Independence in Practice: Superannuation Fund Governance through the Eyes of Fund Directors

36 Pages Posted: 30 May 2019 Last revised: 6 Jun 2019

See all articles by M. Scott Donald

M. Scott Donald

UNSW Law

Suzanne M. Le Mire

University of Adelaide - School of Law

Date Written: May 29, 2019

Abstract

This article reports on a series of interviews with superannuation fund directors that examine how director independence is framed, viewed and operationalised in the superannuation context. The interviews highlight the interaction between structural independence rules and other familiar governance issues, such as remuneration, nomination and board tenure arrangements. The role and potential for independence to address conflicts of interest, skills and diversity issues is also discussed. The paper concludes that independence reforms such as those envisaged in recent government proposals have the potential to deal with some of the governance shortfalls present in the various sectors of the superannuation system, but only if carefully drafted and appropriately buttressed with ancillary regulation.

Keywords: superannuation, fund directors

JEL Classification: K10

Suggested Citation

Donald, M. Scott and Le Mire, Suzanne M., Independence in Practice: Superannuation Fund Governance through the Eyes of Fund Directors (May 29, 2019). M Scott Donald and Suzanne Le Mire, 'Independence in Practice: Superannuation Fund Governance through the Eyes of Fund Directors' (2019) 42(1) University of New South Wales Law Journal 300; U. of Adelaide Law Research Paper No. 2019-54. Available at SSRN: https://ssrn.com/abstract=3395581

M. Scott Donald (Contact Author)

UNSW Law ( email )

Kensington, New South Wales 2052
Australia

Suzanne M. Le Mire

University of Adelaide - School of Law ( email )

Ligertwood Building
Adelaide 5005, South Australia SA 5005
Australia

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