Investment Advisory Panel

The Investment Advisory Panel helps our investments team continuously improve the way we manage members’ money. It's another way we work to help you achieve your retirement goals.

The HESTA Investment Advisory Panel considers strategic (long-term) and dynamic (short to medium-term) asset allocation decisions. The panel acts in an advisory capacity only and does not have any decision-making authority.


Meeting quarterly, the panel includes:

  • three HESTA Trustee Directors — Angela Emslie, Independent Chair (Panel Chair), Klaus Zimmermann , Deputy Chair, and a third to be confirmed
  • three independent members — Tim Hughes, Melda Donnelly and Justin Wood
  • HESTA team members from our Investment Strategy Unit
  • representatives of Frontier Advisors — our investment consultant. 



Independent members


Justin Wood

Over his working life, Justin combined academic roles, primarily at the Australian Graduate School of Management in the University of New South Wales (UNSW), and industry roles, primarily at Barclays Global Investors (BGI) where he worked from 1997 until 2009. Justin has a PhD in Finance from UNSW and was BGI Australia CEO from 2000 to early 2007.

Justin has been interested in financial markets, risk management, financial planning and the retirement system for several decades. He is a past Board member and Chair of the Investment Board Committee for the Investment and Financial Services Association (IFSA, now FSC). 

After retiring in 2010, he became a founding shareholder in an investment management firm and serves on the Endowment Investment Advisory Committee for the Benevolent Society.


Tim Hughes

Tim has over 30 years’ experience in senior roles in the investment management and superannuation industries. This includes having been Chief Investment Officer at Rothschild Australia, Value Capital Management and Catholic Super and Investment Counsel at NGS Super. 

He also wrote a column on economics and investment for the Brisbane Courier-Mail for 17 years. He currently sits on the board of emerging biotech company, Factor Therapeutics, and is on the Advisory Board of the Centre for Investor Education.  In his spare time he manages South Endeavour Trust, which is Australia’s third largest conservation land trust with 14 private reserves in NSW and Queensland.


Melda Donnelly

Melda, a chartered accountant, is the founder and former chairperson of the Centre for Investor Education, a specialist education and consultancy firm for executives in Australian superannuation funds, institutional investment bodies and the financial services markets. Melda’s previous work experience includes CEO of the Queensland Investment Corporation (QIC), deputy managing director of ANZ Funds Management and managing director of ANZ Trustees.

Melda was formerly deputy chairperson of the Victorian Funds Management Corporation, independent director of UniSuper and member of its Investment Committee and Audit, Risk and Compliance Committee and non-executive director of Ashmore Group plc. In addition, Melda is currently an Independent Non-Executive Director of Pacific Current Group (formerly Treasury Group), a member of the Advisory Committee of the Oxford University Centre for Ageing, a senior adviser to superannuation publisher and event organiser, Conexus Financial, and special adviser to asset consultant, bfinance.