Michael Chaaya, Partner and member of the Corrs Financial Services Industry Division Leadership Team, was invited to submit a paper to the Australian Institute of Superannuation Trustee’s inaugural Research Hub. The Research Hub featured as part of the Conference of Major Super Funds between 28 and 30 March 2011.
Michael’s paper focused on trustee governance in the superannuation space.
The question of what is adequate in terms of governance standards for trustees of superannuation funds has been the subject of considerable debate in the Australian superannuation industry for many years. It is no surprise that the topic of trustee governance featured prominently in the findings of the recent Cooper Review and the Federal Government’s subsequent response entitled Stronger Super.
A key feature of the proposed reforms is the creation of a new office of “trustee-director” which seeks to impose enhanced statutory duties for trustee-directors with additional duties for those who offer MySuper products.
The research paper examines this important aspect of the Cooper Review proposals and considers whether it represents a new dawn for trustee governance in Australia’s superannuation industry.
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