The Assistant Treasurer, Josh Frydenberg, has introduced the long-mooted Trustee Governance Bill to the House of Representatives (on Wednesday 16th September). The Bill is expected to pass the lower house and be referred to the Senate.
The draft legislation was released in June of this year, with the intention of the legislation being to strengthen the governance arrangements for all Australian Prudential Regulation Authority (APRA) regulated superannuation funds by requiring all APRA-regulated superannuation funds to have a minimum of one third independent directors on their trustee board and an independent chair.
The move was welcomed by the Financial Services Council, which represents the retail financial services industry, but panned by Industry Super Australia, which represents a number of not-for-profit funds.
Read more about the reaction of the industry bodies here.