POWERED BY MOMENTUM MEDIA
ASFA urges flexibility on board numbers
The Australian Prudential Regulation Authority (APRA) has been urged not to impose specific requirements on the size of superannuation fund trustee boards and to allow some flexibility.
The Association of Superannuation Funds of Australia (ASFA) has used a submission responding to draft prudential standards to caution against placing a limit of 12 on the size of trustee boards.
The submission said that while ASFA endorsed the need for Registrable Superannuation Entity (RSE) licensees to have boards of manageable size in order to ensure they operated effectively and believed the optimal size was actually somewhere between six and 12, it nonetheless recognised that funds needed "the flexibility to determine that a larger number of directors may be valuable given their specific circumstances".
"In particular, trustee boards need to have a sufficient number of members to enable the effective operation of a trustee board's committee structure and to ensure that the required skills and a variety of perspectives are incorporated into the trustee board," the submission said.
"Trustees need the flexibility to be able to create a structure that is the most effective for their fund and its particular circumstances. In order to do so, trustee boards need discretion as to their size."
The submission said it needed to be noted there were a number of the factors that could contribute to large boards, including when a merger of funds occurred.
Recommended for you
In a recent statement, Shadow Assistant Minister for Home Ownership and Liberal Senator for New South Wales, Andrew Bragg, accused 'Big Super' of fabricating data attributed to the Reserve Bank of Australia to push their agenda.
A “concerning” number of Aussies don’t know what they pay in super fees, a young super fund has said.
The corporate regulator has shared some ‘disappointing’ findings upon reviewing the public communications of more than 20 trustees with regards to death benefits.
According to the industry body, funds should have an obligation to transfer members in failing products to better-performing products in a timely way.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI First Close USD
66.99 3 y p.a(%)
2
Hills International
62.62 3 y p.a(%)
3
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
32.95 3 y p.a(%)
4
Acadian Global Equity Long Short Class A
32.82 3 y p.a(%)
5
CFS FC Acadian Global Equity Long Short
32.44 3 y p.a(%)
Add new comment