Governance is the process of decision-making and the process by which decisions are implemented. Trustees of superannuation funds operate within a very specific framework to manage their funds in the best interests of the members.
ASFA takes a keen interest in good governance and the specific responsibilities of trustees. ASFA has developed guidance on best practice governance for superannuation funds and has begun to assist superannuation fund trustees to assess and benchmark their own governance.
Governance and Trusteeship explains trustee duties and responsibilities and provides information about the services that are available to assist in carrying them out.
Suitable for
This subject is designed for trustees and aspiring trustees of superannuation funds and for industry practitioners who need to support trustees in their role managing Australia’s superannuation funds. It can be completed as a stand-alone subject and would be beneficial for trustees, responsible officers, trustee office staff, fund administrators and service providers.
Assumed Knowledge
Diploma of Superannuation
Topics
This subject covers the governance framework that applies to superannuation funds and the duties, responsibilities and powers of trustees. It includes a focus on risk mitigation and explores the issues from the perspective of both the trustees and those that work with trustees.
Learning outcomes
After studying this subject, students should be able to:
- Outline the role of APRA, ASIC and the ATO in the regulation of the superannuation industry;
- Explain who can be a trustee and equal representation requirements;
- Detail the procedures involved in conducting a trustee meeting;
- Describe the duties of a trustee found in trust law, SIS and other legislation;
- Identify and address governance issues related to superannuation funds;
- Discuss the steps involved in developing a risk management program;
- Outline the main issues to be considered when appointing service providers;
- Discuss the different factors affecting the investment decision;
- Outline the issues involved in developing an investment strategy and an Active Share Ownership Policy;
- Detail the minimum legal requirements for trustees in reporting to members;
- Outline the requirements for establishing an internal complaints mechanism; and
- Describe the purpose and powers of the Superannuation Complaints Tribunal.
Qualification
This subject contributes to the Advanced Diploma of Superannuation (FNS60510) qualification.
Assessment
Assignment 1
Assignment 2
Final assessment
Availability
Flexible on-line (commence any time)
Face-to-face (corporate workshop)
Duration
This subject must be completed within 6 months from commencement.
CPD points
24