On 18 Jan 2013, MRI sent a letter to MAV :
The current Defined Benefits shortfall is almost a year old and the investment portfolio risk is still left exposed as we don’t know whether anyone is managing the risk positions of the funds now and improving the qualifications of the Trustees has not commence.
Analysing the MAV solution recommendations reveal deficiencies in the governance of Vision Super’ funds management, which have contributed to the large magnitude of past and current Defined Benefits shortfalls.
We have attached some questions that need clarification and we look forward to your written response.
Please feel free to phone or email for further details or a meeting to clarify these questions……… ”
Click here for the email’s attachment
Notes: The Municipal Association of Victoria (MAV) is the legislated body corporate of all Victorian Councils under the Municipal Association Act (amended 2007)