POWERED BY MOMENTUM MEDIA
Funds inconsistent on transparency
The Australian Securities and Investments Commission (ASIC) has identified "pockets" of superannuation trustees who are failing to comply with the regulator's tougher transparency requirements evolving out of the Stronger Super changes.
In a survey analysis of compliance with the changes released this week, ASIC pointed to an industry which had broadly headed in the right direction, but which was still struggling to uniformly fall in line.
ASIC commissioner, Greg Tanzer said the survey had indicated that superannuation trustees generally seemed to have understood what was intended with the transparency reforms and had made a good effort to comply.
However, he noted there "were pockets of non-compliant trustees who appear to have struggled with the new requirements".
In some instances we could not find any websites for funds', Mr Tanzer said.
Among some of the shortcomings identified in the ASIC survey were that some funds were not disclosing the length of time trustee directors and senior managers were serving on boards, executive remuneration, or the payment of executive remuneration to other organisations.
The survey also found inconsistencies with respect to how funds were reporting how directors had voted on listed share issues.
Recommended for you
The proposed reforms have been described as a key step towards delivering better products and retirement experiences for members, with many noting financial advice remains the “urgent missing piece” of the puzzle.
Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Coalition, which has pledged to reverse any changes if it wins next year’s election.
In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges.
Chant West analysis suggests super could be well placed to deliver a double-digit result by the end of the calendar year.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.56 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.06 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.81 3 y p.a(%)
