POWERED BY MOMENTUM MEDIA
ISA uses union lawyer to push default super case
Industry Super Australia (ISA) has sought to use a legal opinion developed by trade union Queen’s Counsel (QC) to convince the Productivity Commission (PC) of the importance of making the Fair Work Commission (FWC) integral to the selection of default superannuation funds.
In a submission filed with the PC late last week, the ISA has referenced the legal opinion of Melbourne-based QC, Warren Friend who has represented the Construction Forestry, Mining and Energy Union and is president of the Industrial Bar Association.
While the PC’s draft report on the Superannuation Efficiency and Competitiveness found that the Fair Work Commission should be kept out of default fund selection, the ISA’s legal argument developed by Friend has argued strongly for retention of the industrial judiciary in the fund selection process.
Encapsulating the legal opinion, the ISA said Friend “concludes that the FWC possesses strong characteristics of independence, transparency and fairness of process”.
It said Friend had “found unpersuasive the argument of the Draft Report that the FWC is irreversibly flawed as a default selection venue because of past concerns with resolving disputes and industrial precedent.
However, in doing so, it noted that Friend believed amendments introduced by the former Labor Government in 2012 had changed the equation and promoted member benefit.
It quoted the QC as stating “the FWC is now explicitly required to make decisions in the ‘best interests’ of members, and is not limited to acting on the motion of the industrial parties”.
Recommended for you
Australia’s superannuation sector is being held back by overlapping and outdated regulation, ASFA says, with compliance costs almost doubling in seven years – a drain on member returns and the economy alike.
Two of Australia’s largest industry super funds have thrown their support behind an ASIC review into how stamp duty is disclosed in investment fee reporting, saying it could unlock more capital for housing projects.
The corporate watchdog is preparing to publish a progress report on private credit this September, following a comprehensive review of the rapidly expanding market.
The fund has appointed Fotine Kotsilas as its new chief risk officer, continuing a series of executive changes aimed at driving growth, but NGS Super’s CEO has assured the fund won’t pursue growth for growth’s sake.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
74.26 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
72.60 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
44.46 3 y p.a(%)
4
Pengana High Conviction Equities B
39.12 3 y p.a(%)
5
Pengana High Conviction Equities A
39.05 3 y p.a(%)
