The Federal Government has released legislation for public consultation that will see superannuation funds be obliged to disclose executive remuneration information.

 

The draft legislation requires superannuation funds to publish on their websites:

  • details of director and executive pay;
  • details of what assets the fund has invested in; and
  • an up-to-date 'product dashboard', setting out information on target investment returns, past performance against targets, investment risk, liquidity and fees, in relation to each product offered by the fund.

“In the wake of collapses such as TRIO, it is important for Australians to know where their super savings are being invested. I also think it's valuable to understand how we can extend these standards outside super,” Minister for Financial Services and Superannuation Bill Shorten said.

 

“I will be holding more discussions with key stakeholders on how to further improve transparency and governance in the superannuation industry. Better representation of women on super boards and requiring more regular board renewal are amongst these issues.”

 

The legislation also provides for the APRA to undertake enhanced data collection and publish a wider range of superannuation information, including quarterly data on MySuper products. Further, more detailed transparency requirements will be able to be specified in regulations.

 

The exposure draft can be found here