While industry superannuation funds are opposing the Government’s changes to superannuation fund governance and fighting to retain their equal representation model, new data from the Australian Prudential Regulation Authority (APRA) has revealed women make up just a quarter of fund trustees.
Under questioning from Tasmanian Liberal Senator, David Bushby, APRA has produced data on the make-up of superannuation fund boards under its control which broadly reveals one-third representation each for employer and member representatives, 10 per cent independent representatives, 15 per cent non-executive directors, seven per cent executive directors, and two per cent “non-affiliated directors”.
The APRA data comes at a time when the Assistant Treasurer, Josh Frydenberg has declared the Government’s intention to pursue legislation to impose at least one-third independent directors on superannuation fund boards, with an independent chair drawn from the one-third independent directors.
However it is the relatively low representation of women on super fund boards which will surprise many in the industry, particularly at a time when there is a strong debate underway about how to close the gap with respect to womens’ retirement outcomes.
Super Review, together with its sister publication, Money Management will be conducting a debate on the question of Women’s Wealth next month.
There’s no doubt that women are under represented on superfund boards if you compare this to general population. However, what people don’t talk or write about is the under representation of ethnic minorities on superfund boards in Australia. I cannot point to one non white trustee on a super board.