transparency

Custody

Technology helps trustee transparency but also regulator scrutiny

Jeffrey Leckstein, head of Australia at Bloomberg, explains how technology is improving transparency for investors but also how regulators are using it for accountability. As global growth converges towards a slower speed, more funds in Australia are utilising derivatives to achieve investment objectives and manage exposures, leaving trustees and boards increasingly concerned about the associated risks. Many […]
Policy and Regulation

ASIC: super “fee inconsistencies” not good enough

The Australian Securities and Investment Commission is urging superannuation funds to draft their own set of fee transparency guidelines ahead of its own updated guidance issued today. The regulator is targeting non-disclosure relating to investment in underlying investment vehicles, incorrectly disclosing fees net of tax and inconsistent disclosure of performance fees. Such inconsistencies have left […]
Investment Strategy

Braga: industry has climbed mountain

The superannuation industry climbed a mountain in meeting new reporting requirements in 2013 and can do the same again in 2014. David Braga, chair of the Australian Custodial Services Association, attributes the success to close co-operation between funds providers and APRA. “The initial (reporting requirements) draft that APRA issued at the end of 2012 was […]
Investment Strategy

Cbus board transparency wins AIST award

Cbus has been commended for its bold move to disclose board salaries in the Australian Institute of Superannuation Trustees’ 2013 awards for excellence. The fund won the award for best annual report, the judges describing the information provided to members as reporting and acting with integrity. The report highlights the $111,000 salary given to board […]
Unintentional

From politics to post-retirement

Former Victorian premier and federal member of parliament, John Brumby likes women. Since his appointment as independent chair of the MTAA Super Trustee Board in April 2011, he has overseen the appointment of the fund’s first female chief executive and independent directors. Former AvSuper chief executive Leeanne Turner replaced the fund’s longstanding leader, Michael Delaney, […]
Industry View

Disclose and flourish: AIST

As part of an overhaul of Australia’s $1.5-trillion retirement savings sector, super funds are heading into a new era of disclosure and transparency. Draft regulations released last month reveal the depth and extent of information that the industry regulators want Australian super funds to disclose to their members and the wider public. As one corporate […]
Administration

New regime of APRA reporting

The Australian Prudential Regulation Authority (APRA) has provided its much-awaited clarification on the reporting requirements for regulated superannuation entities (RSE). While it reduces some of the burden of earlier drafts, the reporting requirements are still very significant and present some serious challenges to funds, their administrators and custodians. However, in many respects, some of the […]
Investment Strategy

Steve Bracks on Cbus growth

Steve Bracks will be stepping down from his role as chair of Cbus to take up the position of Australia’s consul general in New York in September for a three-year term. Bracks was brought in as a director and chair for the $22-billion fund just under four years ago, with Cbus experiencing significant change and […]
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