21 March 2012 16:26
The not-for-profit superannuation movement should promote the strengths of its representative trustee system amid criticism that it lacks independence and professionalism, CMSF 2012 heard.
Steve Bracks, former Victorian premier and current chair of Cbus, said the representative trustee system not only delivered good oversight but also brought union and employer group officials with skills in various disciplines to fund boards.
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Director tenure limits are embedded in governance codes across every major capital market. As Australian superannuation funds become retirement institutions, they should be held to the same standards that they expect of the companies they invest in.
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