The merged Australian Institute of Superannuation Trustees and Industry Super Australia will be named the Super Members Council of Australia.

The council will represent more than 10 million Australians who hold more than $1.4 trillion in assets and will be operational from 1 October 2023.

The foundation funds are eight of Australia’s largest funds – Australian Retirement Trust, AustralianSuper, Aware Super, Cbus Super, HESTA, Hostplus, Rest Super and UniSuper.

The foundation funds have each nominated a director to the governing board and will add three further directors chosen by the small-to-medium sized profit-to-member funds. An employee and employer representative will each join as non-voting directors.

A search for CEO to lead the council is underway.