Women make up only a quarter of fund trustees
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.
Money Management, together with its sister publication, Super Review will be conducting a debate on the question of Women's Wealth next month.
Recommended for you
High-net-worth advisers seeking to grow their businesses are likely to find alternatives to be a key part of the puzzle amid investor demand, according to Praemium’s head of private wealth.
The financial advice profession has lifted back above the 15,500 mark this week thanks to a double-digit net rise in adviser numbers, according to Wealth Data.
A closer watch on licensees that fall short on cyber security protections is among a dozen new enforcement priorities announced by the corporate regulator for 2025.
Research house Morningstar has welcomed a new director for manager research to cover Australian and New Zealand fund managers.
