Recommendation 5.1 – Supervision of remuneration – principles, standards and guidance In conducting prudential supervision of remuneration systems, and revising its prudential standards and guidance about remuneration, APRA should give effect to the principles, standards and guidance set out in Read More …
Tag: board
10.3 What the case study showed
In both cases, the trustee considered that the proposed merger was desirable, and had independent advice to that effect. I have no reason to doubt those views were correct. But in both cases, the proposed merger did not proceed because Read More …
10.2 Evidence
10.2.1 Energy Super In 2016, Energy Super was interested in merging with another superannuation fund. It thought that a merger would benefit its members through increasing membership numbers, changing its membership demographic and reducing administration costs.[1] It had held merger Read More …
10.1 Background
The Commission looked at two case studies about proposals to merge superannuation funds. In both cases, the merger did not proceed because of disputes over who would sit on the board of the merged entity. The Electricity Supply Industry Superannuation Read More …
9.2 Evidence
9.2.1Director tenure – AustralianSuper In 2007, AustralianSuper amended its constitution to include term limits for its directors. As amended, the constitution provides that directors are appointed for three years. At the end of one three year term, they may be Read More …
9 Board governance
4.6 What the case study showed
4.6.1Did Questor mislead TPS members in breach of section 12DA of the ASIC Act? Counsel Assisting submitted that Questor may have engaged in misleading and deceptive conduct, in breach of section 12DA of the ASIC Act, by sending the letter Read More …
4.5 ANZ transaction
As already noted, ANZ has agreed to sell its superannuation business to IOOF. The Commission looked at how the ANZ trustee approached its role in that transaction. OPC, Oasis and OnePath Life Limited (OnePath Life) are all subsidiaries of ANZ. Read More …
4.2 The APRA proceedings
On 6 December 2018, APRA commenced proceedings against IIML, Questor, Mr Kelaher, and four other individuals holding senior positions at IOOF: the Chair, George Venardos; the Chief Financial Officer, David Coulter; the General Manager – Legal Risk and Compliance and Read More …
3.2 Evidence
3.2.1AMP superannuation funds ASL and NM have common boards of directors, and the boards operate concurrently.[1] Between them, ASL and NM are responsible for eight superannuation funds.[2] At August 2018, those funds had approximately $120 billion in funds under management.[3] Read More …