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2011 Annual Conference. 28 TH ANNUAL CONFERENCE 2011. C1 Superannuation Governance Leah Fricke Pauline Vamos. Superannuation Governance. Pauline Vamos CEO ASFA. What is Superannuation Governance. Fiduciary responsibility Acting in the members’ best interest - PowerPoint PPT Presentation
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C1 Superannuation Governance
Leah Fricke Pauline Vamos
20112011ANNUANNU
AL AL
CONFERENCECONFERENCE
20112011ANNUANNU
AL AL
CONFERENCECONFERENCE
28TH ANNUAL
CONFERENCE
2011
28TH ANNUAL
CONFERENCE
2011
Superannuation Governance
• Pauline Vamos• CEO ASFA
What is Superannuation Governance
• Fiduciary responsibility
• Acting in the members’ best interest
• Higher than ASX governance?
• Investment governance
Unique issues
• Equity between members
• Sole purpose test
• Cross sub-sidisation
• Different sector models have different issues
General Governance
• Prudent person to prudent business person
• Size, tenure, and diversity
• Fit and Proper
• Conflicts – multiple arrangements
• Independence-voting
Investment Governance
• investment strategy – portability, liquidity, long term (peer pressure)
• Default, target date and choice portfolios • Oversight of fund managers – cost and after
tax • In-house investing – new governance model • ESG and UNPRI• Post retirement – liability investing
Increasing Challenges
• MySuper-design, costing, transition
• Scale and sustainability as a fund
• Delivery of advice
• Insurance – tailoring design
Even more challenges
• Superstream – auto consolidation
• APRA Standards including data collection • Operational risk reserves
• Competition
• Mergers - DTAs
Trustee of the future
• Global pension fiduciary
• Business and investment savvy – influence on listed companies
• Many fiduciaries' outside pension industry
• Professional trustees?