AIST Submission: Consultation on Prudential Standard SPS 530 Investment Governance in Superannuation

AIST supports enhancements being made to SPS 530 Investment Governance but seeks that the standard better reflect appropriate governance of increasingly large and complex entities. For example, Board should endorse performance benchmark methodology and oversight performance, but can delegate consideration of each investment in each investment option.

APRA should also amend SPS 530 to clarify that investment risk and governance should include ESG factors, and update the guidance on consideration of ESG factors in formulating investment strategy.