Key element overlooked in Stronger Super

government/government-and-regulation/senator-mathias-cormann/superannuation-industry/federal-opposition/australian-prudential-regulation-authority/assistant-treasurer/

22 September 2011
| By Mike Taylor |
image
image image
expand image

 The Federal Opposition has claimed the Government omitted a key Cooper Review recommendation from its Stronger Super package – better corporate governance arrangements, including tougher rules around directors sitting on multiple superannuation boards.

The Opposition spokesman on Financial Services, Senator Mathias Cormann, also made clear he believed the Government needed to address the “current closed shop, anti-competitive arrangements in the default workplace superannuation market”.

“We are also disappointed that [Assistant Treasurer] Bill Shorten has failed to act on the very sensible Cooper recommendations to improve corporate governance arrangements in the super industry,” he said.

“Superannuation is big business with $1.3 trillion worth of Australians’ retirement savings at stake. So why is the Government not prepared to act on the Cooper recommendation to require independent directors on superannuation boards,” Cormann said.

“Why is the Government not prepared to act on the recommendation requiring directors wanting to sit on multiple superannuation boards to declare any foreseeable conflicts of interest to the Australian Prudential Regulation Authority?” the senator asked.

“Bill Shorten has recognised the flaws in his original MySuper proposal,” Cormann said. “It is high time he did the same in relation to his approach to default workplace superannuation arrangements and in relation to the need for improved corporate governance arrangements in the superannuation industry.”

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

5 months 1 week ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

5 months 1 week ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

7 months 2 weeks ago

The RBA has handed down its much-anticipated rate decision, following widespread expectations of a close call....

4 days 1 hour ago

The FSCP has issued a written direction to an adviser who charged clients “extraordinary fees” for inappropriate and conflicted advice, as well as encouraged them to swit...

2 weeks 5 days ago

ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager. ...

4 weeks ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
5