“Anthony’s depth of knowledge and understanding of the pulp and paper industry will be a significant advantage to the board and to our membership,” First Super chief executive Bill Watson said. “He has a vast working knowledge of the industry and will no doubt assist us in making decisions that reflect members’ real experiences and needs.” Also joining the First Super board is compliance officer for the CFMMEU Casey Thompson. She will be observing the board and committees as an associate member director.

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The dwindling payments from the early release scheme saw benefit payments drop to $21.3 billion in the December quarter, in contrast to $33.9 billion in the three months before. But benefit payments for the 2020 year were $113.3 billion, a 39.4 per cent surge on the year before, including around $36 billion being withdrawn under the early release scheme. Total contributions increased by 1.9 per cent during the year, although annual member contributions of $22.9 billion were 6.4 per cent lower than the previous year. Employer contributions had still increased by 4.1 per cent.

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In the US, Mr Biden has promised to spend US$2 trillion on clean energy projects over the next four years. Another big GHG emitter, China, is leading global renewable energy production and is the world’s largest investor in renewable energy. Elsewhere around the globe, money is pouring into renewable energy projects. However, much more investment is still required to meet the Paris Agreement. According to the International Renewable Energy Agency (IRENA), meeting international climate objectives will require a massive reallocation of capital toward low-carbon technologies and renewable energy, “and the mobilisation of all available capital sources”. IRENA has stated that annual investment in the renewables space must jump almost threefold to US$800 billion between 2020 and 2050 and the pace must accelerate considerably for the world to meet climate goals.

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Prior to his role at Vanguard, Mr Naidu had worked in business development positions at Macquarie Bank and Westpac Private Bank. GQG director of wholesale markets Daniel Bullock said the growth of the US-based fund manager’s Australian operations over the past three years had driven the creation of the new position. “Our business has grown significantly in the Australian market since first launching here in 2018, and we continue to see strong interest in our global equities and emerging markets capabilities, which have performed strongly despite the turmoil of markets in 2020,” Mr Bullock said.

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