Australia: Superannuation governance - discussion paper published

The Australian Government has published a discussion paper titled Better regulation and governance, enhanced transparency and improved competition in superannuation: see here (pdf). Amongst other things, questions are asked on the appropriate proportion of independent directors for superannuation boards and whether such boards should have independent chairs.

Australia: FSC publishes draft superannuation fund governance standard

The Financial Services Council has published for consultation a draft standard on superannuation fund governance policy: see here (docx). A brief overview of the proposed standard is available here. The standard requires, amongst other things, the majority of board directors to be independent and the board to be chaired by an independent director.