Rollover has noted the number of submissions made to Senate Economics Legislation Committee Inquiry into the Superannuation Legislation Amendment (Trustee Governance) Bill 2015 and those which have emanated out of Melbourne-based groups of somewhat similar background and some of which he had never before heard.
It was always a given that the Government’s moves to impose governance changes on superannuation funds such as at least one-third independent directors inclusive of an independent chairman would cause ructions, but even Rollover has been surprised by the vehemence of the opposition.
However he was also just a little surprised to note the submission from Treasury supporting the Government’s changes and, particularly, that from the Australian Prudential Regulation Authority (APRA) which was particularly supportive of the broad thrust of the Government’s bill.
Over the past two years, APRA has seen the appointment of a new chairman and a new deputy chairman which might explain why Industry Super Australia chief executive, David Whiteley, saw fit to reference the APRA of old in his opening remarks to the Senate Committee.
Whiteley drew on APRA research reports between 2008 – 2010 which some of those engaged in the current debate might describe as “happier times”.
