The 2009-10 Super System Review recommended that all super funds have at least one-third of directors who are “independent” of the fund and its related parties, such as employer sponsors and unions.

This recommendation was not adopted, an outcome that is often lamented in editorials in this newspaper. The chiefs of peak bodies such as Super Members Council CEO Misha Schubert have responded on the efficacy of the governance of profit-to-member super funds on these pages.