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Super fund governance rates well
By Justin Lim
Superannuation funds are well governed, according to new survey results released by the regulator, the Australian Prudential Regulation Authority (APRA).
According to the survey, superannuation trustee boards across all sectors of the industry comprise experienced and appropriately qualified directors. On average, 65 per cent of directors have university degrees along with qualifications specific to superannuation.
APRA found that experienced trustee directors were often drawn from the two main groups of stakeholders, namely fund members and employer sponsors, but considerable use is also made of independent directors with specialist skills.
Association of Superannuation Funds of Australia chief executive Pauline Vamos said the strength of the Australian super system relied substantially on the soundness with which it was governed.
“The APRA survey findings highlight the considerable work undertaken by trustees to ensure that regulatory requirements are fulfilled and to seek the best investment risk and return performance possible for their members.”
12 May 2008
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