Super funds want higher ethical standards

Australian Ethical, AustralianSuper, First State Super, Kinetic Super, Sunsuper and VicSuper have become signatories to CFA Societies Australia’s open letter that asked managers to adhere to CFA Institute’s Asset Manager Code.

The Code outlined the ethical and professional responsibilities of those who managed assets on behalf of clients, including superannuation members, through their superannuation funds, specifically that they are responsible:

  • To act in a professional and ethical manger;
  • To act for the benefit of clients;
  • To act with independence and objectivity;
  • To act with skill, competence and diligence;
  • To communicate with clients in a timely and accurate manner; and
  • To uphold the rules governing capital markets.

By becoming signatory to the letter and adopting the Code for their organisations, asset managers have demonstrated their united commitment to ethical behaviour and the protection of investors’ interests.

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Chair of CFA Societies Australia Advocacy Council, Stephen Dunne, said a united show of support for the principles would spur managers to consider compliance with the code.

“The letter is especially relevant in Australia with its unique and mandated superannuation system, which makes every single Australian an investor and creates an even greater moral imperative for asset managers to adopt the code,” he said.

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