Opposition leader Bill Shorten has floated the idea of forcing retail superannuation funds to have “genuinely” independent trustees.
“One idea that has emerged from some quarters is: should banks actually be in superannuation?” Mr Shorten is widely reported as saying, including in The Australian.
“I don’t know about that. One idea, and it’s only an idea … you could require for-profit funds to outsource the trusteeship to genuinely independent organisations.”
The Government has a Bill before Parliament which would require super funds to have at least one-third independent directors, which was seen as targeting industry super funds. But the Bill doesn’t have the votes and has reportedly been dropped.