Funds inconsistent on transparency

The Australian Securities and Investments Commission (ASIC) has identified "pockets" of superannuation trustees who are failing to comply with the regulator's tougher transparency requirements evolving out of the Stronger Super changes.

In a survey analysis of compliance with the changes released this week, ASIC pointed to an industry which had broadly headed in the right direction, but which was still struggling to uniformly fall in line.

ASIC commissioner, Greg Tanzer said the survey had indicated that superannuation trustees generally seemed to have understood what was intended with the transparency reforms and had made a good effort to comply.

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However, he noted there "were pockets of non-compliant trustees who appear to have struggled with the new requirements".

In some instances we could not find any websites for funds', Mr Tanzer said.

Among some of the shortcomings identified in the ASIC survey were that some funds were not disclosing the length of time trustee directors and senior managers were serving on boards, executive remuneration, or the payment of executive remuneration to other organisations.

The survey also found inconsistencies with respect to how funds were reporting how directors had voted on listed share issues.

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