directors

Governance

State Super mulls independents

State Super Financial Services will review the composition of its board in 2014 and consider adopting the Cooper Review’s recommendation of three employer, three employee and three independent trustees. The $13 billion advice firm and superannuation fund is owned by the $40 billion SAS Trustee Corporation. The SSFS board is chaired by former chief executive […]
Governance

AUST(Q) members’ interest led to merger

Minimum disruption for members was the guiding principle for AUST(Q) Super trustees when selecting AustralianSuper as their merger partner. The 19,000-member, $181-million Queensland-based fund has agreed in principal to a merger with Australian Super later this year after a 12-month process. One of the initial considerations of trustees was to retain its local base. “One […]
Investment Strategy

Bill Shorten plans to bolster super governance

Bill Shorten says superannuation fund governance is lacking and he will put before parliament legislation to improve it this year. The Minister for Financial Services and Superannuation says he wants fund director fees disclosed and is seeking a better handling of related party transactions. Shorten also wants to bolster trustee board diversity. “The current superfund […]
Investment Strategy

Superannuation needs more independent boards

Industry superannuation funds should be able to replace employer or union board members with independents that have the skills and experience to perform as a trustee, says the Australian Institute of Company Directors. “Good governance underpins the confidence we all need to have in the operation of superannuation funds,” says the institute in an email […]
Industry View

Dear Jeremy: make profit-to-members the default

The Australian Institute of Superannuation Trustees has submitted to the Cooper Review that all default superannuation funds should be managed under the not-for-profit governance model. AIST CEO, FIONA REYNOLDS, here argues why that should be the case, acknowledging a few areas where the model itself could be improved along the way.
Industry View

Dear Jeremy: make profit-to-members the default

The Australian Institute of Superannuation Trustees has submitted to the Cooper Review that all default superannuation funds should be managed under the not-for-profit governance model. AIST CEO, FIONA REYNOLDS, here argues why that should be the case, acknowledging a few areas where the model itself could be improved along the way.
Investment Strategy

Funds alerted to need for, and rewards from, DIY engagement

Superannuation trustees should try harder to prevent members’ money being pumped into the inflated salaries of executives and directors of underperforming companies, Dean Paatsch, the director of RiskMetrics in Australia, told Superratings’ 2009 Day of Confrontation last month. Presenting his personal views, not those of RiskMetrics, Paatsch said that despite a few notable exceptions, the […]
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