ASFA issues trustee best practice paper for unlisted assets
ASFA has issued a Best Practice paper to provide superannuation trustees with guidance on valuation and liquidity issues associated with unlisted investments.
The paper aims to give trustees an overview of matters they should take into account with regard to liquidity and valuation of unlisted investments in terms of their obligations as a trustee.
It is not designed to cover the technical issues of portfolio construction or asset valuation nor provide advice on appropriate levels of holdings of unlisted investments.
Director of policy and industry practice, Melinda Howes, said the paper’s release is timely given the focus on this asset class during the global financial crisis.
“There has been increased regulatory focus on good governance around unlisted investments, and the the industry is continually looking for ways it can ensure that it maintains best practice in investing as a fiduciary.”
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