A solid majority of superannuation fund executives and trustees support the appointment of at least one-third independent directors to the boards of superannuation funds.
A survey conducted by Super Review during the Association of Superannuation Funds of Australia (ASFA) conference in November has revealed that only around a third of respondents believe super fund governance structures should be left as is.
Asked how fund boards should be structured, only 32.3 per cent of respondents believed things should be left as is, while 38 per cent believed there should be one-third independent directors and 29.5 per cent said there should be half independent directors.
The survey, sponsored by Pillar Administration, suggested that respondents had few qualms about super fund directors spending long periods in office, with nearly half (47.8) believe a 10 year term was appropriate, while 42.2 per cent believed five years was appropriate.
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.
Specific valuation decisions made by the $88 billion fund at the beginning of the pandemic were “not adequate for the deteriorating market conditions”, according to the prudential regulator.