Super funds to have more independent directors

The Federal government has unveiled plans to require super funds (excluding SMSFs) to appoint an independent chair and have at least one-third of board seats filled by independent directors.The proposed changes will primarily impact industry super funds (and some corporate funds) as they tend to have employer group and union representation split equally.Unlike listed companies, super funds aren’t subject to the disciplines of the market. Management and the board aren’t at risk of being fired should their company be acquired after a period of underperformance so the changes are a step in the right direction.But the new rules are also...

The Federal government has unveiled plans to require super funds (excluding SMSFs) to appoint an independent chair and have at least one-third of board seats filled by independent directors.

The proposed changes will primarily impact industry super funds (and some corporate funds) as they tend to have employer group and union representation split equally.

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