Superannuation funds and executives who are affiliated with the Australian Institute of Superannuation Trustees (AIST) will now be expected to adhere to a code of conduct and ethics developed by the organisation, including a best interests duty and a commitment to professional development.
The code had been under development since last year and was formally launched at the Conference of Major Super Funds (CMSF) this week.
But inherent in the code is that they must also "demonstrate a commitment to the representative trustee system" and "demonstrate a commitment to profits-to-members values".
The code goes further with respect to trustees, urging that they "ensure that they do not receive inappropriate financial benefit or receive any other inappropriate material benefit for themselves, their family or friends as a consequence of their role" and that they "ensure they make decisions on merit and at arm's length when awarding contracts, recommending individuals for reward or benefits".
The code of conduct and ethics is being applied immediately.
