Industry Super Australia (ISA) has urged the Government not to cave into bank-lobbying to dismantle the industry superannuation governance model.
ISA pointed to reports that suggested the Government was preparing a raft of bills that could dismantle the model, and give bank-owned super funds a “leave pass” on some of the new disclosure and transparency requirements.
ISA said the bill came despite ongoing revelations about poor governance, culture, and conduct within the banks and their wealth management arms.
ISA chief executive, David Whiteley, said: “Industry super funds are deliberately different and have been immune to the scandals that continue to cause significant consumer loss and hardship”.
"Member-first governance and culture is the reason industry super funds outperform bank-owned super funds,” he said.
Whiteley said the success of the trustee governance model was evident of the outperformance of industry super funds over bank funds.
"The government should focus on fixing unpaid super, addressing the gender gap and reducing multiple accounts,” he said.
Governor Bullock took a more hawkish stance on Tuesday, raising concerns over Trump’s escalating tariffs, which sent economists in different directions with their predictions.
Equity Trustees has announced the appointment of Jocelyn Furlan to the Superannuation Limited (ETSL) and HTFS Nominees Pty Ltd (HTFS) boards, which have oversight of one of the companies’ fastest growing trustee services.
Following growing criticism of the superannuation industry’s influence on capital markets and its increasing exposure to private assets, as well as regulators’ concerns about potential risks to financial stability, ASFA has released new research pushing back on these narratives.
A US-based infrastructure specialist has welcomed the $93 billion fund as a cornerstone investor.