APRA is proposing to collect more data in areas including super funds’ trustee board governance and investment liquidity and valuations.
In the latest phase of its Superannuation Data Transformation project, the prudential regulator’s discussion paper outlined the areas where more data is needed.
Deputy chair Margaret Cole said APRA has aimed to minimise disruption by focusing on data that is already held by the funds.
“Deeper and richer data from trustees will significantly enhance APRA’s ability to improve industry transparency, governance, and practices and ultimately lead to better outcomes for members” Cole said.
“In developing these proposals, APRA has sought to minimise regulatory burden on industry by requesting data that trustees already hold. We have also worked closely with peer agencies with the goal of ‘collect once and share’ where feasible.”
Submissions on the consultation will close on 31 March 2024.
In October, the regulator announced it is consulting on the publication of data around superannuation funds’ expenditure to provide members with greater transparency of their funds.
This could include total expenses of promotion, marketing and sponsorship, all expenses with industrial bodies, all expenses with related parties, total director and executive remuneration expenses, and political donations.
Under the additional asset allocation data, this could include property and infrastructure by sector classification, ownership model and development stage, alternative strategy funds by strategy type, listed equity by market capitalisation type and active/passive management, and private equity by development stage and strategy type.