AIST wants more women on superannuation boards
The Australian Institute of Superannuation Trustees (AIST) has amplified its efforts to increase the number of women on superannuation fund boards after years of campaigning has failed to increase the figure from 19 per cent.
"We've been sitting at 19 per cent female directors for a number of years, and the number of women chairing funds has actually gone backwards. It's time to act," said AIST chief executive Fiona Reynolds.
The campaign aims to publicise concerns about gender inequality and promote a series of one-day workshops designed for women who want to become trustee directors of superannuation funds.
"Having a more equal gender balance on boards isn't just important because it's representative of fund membership - it means there will be more focus given to women and their super, such as the need to boost balances and deal with other inequalities," said Women in Super chair and AIST director Cate Wood.
The campaign coincides with an appeal from the Association of Superannuation Funds of Australia (ASFA) urging women to take a more active role in the management of their superannuation funds to ensure their retirement savings are protected.
The issue is becoming increasingly important because self-managed super funds, which now hold over 30 per cent of all super assets, are a sector where men are often the more active members and take responsibility for administrative issues, according to ASFA chief executive Pauline Vamos.
Too often women are left "completely in the dark on what has been happening with their super savings" once a relationship had ended or a partner had died, Vamos said.
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