POWERED BY MOMENTUM MEDIA
Fund execs not immune to remuneration scrutiny
|
Industry superannuation funds have acknowledged that the remuneration scrutiny directed at financial planners will ultimately reflect back on salaries paid to super fund executives.
Australian Institute of Superannuation Trustees (AIST) officer Andrew Barr has told the Conference of Major Superannuation Funds that the scrutiny on remuneration risked "the blow torch being turned back on us".
Explaining the AIST's approach to the Cooper Review, he said the likelihood of scrutiny being turned on levels of fund executive remuneration had resulted in a recommendation that funds make such information public. Barr said the AIST was recommending that member funds publish the remuneration of their top five executives in aggregate.
However, he suggested it would be open to funds to provide more detail if they saw fit.
Barr said the AIST had also recommended that superannuation ratings houses make their commercial arrangements with funds more transparent.
He said that if funds had paid to be rated then members should be made aware of the nature of that transaction.
AUTHOR
Mike Taylor
Recommended for you
Australia’s corporate regulator has been told it must quickly modernise its oversight of private markets, after being caught off guard by the complexity, size, and opacity of the asset class now dominating institutional portfolios.
ASIC chair Joe Longo has delivered a blunt warning to superannuation trustees, cautioning that board-level ignorance of member complaints and internal failings will not be tolerated and could trigger enforcement action.
ART has cautioned regulators against imposing overlapping obligations on superannuation funds already operating under APRA’s comprehensive framework, saying that additional oversight should be “carefully targeted to address potential gaps in other parts of the market”.
The super fund has appointed Simone Van Veen as chief member officer.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
92.15 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
53.24 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
43.15 3 y p.a(%)
4
DomaCom Shoreline North Coogee
36.26 3 y p.a(%)
5
GAM LSA Private Shares AU I
35.87 3 y p.a(%)
