Australia: superannuation governance - draft legislation published for consultation

Draft legislation, the purpose of which is to improve governance arrangements in superannuation, has been published for consultation: see here (pdf) and here (pdf). An explanatory guide is available here (pdf). Amongst the changes being proposed is the requirement for all superannuation funds regulated by the Australian Prudential Regulation Authority to have a minimum of one third independent directors on their trustee board, and an independent chair.