APRA bans trustee directors for life
By Mike Taylor
The Australian PrudentialRegulation Authority (APRA) says it has completed enforcement action against five directors of the former trustee of the Queensland-based Employees Productivity Award Superannuation Fund.
The peak regulator says the action has resulted in the directors being removed from the industry for life.
APRA’s deputy chairman Ross Jones says its objective was to prevent the individuals from acting as a trustee of a regulated super entity at any time in the future.
Three of the directors — Terrance Robert James, Jeffrey John James and Henry Anthony Greenrod — have been disqualified from acting as a trustee, investment manager or custodian of an APRA-regulated entity or as a responsible officer of a trustee, investment manager or custodian of an APRA-regulated superannuation entity, on the ground they are not fit and proper persons for the purposes of the Superannuation Industry (Supervision) Act.
A fourth director, John Kenneth Shields, was automatically disqualified in December last year as a result of a criminal conviction in the Queensland District Court after pleading guilty to charges of breaching directors’ duties, brought by the Australian Securities and Investments Commission.
The fifth director, Gerald Leonard Parker, provided APRA with an enforceable undertaking under the SIS Act that prevents him holding responsible roles in relation to APRA-regulated super funds.
AUTHOR
Mike Taylor
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