Welcome to the tenth edition of CEO Online

This edition, I would like to bring you up to date with:

Your scheme's investment performance

I am pleased to report investment earnings continue to remain in the positive, and we are now declaring positive exit rates. As at 31 November, the year-to-date fund return was 5.0% (after adjustments for tax, fees), compared to our benchmark of 4.8%, and the CSS reserve has been replenished.

As at October 2003, the CSS had over $5.0 billion in net assets and over 49,000 members.

FOR MORE INFORMATION ON INVESTMENTS: Investment Performance and Investment Strategy

 CSS wins United Nation's Royal Award

On 20 October, the CSS and its governance partner BT Financial Group (BT) were jointly awarded the United Nations Royal Award for Responsible Investment in recognition of our investment governance program.  The CSS was one of three organisations internationally to receive this award.

The Award recognises outstanding activity in the field of sustainability and socially responsible investment.

We are very proud that an Australian initiative had gained international recognition and hope it provides further encouragement for our investment community to recognise opportunities to improve the value of long-term investments by incorporating sustainability into risk management.

FOR MORE INFORMATION ON THE ROYAL AWARD: PSS/CSS win UN Royal Award for Responsible Investment

Executive Remuneration - too much hype, not enough governance

In October, the CSS called for less hysteria in regard to executive remuneration, in favour of a greater focus on returns for shareowners.

Research commissioned by the combined Public Sector and Commonwealth Super Schemes (PSS/CSS), Catholic Super Fund (CSF) and Northern Territory Government Public Authorities Superannuation Scheme (NTGPASS) has failed to find a link between remuneration for executives and performance for shareowners. The same research found that remuneration is strongly correlated with the size and complexity of the company, but the link to company performance in terms of return on equity and return on assets is largely absent.

FOR MORE INFORMATION ON THE GOVERNANCE OF EXECUTIVE REMUNERATION: Executive remuneration - too much hype, not enough governance

Over the festive season

Our office will be closed from the 25 December to the 5 January.

The office of our administrator ComSuper will also be closed from the 25 December, and will reopen on 2 January

I wish you and your family all the best over this festive season and look forward to reporting to you again soon.