Despite this demand for knowledgeable  boards, the APRA survey  found that more than 90 per cent of  funds do not explicitly require their  directors to have formal education  qualifications for the role of a trustee,  and most (81 per cent) do not require  the directors to have superannuation or  investment experience. However, 68 per  cent of the funds do require directors  to have some formal trustee training. In  spite of board requirements, 65 per cent  of directors have university degrees and  only 11 per cent of directors have no  tertiary qualifications. 

In most cases (91 per cent) boards  also have no requirements around the  number of simultaneous directorships  trustees can hold (the average is 3.5).  Nor is there a limit to the number of  years a director can serve on the board  (current directors have served an average  5.3 years).  While industry bodies are increasing  the regulation and governance  requirements of boards, there remains  little consistency between the funds  in how they are selected, and for the  foreseeable future it seems, in how they  are remunerated.