The Government has been accused of politicising APRA, after it was revealed the regulator had met with crossbench senators to discuss proposed changes to superannuation fund governance currently before the Parliament.
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.
APRA member Helen Rowell has rejected a number of ‘fallacies’ around the superannuation governance changes currently before the Parliament.
A bill to change the governance requirement of large superannuation funds, which has divided opinion, has passed the House of Representatives.
A survey has found there is little public support for changes to the governance of large superannuation funds, in a bill currently before the Parliament.
The Association of Superannuation Funds of Australia (ASFA) says super funds should not have to report why they do or do not have a majority of independent directors, under new legislation, if the requirement is only for one-third independent directors.
The Governance Institute of Australia has called on the Federal Government to abandon legislation changing the governance requirements of large superannuation funds.
The Assistant Treasurer Josh Frydenberg has introduced to Parliament changes to the governance requirements of large superannuation funds. The changes have split the superannuation industry, with support from the Financial Services Council but calls from Industry Super Australia and AIST for the bill to be rejected.
The Government will make changes to its proposed superannuation governance bill, following from the consultation process, the Assistant Treasurer Josh Frydenberg announced.
Assistant Treasurer Josh Frydenberg has defended the Government’s superannuation fund governance reforms and said the Government is considering an ‘alternative’ to the Fair Work Commission process for selecting default super funds. Mr Frydenberg, speaking at the Financial Services Council Annual Conference, said “the Government is committed to ensuring that the… Read More »Frydenberg defends super fund governance changes
The Association of Superannuation Funds of Australia supports proposed reforms to require public-offer superannuation funds to have at least one-third independent directors and an independent chair, while rejecting other proposed changes.