A solid majority of superannuation fund executives and trustees support the appointment of at least one-third independent directors to the boards of superannuation funds.
A survey conducted by Super Review during the Association of Superannuation Funds of Australia (ASFA) conference in November has revealed that only around a third of respondents believe super fund governance structures should be left as is.
Asked how fund boards should be structured, only 32.3 per cent of respondents believed things should be left as is, while 38 per cent believed there should be one-third independent directors and 29.5 per cent said there should be half independent directors.
The survey, sponsored by Pillar Administration, suggested that respondents had few qualms about super fund directors spending long periods in office, with nearly half (47.8) believe a 10 year term was appropriate, while 42.2 per cent believed five years was appropriate.
Australia’s second-largest super fund has added thermal coal companies to its list of investment exclusions.
The fund has expanded its corporate superannuation solutions to partner with Australian businesses of all sizes.
The chief executive of Aware Super anticipates a significant shift in how ESG factors will influence portfolio values in the next six years, surpassing the changes witnessed in the past two decades.
In a recent statement, shadow assistant minister for home ownership and Liberal senator for NSW, Andrew Bragg, accused ‘big super’ of fabricating data attributed to the Reserve Bank of Australia to push their agenda.
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