First State Super has signed onto the Australian Asset Owner Stewardship Code, ahead of the Code’s formal commencement on 1 July, this year.
The Code, developed by the Australian Council of Superannuation Investors (ACSI), provided principles and guidance to promote higher stewardship standards and increase accountability. While such codes already exist in the United Kingdom, United States, Japan, Hong Kong, and South Africa, it would be a first for the Australian asset market.
“By becoming a signatory to the Stewardship Code, we are holding ourselves to the same standards of transparency and accountability that we expect of the companies we invest in,” First State Super chief executive, Deanne Stewart, said.
“As a responsible asset owner and industry leader, our members expect nothing less.”
“By signing the code, First State Super is promoting stronger stewardship, which supports the quality and integrity of our financial markets,” ACSI chief executive, Louise Davidson, Added.
Amid a challenging market environment, three super fund CIOs have warned against ‘jumping at shadows’.
The professional body is calling for the annual performance test to transition to a two-metric test, so it better aligns with the overarching duty of super fund trustees to act in the best financial interests of their members.
AustralianSuper, Rest, and HESTA agree on the need to retain and enhance the test, yet they differ in their perspectives on the specific areas that warrant further refinement.
Australia’s second-largest super fund has confirmed it is expanding its presence in the UK following significant investment in the region.
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