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C1 Superannuation Governance Leah Fricke Pauline Vamos

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

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C1 Superannuation Governance Leah Fricke Pauline Vamos

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  1. 2011Annual Conference 28THANNUAL CONFERENCE2011 C1 Superannuation Governance Leah Fricke Pauline Vamos

  2. Superannuation Governance • Pauline Vamos • CEO ASFA

  3. What is Superannuation Governance • Fiduciary responsibility • Acting in the members’ best interest • Higher than ASX governance? • Investment governance

  4. Unique issues • Equity between members • Sole purpose test • Cross sub-sidisation • Different sector models have different issues

  5. General Governance • Prudent person to prudent business person • Size, tenure, and diversity • Fit and Proper • Conflicts – multiple arrangements • Independence-voting

  6. 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

  7. Increasing Challenges • MySuper-design, costing, transition • Scale and sustainability as a fund • Delivery of advice • Insurance – tailoring design

  8. Even more challenges • Superstream – auto consolidation • APRA Standards including data collection • Operational risk reserves • Competition • Mergers - DTAs

  9. Trustee of the future • Global pension fiduciary • Business and investment savvy – influence on listed companies • Many fiduciaries' outside pension industry • Professional trustees?

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