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.
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.