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.
The central bank has served up a disappointment for punters on Melbourne Cup Day.
The superannuation industry will be judged by its member services rather than how effectively it accumulates wealth, according to Stephen Jones.
The profit-to-member super funds are officially operating as a merged entity, set to serve over half a million members.
Super Review announced 21 winners at the annual Super Fund of the Year Awards, including the recipient of the prestigious Fund of the Year Award.