Submission on Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Bill 2012
- Date:16 May 2012
- Type:Policy Submission
relates to the exposure draft of the Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Bill 2012.
The submission focuses on the following matters:
• the collection and disclosure of information generally;
• the disclosure of remuneration details; and
• eligible rollover funds to the extent that the Bill seeks to impose additional obligations on trustees and directors of corporate trustees.
We submit that the corporate governance standards that apply to ASX listed entities should, to the extent possible and practical, also apply to registrable superannuation entity (RSE) licensees. More specifically, we:
• support new measures which improve transparency and require regulated superannuation funds and RSE licensees to publish a wider range of information on their operations and financial performance;
• support new requirements for RSE licensees to disclose the details of directors’ remuneration, but suggest that the Bill should go further by harmonising (to the extent possible and practical) the obligations on RSE licensees with the director and executive remuneration disclosure requirements for listed entities;
• raise some concerns regarding the proposed enhanced obligations on trustees of eligible rollover funds and their directors; and
• suggest some additional areas for reform, including the equal representation requirements in Part 9 of the Superannuation Industry (Supervision) Act 1993, the appointment and removal of directors of RSE licensees, and regarding the appointment of independent directors to the boards of RSE licensees.
Download our Submission on Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Bill 2012 (PDF 1.95MB)