The Australian Institute of Superannuation Trustees says the proposed changes to superannuation fund governance are unclear, unworkable and breach the rule of law.
Industry Super Australia says industry superannuation funds have consistently outperformed retail super funds and the Government should therefore abandon proposed super fund governance changes.
The Government has announced potential changes to the governance of large superannuation funds. Assistant Treasurer Josh Frydenberg today released an exposure draft of legislation to require APRA-regulated superannuation funds to have at least one-third independent directors/trustees and an independent chair.
Superannuation regulator APRA has thrown its weight behind calls for more independent directors on super fund boards, arguing they improve board governance. Despite a number of improvements in the area, including disclosure and the management of conflicts of interest, some issues have not received as much attention, in spite of their importance. For example, the… Continue reading Super connected directors not helping super fund performance
Assistant Treasurer Josh Frydenberg says the Government is committed to improving transparency in the superannuation system. Speaking at a Financial Services Council event Mr Frydenberg said the “Government has committed to making improvements” in terms of superannuation transparency.