Lessons and a warning for super fund directors and senior executives

On 1 May, the Federal Treasurer issued a severe warning for directors and senior executives of financial institutions.  He said that APRA’s Report into breaches by the Commonwealth Bank is “required reading” for all financial institutions – not just bank boards and they need to: “read it very closely and ask themselves the hard questions…

Read more

Bill introduced for “Independent Directors”

Legislation to mandate independent directors for superannuation trustees was introduced on 16 September 2015. A number of changes have been made since the Exposure Draft was issued in June. The most significant changes are to the meaning of “independent”. We have prepared a comparison of the relevant tests of independence under the Exposure Draft and the…

Read more

New Governance Rules – Independent Directors

On 26 June 2015 the Government released exposure draft legislation that would impose on all APRA regulated funds a requirement to have a minimum of one-third independent directors/trustees and an independent chair. The aim, however, is clearly to encourage funds to move towards a majority of independent directors. This was a recommendation of the Financial…

Read more

Time to Plan for Prudential Triennial Reviews

The Prudential Standards for Investment Governance (SPS 530), Insurance (SPS 250), Risk Management (SPS 220) and Conflicts of Interest (SPS 521) all require frameworks.  And they require the licensee to ensure that the frameworks are subjected to a “comprehensive review by operationally independent, appropriately trained and competent persons at least ever three years”. The Prudential…

Read more

APRA letter to RSE licensees: Managing Conflicts of Interest

Following an assessment of how the industry has implemented SPS 521, APRA has sent a letter to RSE licensees in relation to managing conflicts of interest. APRA assessed a cross-section of the industry including industry, retail, corporate and public sector funds. In its letter to RSE licensees, the regulator makes the following observations: Some funds…

Read more

On APRA’s Radar

Helen Rowell’s recent talk at CMSF about what APRA is currently seeing on its radar provides some valuable insight for the superannuation industry.…

Read more

Subscribe to Greenfields' newsletter

If you would like to be notified of any significant developments or additions to this site, you can subscribe below.

Loading...