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  • APRA Funds Operational Performance Report Design Working Group key messages December 2020

    Meeting objectives

    The co-design working group met on 8 and 16 December to receive a progress update and to work through the prototype and to reach agreement on:

    • key metrics/statistics
    • methodology
    • overall visual representation.

    Key discussion

    Larissa Evans acknowledged the importance of establishing the narrative around the report to increase awareness and understanding of the intent and purpose of the Operational Performance Report (OPR).

    Larissa reiterated the intent of the OPR which is to:

    • provide transparency of the data we are seeing from funds
    • indicate a fund’s position in relation to an industry average and the best performing fund, enabling a fund to reflect on its own position within the OPR population, not an ATO aspiration or benchmark
    • be used in conjunction with other engagement methods to address matters of concern when they arise
    • be fluid to reflect emerging/current issues, which are part of the OPR’s intent, including adding and removing measures providing an agile approach
    • identify where there is a potential area of focus based on the overall results for a period and communicate this to Industry.

    The group worked through the prototype and provided feedback on the overview of fund information, graph representations, metrics, methodology and statistics. The project team will continue to develop the prototype based on this feedback. Larissa also suggested the group consider renaming the report to better reflect its intent.

    Note: OPR is a working name assigned to this product through internal development and will be updated prior to deployment to a title that better represents the purpose and opportunity of the report.

    Next steps

    The next meeting will be scheduled in February 2021 to review and discuss:

    • revised timeline
    • communications strategy
    • updated prototype based on the latest feedback.

    Attendees

    Attendees list

    Organisation

    Attendees

    ATO

    Larissa Evans (Chair), Superannuation and Employer Obligations

    ATO

    Aimee Peak, Superannuation and Employer Obligations

    ATO

    Belinda Black, Superannuation and Employer Obligations

    ATO

    Clare Gatenby, Superannuation and Employer Obligations

    ATO

    Ian Morgan, Superannuation and Employer Obligations

    ATO

    Karen Stacey, Superannuation and Employer Obligations

    ATO

    Kellie Johnson, Superannuation and Employer Obligations

    ATO

    May Gnanarajan, Superannuation and Employer Obligations

    AMP

    Kelly Kerr

    ANZ

    David Delany

    BT Financial Services

    Jimmy Sun

    Commonwealth Bank of Australia

    John Kennedy

    Commonwealth Superannuation Corporation

    Gareth McAlister

    IOOF

    Heide Stewart

    Link Group

    Sue Pearce

    Mercer

    Amanda Gunn

    National Australia Bank

    David Kerr

    Qsuper

    Catherine Best

    The Association of Superannuation Funds of Australia

    Kylie Osmond

    The Association of Superannuation Funds of Australia

    Paul Larsen

    Apologies

    Apologies list

    Organisation

    Members

    BT Financial Group

    Martin Mikulicin

    NAB

    Ian Roberts

      Last modified: 29 Jan 2021QC 64627