The regulator wants to force new standards for the skills and capabilities of directors of financial services institutions. Industry super funds appear to be particularly in its sights.
John Lonsdale, the chairman of the Australian Prudential Regulation Authority, insists he has no quarrel with the equal representation model that underpins the governance of Australia’s mighty industry superannuation funds.
As Lonsdale points out, the model – under which unions and employer groups have the right to nominate directors to an industry super fund board – is enshrined in law.
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James Thomson is senior Chanticleer columnist based in Melbourne. He was the Companies editor and editor of BRW Magazine. Connect with James on Twitter. Email James at j.thomson@afr.com
