The Federal Opposition has questioned the motivations behind the Government's decision to fund an Australian Institute of Superannuation Trustees (AIST) push to encourage more women onto the boards of superannuation funds.
Commenting on the initiative, announced on Friday, the shadow Assistant Treasurer, Senator Mathias Cormann, said the Government's support "looks very much like another handout to the minister's union mates, rather than a genuine attempt to encourage diversity".
"The AIST represents only the union dominated industry funds," he said. "Yet there are many women who could make a valuable contribution to super boards in both the industry and retail sectors."
Cormann claimed the Minister for Financial Services, Bill Shorten, needed to answer a number of questions with respect financial support provided to AIST, including whether any other education providers were considered and whether the minister would consider making the program available across the whole super sector.
"Will women who are seeking careers in the retail superannuation fund sector have access to this funding? How will this be guaranteed?" Cormann asked.
The $150,000 grant to the AIST was last week welcomed by Financial Services Council chief executive John Brogden, who said it represented an excellent outcome for the industry.
