Super fund governance

Articles relating to the governance of superannuation funds. The Government has proposed that public offer super funds should have at least one-third independent directors/trustees. The Financial System Inquiry had recommended a majority of independent directors/trustees for super fund boards and an independent chair.

Shorten suggests forcing retail super funds to have independent trustees

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… Read More »Shorten suggests forcing retail super funds to have independent trustees

Government drops proposed one-third independent directors for super funds

The Government has, reportedly, dropped plans to change the governance of large super funds by requiring at least one-third independent directors. The Government has for some time wanted to increase the number of independent directors on super fund boards – which would particularly impact industry funds. However this has now… Read More »Government drops proposed one-third independent directors for super funds

Government’s superannuation changes “not dead”, says Minister

Three of the Government’s superannuation Bills are “certainly not dead”, says Minister for Revenue and Financial Services Kelly O’Dwyer. The Government delayed the Bills on Tuesday after it failed to get crossbench support for the governance, reporting and choice of fund changes. This pushes these key parts of the Government’s… Read More »Government’s superannuation changes “not dead”, says Minister

Government lacks votes on super changes, delays votes on Bills

The Government doesn’t have the votes to pass some key parts of its superannuation agenda through the Senate. On Monday the Government delayed votes on three superannuation Bills – which included changes to super fund governance, MySuper reporting and choice of super fund. Related: Government’s superannuation changes “not dead”, says Minister… Read More »Government lacks votes on super changes, delays votes on Bills

Government’s super Bills an “unprecedented ideological attack”

Industry Super Australia says the Government’s superannuation Bills, set for debate in the Senate today, are an “unprecedented ideological attack”. Most of the Government’s superannuation agenda is scheduled for debate, including changes to super fund governance and reporting. “The government has failed to present evidence that these Bills will improve… Read More »Government’s super Bills an “unprecedented ideological attack”

All Government super Bills set for debate today, except objective of super

All the Government’s superannuation Bills are set for debate in the Senate today, except for the Bill setting the objective for super. Update, Tuesday evening: The Senate didn’t debate the superannuation Bills today, only reaching the Treasury Laws Amendment (Housing Tax Integrity) Bill 2017 – the first Bill on the notice… Read More »All Government super Bills set for debate today, except objective of super