C1 Superannuation Governance Leah Fricke Pauline Vamos 2011 ANNUAL CONFERENCE 28 TH ANNUAL CONFERENCE 2011.

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Presentation transcript:

C1 Superannuation Governance Leah Fricke Pauline Vamos 2011 ANNUAL CONFERENCE 28 TH 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?