You may have seen media coverage about the resignation of independent Directors from the Board of GESB Mutual Ltd (GML), established to become the parent entity of the organisation when it mutualises.

Mutualisation means that GESB would be owned by its members and was agreed by the State Government and GESB as the best way to deliver both Choice of Fund and enhanced regulatory oversight.

A statement issued by the outgoing GML Chairman, Wayne Osborn, on 4 February highlights that the independent Directors believe it was appropriate to resign given that mutualisation has now been delayed by more than 18 months without resolution.

The State Government continues to assess policy options. Most recently, a review on the underlying structure of the proposed transition was initiated, with Rod Whithear appointed as an independent adviser.

Mutualisation provides member benefits

GESB continues to support the provision of Choice of Fund to WA public sector employees through mutualisation, as it is in the best interests of members.

The form of mutualisation proposed means that GESB is able to preserve economies of scale and its ability to deliver sound investment returns, low fees and extensive member services.

GESB will continue to represent the best interests of members, as it works with the State Government to provide the information they need to determine their preferred policy position.

Find out more about Choice of Fund.