A solid majority of superannuation fund executives and trustees support the appointment of at least one-third independent directors to the boards of superannuation funds.
A survey conducted by Money Management's sister publication Super Review during the Association of Superannuation Funds of Australia (ASFA) conference in November has revealed that only around a third of respondents believe super fund governance structures should be left as is.
Asked how fund boards should be structured, only 32.3 per cent of respondents believed things should be left as is, while 38 per cent believed there should be one-third independent directors and 29.5 per cent said there should be half independent directors.
The survey, sponsored by Pillar Administration, suggested that respondents had few qualms about super fund directors spending long periods in office, with nearly half (47.8) believe a 10 year term was appropriate, while 42.2 per cent believed five years was appropriate.
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