Opinion

Shouldn’t retirees be on super boards too?

Super funds have changed since the Cooper inquiry recommended more independent directors. Now, it might be a case of why stop there?

Jeremy Cooper and Ruth Stringer

Aug 28, 2024 – 2.03pm

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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.

Jeremy Cooper is Strategic Adviser – ESG at MinterEllison. He was formerly chairman of retirement income at Challenger Limited, chaired the 2010 government review of super, and is a former deputy chair of ASIC.

Ruth Stringer is a partner at MinterEllison.