POWERED BY MOMENTUM MEDIA
ASFA and FSC call for transparency on remuneration
The Financial Services Council (FSC) and the Association of Superannuation Funds of Australia (ASFA) have argued that director remuneration must be publicly disclosed.
The two industry bodies made the call in separate submissions to an Australian Prudential Regulation Authority (APRA) discussion paper.
ASFA said in its submission that the requirement should not focus on the person's total remuneration, but rather on the component that pays them for carrying out their duties as a trustee director.
The FSC took a similar line, while stating that the remuneration of responsible persons by superannuation funds was one of the most relevant issues to members.
"Remuneration of responsible persons which is drawn from the trust should be disclosed to members," the FSC said. "Remuneration which is not paid from trust assets should not be disclosed unless it is captured by other disclosure requirements."
The FSC submission said that, for instance, where executives were required to disclose their remuneration under the Corporations Act 2001 or the ASX Corporate Governance Guidelines, this should continue to apply to listed entities which contained Registrable Superannuation Entity Licensees.
AUTHOR
Staff Writer
Money Management staff writers are writers who contribute to the website from time to time. If you would like to discuss the content contained within this article please contact us.
Recommended for you
Superannuation funds have posted another year of strong returns, but this time, the gains weren’t powered solely by Silicon Valley.
Australia’s $4.1 trillion superannuation system is doing more than funding retirements – it’s quietly fuelling the nation’s productivity, lifting GDP, and adding thousands to workers’ pay packets, according to new analysis from the Association of Superannuation Funds of Australia (ASFA).
Large superannuation accounts may need to find funds outside their accounts or take the extreme step of selling non-liquid assets under the proposed $3 million super tax legislation, according to new analysis from ANU.
Economists have been left scrambling to recalibrate after the Reserve Bank wrong-footed markets on Tuesday, holding the cash rate steady despite widespread expectations of a cut.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom 465 Calder Road Calder
99.46 3 y p.a(%)
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
78.55 3 y p.a(%)
4
BetaShares Crypto Innovators ETF
50.39 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
47.50 3 y p.a(%)
