POWERED BY MOMENTUM MEDIA
AIST urges professional development
 |
| Fiona Reynolds
|
The Australian Institute of Superannuation Trustees (AIST) is writing up guidelines that would require all its trustees to do a minimum of 30 hours continuous professional development through a registered training organisation.
The AIST's chief executive, Fiona Reynolds, said the draft guidelines would also require new trustees to undertake an introduction to super that includes trustees' duties and legal responsibilities and an introduction to investment.
Speaking at an AIST-sponsored panel discussion in Sydney on Friday on the Henry and Cooper reviews, Reynolds said the guidelines, which are yet to be discussed by AIST members, anticipated the outcomes of the Cooper review.
"As well as looking at high-end governance issues, and also conflict of interest issues, the other thing that the Cooper review is going to be looking at is trustees' knowledge, skills and training.
"As I understand it, the outcomes are going to be at a sector level, so it's not going to be a case of the 'not-for-profit funds must do this and self-managed super funds must do that, but rather a case of everybody (super trustees) must do this."
Reynolds said not-for-profit funds needed to accept some higher standards that are then applied across the whole industry.
"We need too make the changes because they will be for the greater good of the sector," she said.
Recommended for you
A major super fund has defended its use of private markets in a submission to ASIC, asserting that appropriate governance and information-sharing practices are present in both public and private markets.
A member body representing some prominent wealth managers is concerned super funds’ dominance is sidelining small companies in capital markets.
Earlier this month, several Australian superannuation funds fell victim to credential stuffing attacks, which saw a small number of members lose more than $500,000.
Small- to medium-sized funds have become collateral damage in an "imperfect" model for super industry levies, a financial institution has said.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
93.34 3 y p.a(%)
2
Global X GlobalX FANG+ ETF
36.96 3 y p.a(%)
3
GAM LSA Private Shares AU I
34.22 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
29.68 3 y p.a(%)
5
VanEck Video Gaming and eSports ETF (AU)
28.89 3 y p.a(%)
