POWERED BY MOMENTUM MEDIA
ASFA urges flexibility on board numbers
The Australian Prudential Regulation Authority (APRA) has been urged not to impose specific requirements on the size of superannuation fund trustee boards and to allow some flexibility.
The Association of Superannuation Funds of Australia (ASFA) has used a submission responding to draft prudential standards to caution against placing a limit of 12 on the size of trustee boards.
The submission said that while ASFA endorsed the need for Registrable Superannuation Entity (RSE) licensees to have boards of manageable size in order to ensure they operated effectively and believed the optimal size was actually somewhere between six and 12, it nonetheless recognised that funds needed "the flexibility to determine that a larger number of directors may be valuable given their specific circumstances".
"In particular, trustee boards need to have a sufficient number of members to enable the effective operation of a trustee board's committee structure and to ensure that the required skills and a variety of perspectives are incorporated into the trustee board," the submission said.
"Trustees need the flexibility to be able to create a structure that is the most effective for their fund and its particular circumstances. In order to do so, trustee boards need discretion as to their size."
The submission said it needed to be noted there were a number of the factors that could contribute to large boards, including when a merger of funds occurred.
Recommended for you
The pace of economic growth in Australia is expected to “grind higher over coming quarters” off the back of lower inflation, falling interest rates, and a robust labour market, Deloitte has said.
The superannuation sector has welcomed confirmation that a controversial US tax provision will be removed.
A new analysis from environmental finance group Market Forces has reportedly discovered that AustralianSuper is on the b...
Treasurer Jim Chalmers has held talks with US Treasury Secretary Scott Bessent, intensifying efforts to resolve concerns over section 899 of the proposed “Big Beautiful Bill” in the United States.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
92.15 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
53.24 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
43.15 3 y p.a(%)
4
DomaCom Shoreline North Coogee
36.26 3 y p.a(%)
5
GAM LSA Private Shares AU I
35.87 3 y p.a(%)
