Under new Superannuation Industry (Supervision) Act (SIS Act Section 29(P)) requirements, from this year all superannuation fund trustees are required to hold an annual meeting of their members.
The purpose of the Annual Members’ Meeting is to "discuss the key aspects of the fund and to provide members with a forum to ask questions about all areas of the fund’s performance and operations." 1
What is an Annual Members’ Meeting and how does it work?
- All RSE licensees (trustees) of a registrable superannuation entity (fund) are required to hold an annual meeting of members of the fund for each year of income of the fund.
- Trustees must provide notice of the meeting to all super and pension members of the fund within 6 months of the end of the financial or income year of the fund and the meeting must be held within 3 months of providing this notice.
- The notice must also be provided to members at least 21 days before the date of the Annual Members’ Meeting.
- The notice will outline the time and location of the meeting, details about how the meeting can be attended electronically, an agenda for the meeting and any other information prescribed by the legislation.
- The Chair of the Board and members of the Executive team will provide an update to members on the Fund’s key achievements, milestones, and performance over the last year.
- Members of the fund will have the opportunity to ask questions about the fund, the trustee, its responsible officers, any audit of the fund for the income year, any actuarial investigation of the fund in the income year, and any information included in the notice of the meeting.
- The minutes of the Annual Members’ Meeting, along with the answers to any questions asked in the meeting, will be made available on the fund’s website.
Colonial First State’s Annual Members’ Meetings
In line with the legislation, we will hold two separate Annual Member’s Meetings for our superannuation funds issued by Colonial First State Investments Limited and Avanteos Investments Limited on Tuesday, 16 March 2021.
Members will be able to attend the meeting online and will have the opportunity to submit questions to our executive team.
From 15 December 2020, we will send a ‘Notice of meeting’ inviting all super and pension members of these funds, which will include:
- the time and location of our Annual Members’ Meetings;
- details of how members can register and attend the meeting; and
- an agenda of matters to be discussed.
Meeting details, including their dates, times and copy of the notice to members are included below.
|Issuer & Registrable Superannuation Entity||Products||Date & time of Annual Members’ Meeting||Notice of Meeting to members|
Issuer: Avanteos Investments Limited^
|Tuesday 16 March 2021 from 12:00pm – 1:30pm (Sydney time)||Click here|
Issuer: Colonial First State Investments Limited
||Tuesday 16 March 2021 from 5:00pm – 7:00pm (Sydney time)||Click here|
Registration is not yet open but will be available from 15 December 2020 through www.cfs.com.au/membermeeting.
^ Please note; this meeting will include updates for additional RSEs (or funds) issued by Avanteos Investment Limited.
Want to know more?
If you’d like to know more, please contact:
- Your local Business Development Team, or
- Adviser Services (FirstChoice) on 13 18 36, 8am to 7pm, Monday to Friday, Sydney time, or
- FirstWrap Service and Support on 1300 769 619, 8am to 7pm, Monday to Friday, Melbourne time.
1Section 29P of the Superannuation Industry (Supervision) Act 1993.
Adviser use only
Colonial First State Investments Limited ABN 98 002 348 352, AFSL 232468 (Colonial First State) is the issuer of FirstChoice Personal Super, FirstChoice Wholesale Personal Super, FirstChoice Pension, FirstChoice Wholesale Pension, FirstChoice Employer Super offered from the Colonial First State FirstChoice Superannuation Trust ABN 26 458 298 557. It also issues interests in the Rollover & Superannuation Fund (ROSCO) and Personal Pension Plan (PPP) offered from the Colonial First State Rollover & Superannuation Fund ABN 88 854 638 840. Colonial First State also issues interests in products made available under FirstChoice Investments and FirstChoice Wholesale Investments. Colonial First State Custom Solutions is the registered business name of Avanteos Investments Limited ABN 20 096 259 979, AFS Licence 245531 (AIL). AIL is the trustee of the Avanteos Superannuation Trust ABN 38 876 896 681 which includes FirstWrap Plus Super and Pension, and is the operator of The Avanteos Wrap Account Service which includes FirstWrap Plus Investments.
Colonial First State and AIL are wholly owned subsidiaries of the Commonwealth Bank of Australia ABN 48 123 123 124 AFSL 234945 (the Bank). The Bank and its subsidiaries do not guarantee the performance of FirstChoice and AIL products or the repayment of capital for your investment.
This document is based on the understanding of current regulatory requirements and laws as at November 2020. While all care has been taken in the preparation of this document (using sources believed to be reliable and accurate), to the maximum extent permitted by law, no person including Colonial First State or any member of the Commonwealth Bank group of companies, accepts responsibility for any loss suffered by any person arising from reliance on this information. This document contains general information strictly for adviser use only and is not to be handed to any investor. This document may include general advice but does not take into account any person’s individual objectives, financial situation, needs or taxation circumstances. You should read the relevant Product Disclosure Statement (PDS) or Investor Directed Portfolio Service Guide (IDPS Guide) before making an investment decision and consider talking to a financial adviser. FirstChoice PDSs can be obtained from colonialfirststate.com.au or by calling 13 13 36 and FirstWrap PDSs and IDPSs can be obtained from the FirstWrap website.