Your home for profit-to-member Super
Join the leading voice in profit-to-member super
Our full list of member super funds
View the upcoming courses in your city
AIST's flagship educational program
Keep up your industry knowledge and professional development - at your own pace and when it’s convenient for you
Listing of all upcoming events
The premier idea sharing and networking event for Australia’s $1.5 trillion profit-to-member super sector
AIST's annual Superannuation Investment conference
Research, insights and advocacy on the most pressing topics in super
Our response to changes in the political and policy environment
From AIST's governance code to practical guidance and toolkits
Industry news, latest resources and event updates
Stay connected to the latest policy news
Photo, audio and video content
Our mission, vision and values
Meet our team
Our board of directors, constitution and committees
News, insights and resources as they unfold. Stay up-to-date with the issues affecting super.
Submission
AIST does not support the proposed governance changes to superannuation funds outlined in the exposure draft legislation(Superannuation Legislation Amendment (Governance) Bill 2015 and its supporting Regulations), explanatory guideand APRA’s letter, all circulated for consultation on 26 June 2015.
The explanatory guide sets out the matters to be addressed by APRA to support the implementation of the proposed legislation, and the exposure draft legislation provides APRA with extensive new powers. APRA’s role in supporting the proposed reformswill includechanges to the Prudential Standardsand the ability to make determinations on a person’s independence, or lack thereof.
AIST has made a submission1to the Treasury on the proposed reforms, submitted on 23 July 2015. This submissionmakes further comments with regard to the proposals outlined in the APRA letter and the proposed APRA powersset out in the exposure draft legislation.
AIST supports principles-based regulation around the governance arrangements of superannuation funds, as flexibility is necessary in an industry that has distinctly different sectors with significantly different structures and stakeholder interests.
AIST has long been a supporter of high governance standardsin the industry and we are committed to working with Government and APRA to achieve best practice outcomes.
We do not, however, believe that structural changes to board composition, in the form ofmandatingone-third independent directors,achievesthat aim.
AIST makes the following recommendations:
31 July 2015