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Kevin O’Sullivan will become a founding member of a three-person board when the government’s compensation scheme commences in April.
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CSLR appoints former UniSuper CEO to board
17 January 2024
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The Compensation Scheme of Last Resort (CSLR) transitional board has appointed the former CEO of UniSuper as a non-executive director before the scheme’s commencement in April.
Kevin O’Sullivan has replaced AFCA deputy chief ombudsman June Smith on the transitional board and will become a founding member of the three-person board once an independent chair is appointed, the CSLR said.
“Kevin brings extensive financial sector experience, both as an executive and as a director, along with analytical acumen, strategic thinking and integrity,” the transitional board said.
The announcement comes after CLSR appointed non-profit leader David Berry as its chief executive and AFCA director Delia Rickard as a non-executive director in December.
Parliament passed legislation establishing the CSLR in June last year to enable victims of financial misconduct to lodge compensation claims up to $150,000.
The scheme was recommended by the 2017 Ramsay Review of dispute resolution processes in the financial system as well as the Royal Commission into the industry.
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Mr O’Sullivan, an actuary by training, would fill the legislative requirement that the CSLR’s three-person board feature at least one director with actuarial experience and qualifications.
“His significant actuarial expertise will greatly assist the board in its role determining estimates of claims, fees and costs for annual levies,” the CSLR said.
It said Mr O’Sullivan had worked in the financial services industry for 40 years, most recently as the CEO of UniSuper since 2013, one of the country’s largest super funds.
During his tenure, he oversaw the doubling of funds under management to over $100 billion and “navigated challenges” during the Global Financial Crisis and COVID-19 pandemic, it said.
Mr O’Sullivan won the Fund Executive Association’s Fund Executive of the Year award in 2020 before stepping down in 2021 to add “more flexibility” to his life, including spending more time with his wife.
CSLR said he had also contributed to various advisory boards, including roles at Playfair Asset Management, Deakin University’s investment committee, Allianz Retire+, and the Conexus Institute. He was a fellow of the Actuaries Institute in Australia and the Society of Actuaries in the United States.
Mr O’Sullivan said: “The CSLR is an important addition to the consumer protection framework in Australia. I very much look forward to playing a role in its establishment.”
Mr O’Sullivan’s appointment was overseen by executive search firm Johnson Partners.
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