Australia’s peak superannuation body, ASFA, has welcomed the release by APRA of new proposals aimed at strengthening the prudential governance framework for regulated entities, including superannuation trustees, and looks forward to engaging with APRA to ensure the sector continues to align with industry best practice.
APRA says its proposals will help ensure its governance standards “reflect contemporary best practice” and ensure leaders are equipped with “the skills, experience and character needed for today’s complex risk environment”.
ASFA CEO Mary Delahunty said the superannuation sector was well aware of its responsibilities in adhering to the highest governance standards, and stood ready to join the discussion and work with the regulator to continually improve governance.
“Australia’s superannuation sector manages close to $4.2trn of super contributions to help members achieve a dignified and enjoyable retirement. That’s a huge responsibility and one trustees take very seriously, so we have always been keenly focused on ensuring funds are well governed and best prepared to navigate uncertain times, to deliver the best returns for members,” Ms Delahunty said.
APRA’s proposed areas of change include updating requirements to ensure boards have the best mix of skills and experience, requiring institutions to engage with APRA on matters relating to appointments and succession planning, considering board independence, and introducing a 10-year tenure limit for non-executive directors.
“ASFA has a strong track record of advocating high governance standards, and we look forward to working with APRA in this important endeavour,” Ms Delahunty said.
For further information, please contact:
ASFA Media Manager Richard Garfield, 0451 949 300.
About the Association of Superannuation Funds of Australia (ASFA)
ASFA, the voice of super, has been operating since 1962 and is the peak policy, research and advocacy body for Australia’s superannuation industry. ASFA represents the APRA regulated superannuation industry with over 100 organisations as members from corporate, industry, retail and public sector funds, and service providers. We develop policy positions through collaboration with our diverse membership base and use our deep technical expertise and research capabilities to assist in advancing outcomes for Australians.
We unite the superannuation community, supporting our members with research, advocacy, education and collaboration to help Australians enjoy a dignified retirement. We promote effective practice and advocate for efficiency, sustainability and trust in our world-class retirement income system.
