The Government is to be commended for their consultative approach in seeking to strengthen corporate governance of superannuation funds.

“Master Builders Australia is encouraged by Assistant Treasurer Kelly Dwyer’s pragmatic approach to strengthening corporate governance without lessening the integrity and rationale of for industry superannuation funds,” Wilhelm Harnisch, CEO of Master Builders Australia said.

“Industry superannuation funds play a proper and important role as part of Australia’s retirement system,” he said.

“Master Builders backs the Government’s proposal for superannuation funds to have to minimum of one third independent directors, including having an independent chair and commends the Government for listening to the legitimate concerns of industry super funds,” Wilhelm Harnisch said.

“The Government’s decision to no longer pursue the impracticable ‘if not, why not’ reporting requirements in this context is evidence of the Government’s willingness to listen and genuinely engage with the industry super fund sector and their stakeholders,” Wilhelm Harnisch said.