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New ISN chair calls for board considerations
Industry Super Network (ISN) has appointed former Victoria Premier Steve Bracks to chair of the board.
Bracks was Victorian Premier for eight consecutive years and now advises the Timor-Leste Prime Minister and a number of Australian finance and service sector companies.
He is also chair of the board for industry super fund Cbus and acts as the Australian Government's automotive envoy.
Former Minister for Health, Attorney General and Treasurer of the NSW Parliament, Peter Collins AM QC, has taken on the role of deputy chair of the board.
An independent director on the board of HOSTPLUS, Collins holds a number of directorships with public and private institutions.
Collins' prior roles include company director, parliamentarian, military and naval reserve officer, barrister and journalist.
Bracks' first charge in his new role involved announcing ISN's superfund governance and disclosure proposal.
It said trustees of funds attracting the attention of the Australian Prudential Regulation Authority (APRA) should be compelled to consider the composition of their boards.
"The long-term outperformance of the representative trustee model supports the inclusion of representative directors on trustee boards over related-party directors or the mandatory inclusion of independent directors," the proposal said.
"There is no empirical evidence to support an alternative policy setting."
ISN included material fund managers and financial service providers in its call for uniform, industry-wide disclosure requirements.
It also said all related-party transactions should be disclosed and conducted on commercial 'arms-length' terms.
ISN said disclosure standards should enhance accountability to the public interest.
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