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Australia’s profit-to-member superannuation funds – which include industry, public-sector and corporate funds - have demonstrated a strong commitment to the high standards of corporate governance set by AIST’s Governance Code in their reports against the Code for fiscal year 2019.
The Governance Code consists of 8 principles and 21 reporting requirements to protect and improve outcomes for superannuation fund members. The independent Governance Monitoring Panel’s Report assesses fund reporting against the Code and is publicly available as of this morning.
In the first year of reporting against the AIST Governance Code Monitoring Panel, 84.9% of 41 AIST member funds reported fully meeting Code’s 21 reporting requirements for the fiscal year 2019.
Funds reported partially meeting 12.1% of requirements while 3% of requirements were reported as not being met. Of the funds that had partially met some of the reporting requirements, most were public sector funds which have restrictions in their governing legislation, meaning that full compliance with the Governance Code is not possible.
The Chair of the independent Governance Code Monitoring Panel, Greg Brunner, said the Panel was pleased to see that the reporting standard was strong for the first year of reporting and funds recognised further opportunities for improvement.
“It’s pleasing to see that funds voluntarily reported 143 improvement activities that they will undertake over the next 12 months to continually improve governance practices,which shows the Governance Code is achieving its objective of improving governance standards from an already sound base.”
The AIST Governance Code became mandatory for AIST member funds on 1 July 2018 and fiscal year 2019 was the first full year of reporting. Further details are available in the Report on 2019 Compliance with the AIST Governance Code.
Media enquiries: AIST Senior Media Manager, Janet de Silva 0448 000 499
AIST is the peak body for the $1.4 trillion profit-to-member superannuation sector which includes industry, corporate and public sector funds
23 March 2020