The Australian Institute of Superannuation Trustees (AIST) has produced a a code of conduct and ethics, including a best interests duty and a commitment to professional development, with affiliated superannuation funds and executives expected to adhere to the code.
The code was formally launched at the Conference of Major Super Funds (CMSF) this week and had been under development since last year.
Inherent in the code is that funds and executives must “demonstrate a commitment to the representative trustee system” and “demonstrate a commitment to profits-to-members values”.
The code goes further with respect to trustees, urging that they “ensure that they do not receive inappropriate financial benefit or receive any other inappropriate material benefit for themselves, their family or friends as a consequence of their role” and that they “ensure they make decisions on merit and at arm’s length when awarding contracts, recommending individuals for reward or benefits”.
The code of conduct and ethics is being applied immediately.
