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Better regulation and governance, enhanced transparency and improved competition in superannuation

This consultation process has now been completed. Submissions available
Date
-
Consultation Type
Discussion Paper

Key Documents

The Assistant Treasurer, Senator the Hon Arthur Sinodinos AO, has released for public consultation a discussion paper canvassing the issues of governance, transparency and default superannuation funds in modern awards.

This paper 'Better regulation and governance, enhanced transparency and improved competition in superannuation' builds on the Government's election commitment to restore stability and certainty to Australia's superannuation system and is a core component of the Government's policy program to build a stronger and more prosperous economy.

The purpose of the paper is to seek feedback on governance and transparency issues contained in the Government's superannuation election commitments. The paper also provides an opportunity for consultation on opening up competition and increasing transparency in relation to default employee superannuation fund contributions.  This feedback is sought ahead of the development of possible legislation and regulation.

The key issues raised in the paper are:

  • How best to ensure an appropriate provision for independent directors on superannuation trustee boards. Issues canvassed include how 'independence' could be defined and what could constitute optimal board composition.
  • How best to complete the outstanding aspects of the current regulatory regime, including:
    • to what extent the choice product dashboard should reflect the MySuper product dashboard; and
    • which model of portfolio holdings disclosure would best achieve an appropriate balance between improved transparency and compliance costs.
  • The best way to improve transparency and competition in the employee default superannuation funds market.

Submissions

90 submissions were received for this consultation, including 23 confidential submissions.

AMP (1) - pdf 151.13 KB
AMP (2) - pdf 418.52 KB
ANZ - pdf 1.07 MB
Australian Guardians - pdf 610.8 KB
AustralianSuper - pdf 549.57 KB
BHP Billiton - pdf 131.98 KB
BT Financial Group - pdf 219.03 KB
Business SA - pdf 1.26 MB
CBH Superannuation Fund - pdf 746.72 KB
Cbus - pdf 534.01 KB
Challenger - pdf 99.85 KB
Club Plus Super - pdf 630.08 KB
Colonial First State - pdf 316.47 KB
CPA Australia - pdf 200.97 KB
First State Super - pdf 3.72 MB
Governance Worx - pdf 506.3 KB
Herbert Smith Freehills - pdf 714.32 KB
IOOF - pdf 841.64 KB
Johnston, Adam - pdf 355.36 KB
King, Dr Bronwyn - pdf 470.52 KB
Law Council of Australia - pdf 352.16 KB
Legal Super - pdf 229.51 KB
LGsuper - pdf 728.82 KB
Macquarie University - pdf 635.75 KB
Maltas, Dr John Douglas - pdf 808.69 KB
Mercer - Submission - pdf 81.31 KB
Minifie, Dr Jim - pdf 599.1 KB
Name Withheld - pdf 119.76 KB
NESS Super - pdf 500.3 KB
Nisbet, Ms Elise - pdf 983.22 KB
REST Super - pdf 1.01 MB
Sirca Limited - pdf 330.48 KB
SMSF Owners’ Alliance - pdf 402.56 KB
Unions NSW - pdf 618.43 KB
UniSuper - pdf 846.91 KB
United Voice - pdf 460.22 KB
UnitingCare - pdf 768.81 KB
Vision Super - pdf 655.19 KB
Women in Super - pdf 485.36 KB
Women on Boards - pdf 124.19 KB