09/2023
     Administration and advice fees  ESI Financial Services  332,749  31/08/2023
     Administration and advice fees  ESI Financial Services  332,749  31/07/2023
     Cost recovery reimbursements  SPSL Services  61,504  30/06/2024
     Cost recovery reimbursements  SPSL Services  1,461,234  28/06/2024
     Cost recovery reimbursements  SPSL Services  517,112  21/06/2024
     Cost recovery reimbursements  SPSL Services  975,410  31/05/2024
     Cost recovery reimbursements  SPSL Services  767,685  30/04/2024
     Cost recovery reimbursements  SPSL Services  774,244  31/03/2024
     Cost recovery reimbursements  SPSL Services  108,949  29/02/2024
     Cost recovery reimbursements  SPSL Services  436,539  28/02/2024
     Cost recovery reimbursements  SPSL Services  237,386  16/02/2024
     Cost recovery reimbursements  SPSL Services  493,470  31/01/2024
     Cost recovery reimbursements  SPSL Services  372,204  29/01/2024
     Cost recovery reimbursements  SPSL Services  1,082,307  31/12/2023
     Cost recovery reimbursements  SPSL Services  907,939  30/11/2023
     Cost recovery reimbursements  SPSL Services  1,354,135  31/10/2023
     Cost recovery reimbursements  SPSL Services  1,174,566  30/09/2023
     Cost recovery reimbursements  SPSL Services  1,325,555  21/09/2023
     Cost recovery reimbursements SPSL Services  1,449,920  31/07/2023
     TOTAL    17,493,149  
Brighter Super Trustee (ABN 94 085 088 484 AFS Licence No. 230511)(“Trustee”) as trustee for Brighter Super (ABN 23 053 121 564) (“Fund”). Brighter Super may refer to the Trustee or the Fund as the context may be. Brighter Super products are issued by the Trustee on behalf of the Fund.