Frydenberg backs super governance changes

20 January 2015
| By Mike |
image
image
expand image

Weekend comments by the new Federal Assistant Treasurer, Josh Frydenberg, have been interpreted as pointing to him moving to change superannuation fund governance arrangements to increase the number of independent directors.

Frydenberg, being interviewed by reporters before leaving on trip to Europe, specifically referenced the size of the superannuation system and the need to have the most robust governance settings possible.

"I am attracted to the notion of having an independent chair and a larger number of independent directors," he said.

However he claimed any such move should not be interpreted as being aimed at union-backed industry superannuation funds but, rather, about best practice and getting the best possible outcome for super fund members.

Frydenberg's comments on default funds under modern awards made it clear that, like his predecessor in the assistant treasurer role, Senator Mathias Cormann, he believed the default funds sector should be opened up to competition.

He said he believed there need to be more competition injected into the sector.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

10 months 2 weeks ago
Kevin Gorman

Super director remuneration ...

10 months 3 weeks ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

10 months 3 weeks ago

The central bank has served up a disappointment for punters on Melbourne Cup Day....

5 minutes 36 seconds ago

The fund’s inaugural chief retirement officer is looking to establish a new venture. ...

4 hours 52 minutes ago

The sovereign wealth fund remains cautious of the impact of high inflation as it announces a strong return in its latest update....

22 hours 56 minutes ago