Under Australia’s superannuation law, super funds must disclose transparency information on a website and keep it up to date at all times.
The Australian Securities and Investments Commission (ASIC) recently investigated and contacted 21 superannuation trustees about their failures to meet the disclosure requirements.
In response, seven trustees acted to disclose the required information, five made it easier to find the information online, trustees of two small funds sought relief from the obligations, seven trustees wound up their funds, and two improved their procedures for ensuring they kept disclosed information up to date.
Tip: Transparency information needs to include details about the fund’s governance, executive officer remuneration, fund trust deeds and product disclosure statements, a summary of significant event notices and a summary of how the trustee voted in the last financial year regarding its listed shares.