FOR EMPLOYERS IN THE VICTORIAN CONSTRUCTION INDUSTRY
Welcome to CoINVEST News!
October marks the completion of my first year in the role as CEO at CoINVEST, and our first year with Jenny Acton as the Chair of the Board of Directors. In that time, we have seen plenty of progress at CoINVEST, at a time when the world at large has experienced a great deal of change too.
With a new organisational structure and an increased number of staff, we have continued to build on the already great improvements we are making in servicing our members, improving processes, and working through backlogs. We also have a new strategic direction approved by the Board; one that gives us clarity about our strategic direction through four focus areas and priorities to guide us through the next stage of our transformation. Our four key focus areas are: Member Experience; People & Culture; Managing & Administering the Fund; and Governance, Processes and Systems. These areas demonstrate our commitment to becoming a more member-centric organisation, valuing our staff and talent, keeping a focus on strong financial management of the Fund, and ensuring the way we operate is best practice through our governance, processes and systems we use.
In the last 12 months there has also been notable change outside of CoINVEST, at a national and international level. The effects of supply chain delays have impacted the construction industry enormously – and the influence of rising interest rates has further compounded those impacts, resonating throughout the whole Australian economy.
Internationally, the impacts of the war in Ukraine and recent economic instability in the USA and UK have all contributed to less than favourable market conditions for global investments. As such, our target investment return for 2021-22 was not achieved; a negative return of 3.64% for the year. However, we have seen improvement in the return overall for 2022-23. We will shortly be publishing the Fund Report on our website in advance of our Annual Beneficiaries Meeting to report on the Fund’s performance for 2021-22.
Risk assessment forms a key component of any strategy around assets, liabilities, and investment. In Australia, we have seen how these same principles around risk apply to the holding and protection of personal data, with the recent high-profile mishandling of customer data by Optus. Holding personal data must be respected as both an asset and a liability. As Optus have recently seen, the risk of not properly protecting customer data can have huge consequences.
We would like to remind members at this time of the importance of staying vigilant to protect yourself against scams and fraud, and this will be the focus of our feature article for this edition of CoINVEST News.
As I look back on my first year at CoINVEST, I would like to thank the Board and all the staff for their dedication and hard work which continues to stand us in good stead for the next chapter of our journey.
Chief Executive Officer, CoINVEST Limited
As we prepare for our Annual Beneficiaries Meeting, let’s take a look at some of the key messages and current talking points from CoINVEST.
The July to September 2022 Workers Days and Wages (WDW) submission is now available for employers to complete on the CoINVEST Portal.
The due date for submission is 14 October 2022.
As the industry regulator and Trustee of the Construction Industry Long Service Leave Act 1997, CoINVEST applies strict legal and financial consequences for non-compliance relating to worker registration and return submission.
All employers should familiarise themselves with the requirements as an employer under the Act and the consequences of non-compliance at our Employer Obligations webpage.
If you require assistance or are unable to submit your WDW before the due date, please call our Member Assist team on 03 9664 7677 or 1300 COINVEST.
CoINVEST’s Annual Beneficiaries’ Meeting (ABM) provides you with an opportunity to hear from our Board and CEO on how CoINVEST is performing as well as raise any issues you have regarding the operation of the Fund.
This year, the ABM will be held at 5pm on Tuesday 8 November 2022.
All contributors, beneficiaries, and potential beneficiaries are invited to attend the ABM.
If you would like to attend the ABM in person or via video link, please register your interest at www.coinvest.com.au/abm-2022 by 24 October 2021.
To further support the operational delivery of our strategic goals, CoINVEST is actively seeking member-centric individuals to champion our community from within.
We put our members first, and we are asking you to share with your network the exciting career opportunities available at CoINVEST.
Our roles vary from membership service consultants, technical specialists, through to people leaders.
This is an exciting period of growth at CoINVEST, focused on shaping the business to continue to support and protect the long-term wellbeing of construction workers and the vitality of the construction industry. At CoINVEST, we are all about our people and the service we deliver to our valued members.
If you know someone who aligns with our purpose we encourage you to direct them to our careers webpage.
Protecting the data and entitlements of our members is our priority. As a CoINVEST member, you can be assured that our team is always working to keep your personal and private information safe and we are constantly evaluating security protections to look for ways that we can make it even safer.
As cyber threats continue to rise throughout our increasingly digital-based world, we are reminded that the most critical element when it comes to avoiding becoming a victim of a scam or fraud is the human element.
Scams and fraud attempts aim to target human vulnerabilities or exploit our blinds spots. As these attempts continue to evolve, it can sometimes be difficult to spot the difference between a genuine email from a trusted source, or a malicious one designed to trick you into giving up your personal and private information. To help minimise the risk of falling prey to a scam, there are steps that each of us can take to protect ourselves online:
Use strong passwords
Consider making your passwords a phrase that is unique to you. Typing a few words can be easier to remember and can be more secure than most traditional passwords. There are even password manager apps available to generate passwords and help keep them secure.
Ensure your contact details are up to date
Log in to your CoINVEST profile and other online services regularly to ensure that all your information is accurate and update it where required.
Use secure methods of payment
When paying any long service leave invoice or charge, the most secure method of payment is by logging in to our Member Portal. That way, you’re protected by your password login credentials and by CoINVEST’s secure payment system at the same time.
Be sceptical of any unexpected incoming communication
No matter if it appears to be from a provider you use and trust, and regardless of whether it is an email, text message, or phone call. If in doubt, double-check by reaching out to the provider directly using contact details from their official website. Also be aware of unusual communications styles, using poor grammar or spelling, or calls on a delayed or distorted phone line.
Set up multi-factor authentication whenever it is available
Many online services and apps offer multi-factor authentication as an additional level of protection that requires multiple pieces of proof to log you in (like a traditional password AND a one-time code sent by SMS or generated through an authenticator app). If a website or app offers the extra security of multi-factor authentication, make sure to set it up for added protection.
Install the latest updates
Protect your devices by making sure the latest iOS, MacOS, Android or Windows operating system updates are applied. Older versions can be exploited for vulnerabilities in security patches by hackers, so it pays to be up to date. Many modern devices automatically check for updates and apply them, but it’s also worth taking the time to do the same for all your other apps and services.
Limit what you share online
Set your social media accounts to private and limit the amount of personal information you share online like your birthday, address, or even photos that identify your children’s school. Scammers and fraudsters will use whatever information they can readily find on the internet about an individual if they want to impersonate their identity or hack their accounts.
Use secure Wi-Fi
Be careful about sending and receiving confidential information across a public Wi-Fi networks – it’s much easier for hackers to intercept it on an unsecured network.
GPO Box 4368, Melbourne, VIC 3001
T 03 9664 7677
T 1300 COINVEST