Friday, June 26, 2015

Industry Superannuation – Abbott attempt to privatise our Two Trillion Dollar Savings

The Federal Government is attacking unions over superannuation reform, with controversial draft legislation due to be tabled in parliament today.

Under the proposed laws, super funds will be required to have an independent chairman, and independent directors will need to comprise at least a third of a fund's board.

The Government's key target is known to be union-backed industry superannuation funds, but the proposed changes will also apply to retail, corporate and public sector funds now managing $2 trillion in retirement nest eggs.

Funds will also be required to detail in their annual reports whether they have a majority of independent directors on an "if not, why not" basis under similar rules that apply to ASX-listed companies.

The draft legislation is timed by Government to dovetail the machinations of the Abbot conceived Royal Commission into Trade Union Governance and Corruption which highlights incidents of alleged misconduct and of unions and their members.

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