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Super funds warned on remuneration reporting
Superannuation funds have not been sufficiently transparent in revealing director and executive remuneration, according to the Australian Prudential Regulation Authority (APRA).
In the same week that a financial planner questioned the high number of trustees on industry super fund boards and the amounts they were paid, the super regulator made clear it was unhappy with remuneration reporting standards.
APRA member, Helen Rowell has told the Conference of Major Superannuation Funds (CMSF) that the regulator had conducted a review of fund remuneration arrangements and had been disappointed with the outcome.
"We were pretty disappointed in a number of areas," she said referring to APRA's review of fund web sites and other documentation.
Rowell said there had been too many instances of "nil amounts" being reported or no disclosure on web sites at all.
She said it was something APRA would be following up on.
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