APRA is consulting on the publication of data around superannuation funds’ expenditure to provide members with greater transparency of their funds.
In an open letter to super trustees, the prudential regulator said it plans to publish total fund expenditure and expanded asset allocation data in mid-2024.
This could include total expenses of promotion, marketing and sponsorship, all expenses with industrial bodies, all expenses with related parties, total director and executive remuneration expenses and political donations.
Under the additional asset allocation data, this could include property and infrastructure by sector classification, ownership model and development stage, alternative strategy funds by strategy type, listed equity by market capitalisation type and active/passive management and private equity by development stage and strategy type.
This will follow data collection later this year following amendments to reporting standards under Phase 1 of APRA’s multi-year Superannuation Data Transformation project.
This is proposed to initially include:
APRA deputy chair, Margaret Cole, said: “These proposals represent an important step forward in achieving greater transparency in superannuation.
“It is APRA’s aim to publish as much of the data that we collect as possible, especially where there is a strong public interest in having access to high quality industry data that is comparable across funds.
“Under these proposals, members would have a clearer and more detailed picture of how their money is being spent and invested, while trustees would be further compelled to remain closely focused on improving member outcomes,” Cole said.
The consultation will include two roundtable discussions with trustees and stakeholders and close on 29 November 2023.
The profit-to-member super funds are officially operating as a merged entity, set to serve over half a million members.
Super Review announced 21 winners at the annual Super Fund of the Year Awards, including the recipient of the prestigious Fund of the Year Award.
A research firm has given UniSuper a glowing review, praising its strong leadership and “compact team”, as well as its “creditable governance” structure.
Assistant Treasurer Stephen Jones has defended the government’s plan to modestly cut tax concessions for Australia’s wealthiest superannuation accounts, saying it is a “fairer outcome”.
CHOICE is a political organisation.
Charities associated to CHOICE are a political organisation.
Former employees of CHOICE in regulatory positions are political activists.