Michael Dwyer, a veteran of the New South Wales superannuation sector, has been appointed chair of the State Super Board, effective September 1, 2026, the fund's trustee announced Thursday.
Dwyer takes over as chair of SAS Trustee Corporation, the statutory trustee of State Super, which manages closed defined-benefit pension schemes for past and present NSW government and public sector employees. Unlike accumulation funds that compete for new members, State Super's schemes have been closed to new entrants for decades, with the trustee focused on meeting long-term pension obligations, overseeing investment strategy and administering benefits for existing members. The fund has more than 76,000 members and $38 billion in assets under the Pooled Fund as of 30 June 2026. Catherine Bolger had been serving as acting chair prior to Dwyer's appointment; State Super has not stated who held the role in a permanent capacity before that, or why the position became vacant.
Bolger welcomed the appointment. "We extend a warm welcome to Michael. His invaluable skills and background will greatly enhance our commitment to acting in our members' best financial interests," Bolger said.
NSW Treasurer Daniel Mookhey said Dwyer's stewardship of NSW Treasury Corporation (TCorp) made him well suited to the role. "Michael's appointment brings valuable expertise and perspective to the State Super Board," Mookhey said. "He demonstrated exceptional leadership through his stewardship of the TCorp Board, and his experience in the superannuation sector makes him well-suited to contribute to State Super's objectives and strategic direction."
Dwyer said he was looking forward to the role. "I am honoured to be appointed to the State Super Board and look forward to working with my fellow Board members and State Super's leadership team," he said.
Dwyer brings more than 35 years' experience in superannuation and investment to the role, including 14 years as chief executive of First State Super, now known as Aware Super, and a stint as chair of TCorp. Earlier in his career, he spent five years as marketing manager for the NSW State Authorities Superannuation Board and 10 years as general manager and fund secretary at Asset Super, according to a tribute published by the Association of Superannuation Funds of Australia.
His experience spans both member-focused superannuation and institutional investment management. In addition to leading First State Super through a period of growth, Dwyer later chaired TCorp, the state's financial markets and investment manager, giving him oversight experience across large institutional investment portfolios and public-sector governance - the same combination of institutional-scale investment stewardship and public-sector governance that State Super's trustee board is likely to draw on as it navigates the coming regulatory transition.
Dwyer's appointment lands as the Australian Prudential Regulation Authority (APRA) pushes through the final phase of a governance overhaul affecting all regulated super trustees. The regulator released an updated draft of Prudential Standard CPS 510 Governance on June 16, 2026, with consultation open until August 28 - just days before Dwyer's term begins, though the new requirements aren't expected to take effect until early 2028. Dwyer's TCorp chairmanship, which similarly required navigating governance obligations as a public-sector financial institution, gives him direct prior experience with the kind of prudential and governance scrutiny State Super's board will face as CPS 510 moves toward implementation.
Dwyer currently sits on the boards of ASX-listed Iress and the Sydney Financial Forum, and is a member of the Australian Securities and Investments Commission's Consultative Panel. He was made a member of the Order of Australia in 2011 for service to the superannuation industry and to the community as a director of Australia for UNHCR, the private-sector partner of the UN Refugee Agency. Two industry scholarships carry his name: the Aware Super Michael Dwyer Scholarship for Emerging Leaders and the FEAL Michael Dwyer Leadership Scholarship.
