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.
The chief executive of industry superannuation fund Vision Super has accused the Government of using superannuation as an ideological “plaything”.
The members of not-for-profit superannuation funds should be able to vote for fund directors, says the Governance Institute of Australia.
Industry Super Australia (ISA) and the Australian Institute of Superannuation Trustees (AIST) have commissioned a governance code of conduct for not-for-profit superannuation funds.
Changes to the governance arrangements for large superannuation funds are unlikely to pass the Senate.
The Superannuation Legislation Amendment (Trustee Governance) Bill 2015 should be passed, the majority of a Senate inquiry has recommended.