The AICD has made a submission on the exposure draft titled Treasury Legislation Amendment (Improving Accountability and Member Outcomes in Superannuation) Bill 2017 (Cth), and associated explanatory material (together, the ‘Super Reforms’).
The Super Reforms seek to improve accountability and member outcomes in the superannuation sector through new measures, including:
- requiring RSE licensees to hold annual members' meetings to enable members to ask questions about all areas of their RSEs performance and operation;
- providing APRA with improved directions powers to enable it to intervene at an early stage to address prudential concerns; and
- aligning the superannuation director penalty regime with the penalty regime that applies to directors of managed investment schemes.
The AICD strongly endorsed the government’s aim of improving accountability and member outcomes. However, we urged careful consideration of the design of the Super Reforms to ensure they are appropriately calibrated and can be effectively implemented.
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