Ridout new chair of AustralianSuper
Ms Ridout, who has been on the board since 2007, replaces Elana Rubin, who will finish at AustralianSuper next week after 20 years at the fund.
Ms Ridout is a former chief executive of industry body Ai Group, and serves as a director for Sims Metals and ASX Ltd. She has also served on a number of government advisory boards, including the Henry tax review panel.
The appointment comes at a critical time with AustralianSuper involved in a legal battle with the federal government's Future Fund over the fund's purchase of a stake in Perth Airport.
Meanwhile, the nation's prudential regulator released the final reporting requirements for super funds, as part of plans to submit the industry to the same level of oversight as banks and insurers and improve confidence in the $1.5 trillion system. The Australian Prudential and Regulatory Authority paper said the superannuation data reporting standards were the result of six months of discussions with groups such as registered superannuation entities, actuaries and life insurance forms.
"The submissions generally expressed support for enhancements to APRA's reporting collection, but raised a number of issues about the details of the proposed approach.
The primary issues raised in submissions related to the structure of the reporting collection, commencement dates, frequency of collection, timeliness of due dates and audit requirements," it said.
APRA said from July 2013, it will introduce 35 reporting forms to replace current reporting requirements.
The regulator will also implement a phased introduction of the requirements, to give registered superannuation entities time to adjust their processes.
The plans were first released in September 2012, in a bid to improve confidence in the industry and follow recommendations from the Gillard government's "stronger super" reforms.
The Australian Institute of Superannuation Trustees said yesterday's report contained few surprises.
Frequently Asked Questions about this Article…
Heather Ridout, a Reserve Bank board member and former chief executive of industry body Ai Group, was named chair of AustralianSuper. She has served on the AustralianSuper board since 2007, directs Sims Metals and ASX Ltd, and has sat on government advisory panels including the Henry tax review — credentials that the fund cited as relevant when appointing her.
Heather Ridout replaces Elana Rubin, who will finish at AustralianSuper after 20 years at the fund.
Yes. At the time of Ridout’s appointment AustralianSuper was involved in a legal battle with the federal government's Future Fund over the fund’s purchase of a stake in Perth Airport.
The Australian Prudential Regulation Authority (APRA) released final reporting requirements aimed at increasing oversight of super funds to a level similar to banks and insurers. From July 2013 APRA will introduce 35 reporting forms to replace current reporting, with a phased roll-out to give registered superannuation entities time to adjust their processes.
APRA’s tightened reporting is intended to improve confidence in the $1.5 trillion superannuation system by increasing transparency and oversight. The standards follow discussions with industry groups, actuaries and life insurers and are part of broader efforts to strengthen supervision of super funds.
Submissions to APRA generally supported enhanced reporting but raised detailed concerns about the structure of the reporting collection, commencement dates, frequency of collection, timeliness of due dates and audit requirements.
APRA first released the plans in September 2012 as part of efforts to improve confidence in the industry and to follow recommendations from the Gillard government’s 'stronger super' reforms.
The Australian Institute of Superannuation Trustees commented that APRA’s final reporting report contained few surprises, indicating that the outcomes were broadly in line with expectations from industry consultations.
Call 1300 880 160
Start a chat
Schedule a call
