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 been dropped, the Australian Financial… Continue reading Government drops proposed one-third independent directors for super funds

Superannuation Bills largely stalled in Senate ahead of winter break

With Parliament having risen for the long winter break many of the Government’s superannuation Bills remain stalled in the Senate, with some not even being debated yet in 2018 ASIC fee-for-service Bills The Bills to change ASIC towards a fee-for-service model have passed the Parliament. In part the Bills will lead to increases in the… Continue reading Superannuation Bills largely stalled in Senate ahead of winter break

Labor may yet support expansion of super fund choice

Labor will oppose the Government’s superannuation governance and reporting changes, but may yet support an expansion of super fund choice to more employees. Labor says it will oppose two of the Government’s superannuation Bills, but may support a third if it is amended. The House of Representatives on Monday passed the Treasury Laws Amendment (Improving… Continue reading Labor may yet support expansion of super fund choice

Government puts super fund governance & accountability Bills to Senate first

The Government has introduced Bills to enact its super fund governance and accountability policies to the Senate, before the House of Representatives, restarting a battle between industry and retail super fund. The Government introduced the Bills directly to the Senate, instead of to the House of Reps. Minister for Revenue and Financial Services, Kelly O’Dwyer,… Continue reading Government puts super fund governance & accountability Bills to Senate first