Welcome to the sixteenth edition of CEO Online

This edition, I'll be bringing you up to date with:

• investment performance
• the latest findings of our governance research into share trading by Australian companies
• AFP lays charges over attempted fraud in 2003
• Annual Members Statements - 2004-2005 Member Statements are now available online
• new phone and email for information about your CSS super

Investment performance

CSS default Fund

From 1 July 2003 to 9 December 2005, the estimated performance (after adjustments for tax, fees and the reserve) is 31.60% . This translates to a daily compound exit rate of 0.030813% for exits from 14 December 2005.

CSS Cash Investment Option

From 1 December 2004 to 9 December 2005, the estimated performance (after adjustments for tax, fees and the reserve) is 4.80% . This translates to a daily compound exit rate of 0.012529% for exits from 14 December 2005.

Please remember that past performance is no indication of future performance - returns are volatile and it is not possible to predict when they will go up or down, or how quickly this will happen.

If you are planning to retire or claim your deferred benefit in the next 12 months, please call us on 1300 000 277 for a detailed estimate of your benefit; and read ABOUT WITHDRAWING YOUR BENEFIT in our Retirement Options Product Disclosure Statement .

Find out more about your Fund's investment performance, investment strategy and Cash Investment Option.

The latest findings of our governance research into share trading by Australian companies

In November, the BT Governance Advisory Service on behalf of the PSS/CSS and five other leading superannuation funds, commissioned research which examined the governance procedures for S&P/ASX200 companies in relation to director and executive share trading and reviewed all trades by directors of top 200 companies in 2004.

The research showed that sixty per cent of Australia 's largest 200 listed companies have failed to meet basic disclosure rules on directors' share trading.

When directors and companies do not meet basic disclosure requirements there will always be the risk that investors suspect insider trading. If investors think the market is tilted in favour of insiders, they may be tempted to take their capital elsewhere.

The research also shows directors at 10 per cent of companies traded during the 'blackout' period between the end of a company's reporting period and the announcement of results, and directors at 23 companies traded shortly before the announcement of an earnings upgrade or takeover bid.

AFP lays charges over attempted fraud in 2003

Recently, the Australian Federal Police charged individuals over the attempted fraud against our custodian JPMorgan, relating to our account, in late 2003.

As you know, no CSS members' funds were lost and there was no impact on benefits or returns; however, some members indicated they were interested in updates. For background information, see our June 2004 announcement .

Check your annual member statement online

Now is the time to check your member statement in MEMBER SERVICES ONLINE (MSO). MSO offers you a range of convenient services to help you manage your super. You can:

• use the i-Estimator to project your potential final benefit
• update your address
• choose how you want to receive news about your super
• view and print your member statement
• pay surcharge and leave without pay (LWOP) contributions via BPAY
• change your Access Number

More information about MEMBER SERVICES ONLINE.

Please note you may not be able to use this service straight away if:

• You have previously had a family law reduction, or
• Your statement needs to be calculated manually.

If you are in this category and have not been able to access your Member Statement online and you wish to use this service, please phone us on 1300 000 277.

 New phone and email for information about your CSS super

Recently we upgraded our customer service numbers and email addresses to provide you with faster access to information about your CSS super or pension.

We have replaced the existing phone numbers, which were shared with our other Fund (the PSS), with a service dedicated to CSS members and another to CSS pensioners.

The new dedicated numbers and email addresses are:

I hope you have a happy and safe holiday season. I look forward to reporting to you again in the new year.

Steve Gibbs
December 2005