BT Financial Group (BTFG) welcomes the introduction today of the Superannuation Legislation Amendment (Trustee Governance) Bill 2015 by the Assistant Treasurer Mr Josh Frydenberg into the House of Representatives.
This takes Australia a step closer to achieving stronger governance to help deliver better retirement outcomes for all Australians.
With over $2 trillion currently sitting in the superannuation pool, good governance has never been more critical to give Australians’ the confidence that the board decisions made, are in their best interests.
“Managing and investing Australians super savings is a huge responsibility, one which should come with the highest transparency and disclosure standards for directors,” says Ms Melinda Howes, General Manager, Superannuation, BTFG.
“For many years BTFG has supported the call for higher governance standards around super; ensuring that the interests of the fund member should be the number one concern for trustees.”
Some of the changes to be introduced include increasing the number of independent trustees and considering professionals from more diverse backgrounds for director roles.
Should they be passed, these changes would apply to all APRA regulated funds, including corporate, government, retail and industry funds.
“These amendments will ultimately deliver better outcomes to fund members, an outcome we strongly support and continue to champion,” says Howes.
Media release (PDF 425KB)