Treasury has released a discussion paper entitled ‘Better regulation and governance, enhanced transparency and improved competition in superannuation’ for public consultation .
The key issues raised in the paper are:
- How best to ensure an appropriate provision for independent directors on superannuation trustee boards. Issues canvassed include how ‘independence’ could be defined and what could constitute optimal board composition.
- How best to complete the outstanding aspects of the current regulatory regime, including:
to what extent the choice product dashboard should reflect the MySuper product dashboard; and
which model of portfolio holdings disclosure would best achieve an appropriate balance between improved transparency and compliance costs.
- The best way to improve transparency and competition in the employee default superannuation funds market.
The paper also seeks views on a possible deferral of the commencement date of the MySuper transparency measures beyond 1 July 2014.