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 been dropped, the Australian Financial Review reports.
According to the Phillip Coorey, the decision to drop the proposed change was made before the recent leadership spill. But it apparently won’t be reversed by the new Treasury ministers – it is as yet unclear who had responsibility for superannuation.