Superannuation funds have not been sufficiently transparent in revealing director and executive remuneration, according to the Australian Prudential Regulation Authority (APRA).
In the same week that a financial planner questioned the high number of trustees on industry super fund boards and the amounts they were paid, the super regulator made clear it was unhappy with remuneration reporting standards.
APRA member, Helen Rowell has told the Conference of Major Superannuation Funds (CMSF) that the regulator had conducted a review of fund remuneration arrangements and had been disappointed with the outcome.
"We were pretty disappointed in a number of areas," she said referring to APRA's review of fund web sites and other documentation.
Rowell said there had been too many instances of "nil amounts" being reported or no disclosure on web sites at all.
She said it was something APRA would be following up on.
A “concerning” number of Aussies don’t know what they pay in super fees, a young super fund has said.
The corporate regulator has shared some ‘disappointing’ findings upon reviewing the public communications of more than 20 trustees with regards to death benefits.
According to the industry body, funds should have an obligation to transfer members in failing products to better-performing products in a timely way.
The $9 billion fund is backing agriculture investor GO.FARM, with its capital already directed towards enhancing two key assets.
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