independent trustees

Investment Strategy

Legislation in vain

The very best legislation often comes about after there is a crisis, an independent investigation with recommendations that turn into laws that cut the chance of the original crisis occurring again. The lack of credibility for the proposed superannuation governance changes, which were defeated in the Senate last week, arose from the absence of a […]
Opinion

Not sulking but thriving

The superannuation arms of two major banks issued statements on Friday that said members of APRA regulated funds would be better off having independent chairs for their boards and one third of trustees as independents. Their applause for Josh Frydenburg’s move to change the governance model of super comes at a time when banks are […]
Investment Strategy

The FSIs seven recommendations for super

The Financial System Inquiry has made seven recommendations in its final report to government with direct reference to superannuation. All of these plus one observation on taxation (which was outside the scope of its inquiry) are listed below. In reviewing the report yesterday, Pauline Vamos, chief executive of the Association of Superannuation Funds of  Australia […]
Opinion

Independents “inevitable” – what about diversity?

The compulsory appointment of independent directors to superannuation fund boards is “inevitable within 18 months” believes Deloitte superannuation partner, Russell Mason, who sees it is an opportunity to address lack of diversity. Mason is urging funds to stop seeing the move as a threat, and instead to embrace it as an opportunity to build their […]
Investment Strategy

Corporate super raises strongest objection to independents

The imposition of independent trustees could be the trigger for some corporate superannuation funds to close. Bruce McBain, chief executive of the Corporate Superannuation Association, has written to Treasury urging them not to impose a quota of independent trustees onto boards of his member funds. The association believes the extra costs of employing independents could […]
Opinion

Cormann wish list to hit industry fund status

Cuts to red tape and greater market freedoms in superannuation have been promised by Senator Matthias Cormann if the Liberal Party wins the election. These will open up the system of default funds for industry sectors and will also face the imposition of independent trustees. He has also reiterated his party’s promise that there will […]