RC told AustralianSuper may change board tenure rules
AustralianSuper is considering imposing uniform tenure limits on its trustee directors – a move which would see four of its longest-serving directors including chairman, Heather Ridout, restricted to 12 years.
The super fund’s intentions were revealed to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry by AustralianSuper chief executive, Ian Silk.
Given that the four directors have served since at least 2007, any change in their tenure could see them leaving as early some time next year.
Silk had been asked by counsel assisting the Royal Commission, Michael Hodge to explain AustralianSuper’s rules with respect to board tenure, and it was explained that with the exception of the four original directors the remainder were limited to four three-year terms.
Asked the AustralianSuper board’s view of more independent directors being added to the board, Silk said the board was not opposed but thought it was more important to have skilled and appropriate people.
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