❓ A WA MP questions the Treasurer regarding GESB's due diligence trips to the Philippines, Singapore, and India to meet with Northern Trust, GESB's asset custodian, seeking details on the necessity, reporting, and transparency of these activities.

I refer to the Report on Overseas Air Travel for the 3 months to 31 December 2024 and two trips to the Philippines, Singapore and India by two members of the Government Employees Superannuation Board to conduct on site due diligence with GESB’s asset custodian Northern Trust for a total of $17,239. Can the Treasurer advise:(a) Are such due diligence meetings part of standard operating procedures for the Board;(b) If so, what other due diligence meetings have occurred with other GESB asset custodians over the past three years and with Northern Trust specifically;(c) If not, what prompted the due diligence meeting with Northern Trust;(d) Has a report been prepared for the Board and or Government:(i) If so, can the Treasurer table this report; and(ii) If not, why not;(e) Is there a requirement for the GESB to share the outcome of this due diligence meeting with Northern Trust with GESB members:(i) If so, has this been done, when and how; and(ii) If not, why not;(f) What is the nature of Northern Trust’s involvement with GESB;(g) What is the quantum of Northern Trust’s financial involvement with GESB; and(h) Does GESB advise its members of asset custodian’s interests in the operations of the superannuation scheme:(i) If so, how and when; and(ii) If not, why not?

(a – h) These activities form part of standard operational due diligence undertaken by the Board to assess custodial capability, risk, and compliance, including regular engagement with its sole asset consultant, Northern Trust, and periodic site visits. Northern Trust acts as custodian for approximately $45 billion in funds under management, providing independent safekeeping, administration, and reporting services, with oversight and reporting provided to the Board and disclosed in annual reports. All travel expenses are detailed in GESB annual financial statements which are readily available online.