POWERED BY MOMENTUM MEDIA
Super funds warned on remuneration reporting
Superannuation funds have not been sufficiently transparent in revealing director and executive remuneration, according to the Australian Prudential Regulation Authority (APRA).
In the same week that a financial planner questioned the high number of trustees on industry super fund boards and the amounts they were paid, the super regulator made clear it was unhappy with remuneration reporting standards.
APRA member, Helen Rowell has told the Conference of Major Superannuation Funds (CMSF) that the regulator had conducted a review of fund remuneration arrangements and had been disappointed with the outcome.
"We were pretty disappointed in a number of areas," she said referring to APRA's review of fund web sites and other documentation.
Rowell said there had been too many instances of "nil amounts" being reported or no disclosure on web sites at all.
She said it was something APRA would be following up on.
Recommended for you
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI First Close USD
73.88 3 y p.a(%)
2
Hills International
63.66 3 y p.a(%)
3
Acadian Global Equity Long Short Class A
36.33 3 y p.a(%)
4
CFS FC Acadian Global Equity Long Short
35.96 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
32.23 3 y p.a(%)
Add new comment