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Turnbull recommits to super governance changes
The Federal Government has signalled it will introduce legislation changing the governance arrangements of superannuation funds sometime in the New Year.
The Government's intentions were confirmed by the Prime Minister, Malcolm Turnbull, in an address to the Financial Services Council (FSC) when he said the Government would reintroduce legislation to address what he described as inconsistencies in the governance arrangements.
"… in 2017 my Government will reintroduce legislation to address existing inconsistencies, raise the standards of governance and put the interests of members ahead of any self-interest in the superannuation sector," he said.
Turnbull said it was clear that governance standards had to be applied consistently to all sectors of the superannuation industry — whether retail, corporate or industry funds.
The Government has already outlined a policy position of a majority independent directors, including an independent chairman on the boards of superannuation funds — something which is being resisted by the industry funds.
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63.66 3 y p.a(%)
3
Acadian Global Equity Long Short Class A
36.33 3 y p.a(%)
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35.96 3 y p.a(%)
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32.23 3 y p.a(%)
Honestly, does any of this add value to Australian taxpayer's and their families lot each and every day of their lives? Almost every politician is demonstrating more and more every day, that he/she is so distanced from the real situations that folk deal with in their lives, that the gulf may not ever close????
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