trustee

Policy and Regulation

One year, not four, to prepare for super governance changes

Board’s will need to submit an approved and detailed transition plan to APRA by July 1, 2016 on how they intend to comply with the new, and as yet undefined, requirements for governance, including whether current directors can be considered independent. Many experienced people in superannuation will likely not be classed as independent leaving a […]
Investment Strategy

Paul Costello joins board of $6.2bn Qantas Super

Paul Costello has been appointed as a employer representative director of the Qantas Super Board. He will join four other employer nominated directors all of whom are appointed for an indefinite period of time, subject to a formal performance assessment process every year. He joins following General Sir Peter Cosgrove’s departure in January, which led […]
Investment Strategy

How new privacy laws impact trustees

The most significant suite of changes to privacy law in over twenty years take effect on 12 March 2014. In order to comply trustees must have a privacy complaints process and a new type of privacy policy. Most importantly they must control how the personal information they collect is stored, accessed and used, or risk […]
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

Government threat to funds downgraded

Reform of industry funds is low on the government’s agenda, according to Peter Collins, chair of Industry Super Australia, despite pre-election threats made by Mathias Cormann. Collins calmed the nerves of delegates at the Australian Institute of Superannuation Trustees’ governance symposium by speculating that the government had at least 50 more pressing issues to deal […]
Administration

Harwood seeks successor fund

Harwood Superannuation Fund has made an in-principle decision to transfer its $1.4-billion fund into another under successor-fund provisions. The fund is the default for Australian employees of CSR Limited, Holcim (Australia) and Wilmar Sugar. The decision to transfer the fund’s accumulation-based benefits was made following discussions with the employer members, which are no longer related […]
Governance

How to trust a trustee

Magazine editors from time immemorial have used the simple device of listing 10 things – 10 ways to lose weight, to pay off mortgages, achieve better orgasms, discover the best ciders, harness the real you, and so on – simply to keep readers from dozing off and tuning out. Whether there’s any science to it, […]
CMSF

Trustee of the year takes swipe at APRA

The winner of the trustee of the year award used his acceptance speech to take a swipe at over-regulation, which he said only served to make his duties harder. Gary Clifford, trustee director of the Fire and Energy Services Superannuation Fund, whose colleagues knew he was receiving the award but had not told him, said […]
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