Draft AIST guidelines to compel trustees to undertake professional development

The Australian Institute of Superannuation Trustees (AIST) is writing up guidelines that would require all its trustees to do a minimum of 30 hours continuous professional development through a registered training organisation.

The AIST’s chief executive, Fiona Reynolds, said the draft guidelines would also require new trustees to undertake an introduction to super that includes trustees’ duties and legal responsibilities and an introduction to investment.

Speaking at an AIST-sponsored panel discussion in Sydney on Friday on the Henry and Cooper reviews, Reynolds said the guidelines, which are yet to be discussed by AIST members, anticipated the outcomes of the Cooper review.

“As well as looking at high-end governance issues, and also conflict of interest issues, the other thing that the Cooper review is going to be looking at is trustees’ knowledge, skills and training.

“As I understand it, the outcomes are going to be at a sector level, so it's not going to be a case of the ‘not-for-profit funds must do this and self-managed super funds must do that, but rather a case of everybody (super trustees) must do this.”

Reynolds said not-for-profit funds needed to accept some higher standards that are then applied across the whole industry.

“We need too make the changes because they will be for the greater good of the sector,” she said.