Retail superannuation funds have outperformed their industry fund counterparts where independent and female directors are concerned, according to data provided by the Australian Prudential Regulation Authority (APRA).
Answering questions on notice from Senate Estimates, APRA revealed that as at 30 June last year, there were 121 superannuation fund licenses with a total of 890 directors, of which 265 (30 per cent) were female.
It said that 41 superannuation licensees were responsible for industry funds with a total of 374 directors of which 99 (26 per cent) were female and 275 (74 per cent) were male, while in the retail funds, there were a total of 237 directors, of which 85 (36 per cent) were female and 64 per cent were male.
It said that the average tenure of all directors was 5.5 years with industry fund directors being retained for 6.4 years compared to just four years for retail fund directors.
