Arthur Sinodinos (NSW, Liberal Party, Assistant Treasurer) Share this | Hansard source

Importantly, that paper will also canvass reforms to the governance of superannuation funds. There are already moves among both the corporate funds and the industry super funds to improve their governance. What we are doing is setting out a framework, consistent with our election commitments, which will canvass the options of going closer to corporate-style governance or adopting the APRA style of governance, which involves having independent directors and an independent chairman.

The reason I raise this—and the reason for the sensitivity on the other side, I believe—is there is some fear that this is just having a go at one particular sector of superannuation. My point is this: no-one in the superannuation industry who has transparent, accountable governance has anything to fear from these measures. Indeed, it is precisely because we are encouraging a debate around this that we can get the best possible governance.

We will also be seeking to promote transparency in superannuation by completing some measures that were started by the previous government around greater transparency on product choice, dashboards and portfolio holdings. We will also address the issue of default super. We will make sure that the industrial relations system is open and any product which meets certain basic APRA criteria— (Time expired)