While we are all enjoying summer…

The Federal Government will be doing a whole range of things that will affect us. One of those is taking steps to challenge the equal representational model on superannuation boards (that’s where, like Local Government Super, there are equal numbers from the employee and the employer side) and to require that at least a third of directors be “independent” which, in the language of the Coalition Government really means mates of theirs.

Superannuation funds operate under the Superannuation Industry Supervision Act, and that legislation obliges directors, whether they be employer or employee representatives to act independently.

This has nothing to do with the competence of the equal representational model, or trustees representing employees, but everything to do with the historic resentment, antagonism and hostility by the Coalition to the introduction of compulsory superannuation, the proliferation and success of industry superannuation funds and all that money being managed by people other than their Tory mates in the banks and insurance companies.

If this story interest you, check out Robbo’s Pearls.

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