Adherence to the Insurance inside Superannuation code of conduct should have been made compulsory, according to a majority of superannuation fund trustees and executives.
While the Insurance inside Superannuation Working Group (ISWG) opted for voluntary compliance, a survey conducted by Super Review during the Conference of Major Superannuation Funds (CMSF) in March revealed a significant majority of respondents believed it should have been compulsory.
Significantly, the Minister for Revenue and Financial Services, Kelly O’Dwyer had also signalled the Government’s preference for a compulsory code.
Asked whether they believed superannuation fund adherence to the Insurance within Superannuation code of conduct should have been compulsory, the survey, sponsored by EISS Super, revealed that 59.2 per cent of respondents answered ‘yes’ with 33.3 per cent answering ‘no’.
Despite the voluntary nature of the code of conduct, a majority of members of the Australian Institute of Superannuation Trustees (AIST) had indicated that they would be adhering to the code.
Australia’s second largest super fund has added thermal coal companies to its list of investment exclusions.
The fund has expanded its corporate superannuation solutions to partner with Australian businesses of all sizes.
The chief executive of Aware Super anticipates a significant shift in how ESG factors will influence portfolio values in the next six years, surpassing the changes witnessed in the past two decades.
In a recent statement, shadow assistant minister for home ownership and Liberal senator for NSW, Andrew Bragg, accused ‘big super’ of fabricating data attributed to the Reserve Bank of Australia to push their agenda.
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