POSITION DESCRIPTION

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1 POSITION DESCRIPTION Position Title CHIEF FINANCIAL OFFICER Date: April 2016 Group: WA Local Government Superannuation Plan Reports to: Chief Executive Officer Employment Status: Permanent SECTION 1 CORPORATE PROFILE WA Super Is a leading industry fund servicing approximately 40,000 members with funds under management in excess of $2.4b; and Operates to serve the best interests of members and clients by delivering superannuation products and financial advice which assist members with saving for retirement by providing high quality education, advice and investment returns, at a market competitive cost with market leading service. A service company (WA Local Financial Services Pty Ltd, trading as Western Financial) has been established to deliver the full range of services required to achieve the outcomes detailed in the Group Strategic Plan. WA SUPER VISION WA SUPER MISSION A COMFORTABLE RETIREMENT FOR OUR MEMBERS. To assist members with saving for retirement by providing high quality education, advice and investment returns, at a market competitive cost with market leading service.

2 POSITION SUMMARY The primary responsibilities of the Chief Financial Officer are;» Setting and applying the Strategic direction for the Finance and Investment operations function to achieve short, medium and long term aims, covering the financial, accounting, budgeting, investment operations and taxation activities of the Group.» Manage & maintain high quality systems in the Finance function of the group.» Direct the establishment of financial /accounting principles, procedures and practices in line with legal, regulatory and corporate requirements.» Ensure accurate and timely financial reports and forecasts for the fund so as to provide a clear insight into its financial condition.» Advise on the financial implications of decisions and establishing the financial soundness of proposed acquisitions and divestment of business assets.» Ensure the funds of the Group are protected through the establishment of effective financial controls; implementing and maintaining appropriate management accounting and reporting systems, budgetary controls and expenditure procedures.» Implement policies to ensure the security of funds and assets, managing the lodgment of tax and other returns to comply with all statutory requirements, and administering insurance cover and claims.» Ensuring established service level agreements are consistently achieved for new business, allocation of new member contributions, alterations and exit processing» Manage key Outsourced Provider Custodian - JP Morgan.» Provide leadership, guidance and support to Finance and Operations Manager and Finance team.» Ensure that the interactions, systems and control environment involving investment administration and operations function efficiently.» Member of the Executive Management Team SECTION 2 KEY WORKING RELATIONSHIPS INTERNAL Chief Executive Officer, Manager Investments and members of the Executive and Operational Management Teams. Chairman and Board of WA Super Senior Finance Executives of Other Superannuation Funds. EXTERNAL Auditors & Financial Advisers Regulatory authorities including APRA, ASIC and the ATO Relevant industry associations including, ASFA, IFSA, FEAL, ALGSA, LGMA, WALGA, ASU and LGRCEU Position Description Chief Financial Officer Page 2 of 9

3 Administration & Finance teams Clients / Employers & Stakeholders Major service providers to the Fund SECTION 3 KEY RESULT AREAS AND KEY PERFORMANCE INDICATORS KRA BEHAVIOURAL DESCRIPTORS KPI 3.1 Financial & Management Accounting» Reliably delivers, understands and explains financial data related to company performance» Develops and oversees management accounting information to support the business» Meets defined, agreed upon reporting deadlines» Proactive and creative in managing the balance sheet to effectively serve the Company s financial needs» Management of the general accounting functions and the preparation of reports, statistics, variance analysis and commentary reflecting income, profits, cash flows, costs and other business performance indicators» Interpretation of statistical and accounting information to appraise operating results in terms of costs, budgets, operation, policies, trends and increasing profit possibilities.» Preparation of forecasts, budgets, business and financial plans, product evaluation, predictions and other analysis as required.» Ensure contemporary budgetary, business and financial practices are followed.» Review financial performance and make commentary on corrective action to improve performance where required.» CEO is consistently aware of and comfortable with financial data and its implications upon operations.» Internal and External Audit reports.» Other measures as Balanced Score Card.» Ensure that the external audit function is carried out to ensure Position Description Chief Financial Officer Page 3 of 9

4 3.2 Regulatory compliance, and administration 3.3 Prevention of Fraud & Corruption compliance with Accounting Standards, law and internal controls.» Preparation of statutory accounts in accordance with AAS and timely provision of information to ensure a non-qualified external audit of accounts.» Proactive tax planning in cooperation with external advisors to minimise tax expense.» Ensures the Superannuation crediting rate, unit pricing and reconciliation process are operating effectively.» Increase organisational understanding of financial issues through being an advocate of the value of linking financial and operational information for decisionmaking purposes;» Build strong, effective working relationships with the key regulatory authorities including APRA, ASIC and the ATO.» Ensure you and your direct reports operate in line with Group policies and procedures & ensure the staff training and systems in the Finance, area produces a fully compliant outcome;» Undertake responsible risk identification and management in relation to conduct of all business activities as per the Risk Management Framework; and» Actively participate in risk reviews and scheduled audits.» Act as a responsible person under ASIC & APRA licensing regulations» Responsible for promoting a culture of ethical conduct and ensuring fraud risks are managed and fraud incidents are appropriately reported.» Conscious of the fraud & corruption risks and able to identify, manage» Reduce and maintain APRA s risk framework profile of the Fund and maintain at lowest risk level.» Compliance with ASIC, Corporations and other relevant laws including AFS & RSE license conditions.» RZ 16» RZ 42» RZ 07 Position Description Chief Financial Officer Page 4 of 9

5 3.4 Administrative & Statutory Management and implement mitigation strategies to prevent fraud.» Remain up to date with the latest developments in techniques & technologies used in conducting fraud as well as prevention tools.» Foster an environment in which staff are encouraged to report fraud & corruption without fear of reprisal and escalate cases in line with Group policy including actual, potential and near-miss events.» Understands the implication of changes to statutory financial or legal requirements to the company s business. Communicates effectively to the CEO and Board and implements necessary company policies to comply with change.» Ensure that the Company operates within all statutory and legal requirements, with particular reference to the Corporations Law, ASIC, APRA, Accounting standards and other relevant bodies» Meets statutory reporting requirements» Attends Board meetings and ensure all necessary reports are accurately and timely prepared.» Ensures Finance work processes are documented and policies and procedures are regularly reviewed.» Contract negotiation and management» Effectively manages all Group taxes including GST, FBT, stamp duty and payroll tax.» Arranges and maintains corporate Insurances» Effectively administers investments and Group property.» No Surprises at Board or CEO level.» 100% compliance» Achievement of statutory reporting requirements» Other measures as Balanced Score Card.» Utilise Tickit to track & report 3.5 Strategic input» Focus on strategic planning through constructively challenging,» Business performance and growth Position Description Chief Financial Officer Page 5 of 9

6 to financial and business needs 3.7 Team & People Management & Development 3.9 Investment Operations and Administration influencing and facilitating development of future strategic directions. Including but not limited to financial modelling, scenario analysis, KPI definition, target setting and reporting.» A key resource in coordination and execution of strategies targeted at growth of the Plan and achievement of the Strategic Objectives.» Able to understand both the operational and financial needs of the company and/or Fund and identify areas to maximise value for both functions.» Ongoing analysis and assessment of the strategic plan against actual achievements.» Identification of business areas of performance improvement and assessment of the same.» Initiates and implements plans to make maximum use of financial resources to meet Group objectives and plans.» Proactive, supportive and effective management of all resources.» Develop capability across the team, striving for best practice and creating an environment where people achieve, grow and enjoy.» Be a champion of the corporate culture and our vision and develop the financials knowledge and skills of the management team» Provide leadership and mentoring to all finance, personnel in accordance with the vision and icare values.» Oversee the Fund s unit pricing policies, processes and control environment.» Oversee the administration and execution of transactions as advised from the Investment Team including the effective and efficient operation achievement» Achievement of the Administration and Investment cost targets.» Other measures as Balanced Score Card» Team motivation, achievement and planned succession» Excellent rating on the delivery of services to the management team.» Other measures as Balanced Score Card» Measures as Balanced Score Card Position Description Chief Financial Officer Page 6 of 9

7 of controls.» Oversee and report on investment compliance monitoring as required.» Oversee regulatory reporting and disclosure as it pertains to investments, including APRA reporting and the calculation of indirect cost ratios. SECTION 4 AUTHORITY LEVELS» Decisions within the CFO s immediate departmental function» All company financial decisions on finance and/or other relevant policies, in conjunction with the CEO and Board as appropriate and in accordance with Group policies.» Acts in accordance with Delegated Authority limits SECTION 5 MAJOR CHALLENGES Short Term (up to 6 months)» Managing the obtaining of appropriate APRA licenses build effective working relationship with APRA and other regulators» Review staffing structure and function and implement measured and sustainable change required to meet Strategic Plan objectives» Building and maintaining a focused, motivated team» Improving quality and timeliness of information flow to the Board» Improve the unit pricing processes involving custodian, accounting and administration systems. Medium Term (6 to 12 months)» Advising the CEO and Board in relation to the evaluation of collaborative partnership opportunities particularly in the areas of growth and product and service offerings and related commercial direction for the Fund Long Term (at least 12 months)» Work closely with the Executive Team to drive scope, scale and growth strategy Position Description Chief Financial Officer Page 7 of 9

8 SECTION 6 COMPETENCY PROFILE Critical Competencies (skills, attitudes, abilities, motivations critical to successful performance)» Highly developed financial and management accounting skills, to a level required for a responsible person under ASIC & APRA licensing regulations;» Demonstrated capacity to lead and manage a high performing division;» Ability to influence and facilitate policy development processes whilst reflecting the respect and team ICare values;» Strong results orientation, resilience and a positive approach to risk mitigation;» Ability to take a broad view of the overall operations, goals and performance of the Group;» Ability to present to large forums, such as member conferences;» Creative and forward looking able to think outside the box.» Demonstrated drive and ability to improve budgets, reporting, forecasting and internal controls;» Understand complex commercial and contractual issues;» Provide support and advice on business and financial matters to management and the board;» A proactive approach to professional and organisational development with the ability to engender enthusiasm and professionalism in others;» Ability to identify and prioritise strategic business and financial issues, especially regarding improved member value;» A quick intellect with a demonstrated applicability towards innovative, commercial solutions;» Excellent oral and written communication skills;» Well-developed ethical standards and high personal integrity. A mind-set that enables total commitment to members bests interests even at the expense of personal goals;» Able and willing to undertake out of hours work as required. Qualifications (formal, recognised qualifications/professional memberships)» A tertiary accounting or business qualifications in a relevant field» Post-graduate qualifications will be highly regarded» Chartered Accountant or CPA qualification» Meet & maintain the fit and proper standard pursuant to the relevant provisions of the Superannuation Industry (Supervision) legislation Experience (include area and level/significance of experience required)» 3 years plus experience as a CFO or in a senior financial position in a relevant industry» 10 years relevant experience within a financial / accounting/ Investment environment. Knowledge (technical, management, industry/sector knowledge) Position Description Chief Financial Officer Page 8 of 9

9 » Ability to improve budgets, reporting, forecasting, internal controls and prepare statutory financial and taxation statements.» Adept at Executive and Board level interaction.» Understanding of investment management principles and practices.» Understanding of financial markets.» Strong understanding of regulatory requirements relating to financial services and investments.» Investment or superannuation product knowledge. SECTION 7 ACCEPTANCE OF POSITION DESCRIPTION Incumbent s signature Date Reporting Officer s signature Date Position Description Chief Financial Officer Page 9 of 9