The AICD provided a submission to the Senate Economics Inquiry into the government’s Superannuation Laws Amendment (Strengthening Trustee Arrangements) Bill 2017 (Cth).
In the submission, the AICD indicated its strong support for the government’s aim in improving governance within superannuation by mandating that one-third of directors on superannuation boards be independent directors, though the AICD’s preference is for a mandated majority of directors to be independent. In addition, the AICD recommended that the bill adopt a principles-based definition of independence, similar to Principle 2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations.
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