While industry superannuation funds are opposing the Government’s changes to superannuation fund governance and fighting to retain their equal representation model, new data from the Australian Prudential Regulation Authority (APRA) has revealed women make up just a quarter of fund trustees.
Under questioning from Tasmanian Liberal Senator, David Bushby, APRA has produced data on the make-up of superannuation fund boards under its control which broadly reveals one-third representation each for employer and member representatives, 10 per cent independent representatives, 15 per cent non-executive directors, seven per cent executive directors, and two per cent “non-affiliated directors”.
The APRA data comes at a time when the Assistant Treasurer, Josh Frydenberg has declared the Government’s intention to pursue legislation to impose at least one-third independent directors on superannuation fund boards, with an independent chair drawn from the one-third independent directors.
However it is the relatively low representation of women on super fund boards which will surprise many in the industry, particularly at a time when there is a strong debate underway about how to close the gap with respect to womens’ retirement outcomes.
Money Management, together with its sister publication, Super Review will be conducting a debate on the question of Women’s Wealth next month.
