Strong support for independence on super boards

8 April 2015
| By Mike |
image
image
expand image

Strong support exists within the industry superannuation funds movement for the inclusion of independent directors on superannuation fund boards.

While key industry fund lobby groups have continued to argue for the status quo, a new survey conducted by Money Management's sister publication, Super Review, has revealed strong support for up to half independent directors.

Asked how they believed fund boards should be structured, more than half of respondents (51.2 per cent) opted for one-third independent directors, while a further 11.5 per cent of respondents indicated they would like to see half independent directors.

Only 35.8 per cent of respondents indicated they believed the status quo was appropriate.

Importantly, the survey conducted during the recent Conference of Major Superannuation Funds (CMSF) and more than half of the respondents described themselves as being either superannuation fund executives or trustees.

A later roundtable of superannuation fund executives concluded that skill outweighed independence when it came to the value of the directors of superannuation fund trustee boards.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 1 week ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 1 week ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 1 week ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks 5 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

16 hours ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

3 weeks 3 days ago