Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Bill 2012
Terms of Reference
The bill is the fourth tranche of legislation implementing the MySuper and governance elements of the Stronger Super reforms. The bill proposes to make amendments to the Superannuation Industry (Supervision) Act 1993 (SIS Act), the Corporations Act 2001 and other Acts to:
* override any provisions in a fund's governing rules that require the trustee to use a specified service provider, investment entity or financial product;
* provide APRA with the power to issue infringement notices for certain breaches of the SIS Act;
* require trustees to provide reasons for decisions made in relation to a complaint;
* increase the time limit for members to lodge complaints with the Superannuation Complaints Tribunal;
* provide that directors of corporate trustees and individual trustees are only prohibited from voting on any company business in limited circumstances;
* apply requirements for adequate resources and risk management systems to dual regulated entities;
* require persons to seek leave of the court before bringing action against an individual director for a breach of their duties, and extend legal defences available for trustees and directors to proceedings involving breaches of MySuper obligations; and
* make other consequential amendments.
For further information, contact: Committee Secretary
Parliamentary Joint Committee on Corporations and Financial Services
PO Box 6100
Parliament House
Canberra ACT 2600
Australia