Footnotes

Chapter 1 - Introduction and background to the bill

[1]        Journals of the Senate No. 118, 17 September 2015, p. 3146.

[2]        Hon Josh Frydenberg MP, Assistant Treasurer, House of Representatives Hansard, 16 September 2015, p. 16.

[3]        Hon Josh Frydenberg MP, Assistant Treasurer, House of Representatives Hansard, 16 September 2015, p. 16.

[4]        Hon Josh Frydenberg MP, Assistant Treasurer, House of Representatives Hansard, 16 September 2015, p. 16.

[5]        Liberal Party of Australia, The Coalition's Policy for Superannuation, 2013, p. 4.

[6]        Liberal Party of Australia, The Coalition's Policy for Superannuation, 2013, p. 5.

[7]        Liberal Party of Australia, The Coalition's Policy for Superannuation, 2013, p. 5.

[8]        Australian Government, Explanatory Guide, Superannuation Legislation Amendment (Governance) Bill 2015, p. 1.

[9]        Australian Government, Explanatory Guide, Superannuation Legislation Amendment (Governance) Bill 2015, p. 2.

[10]      Australian Government, Stronger Super — Government response to the Super System Review, December 2010, p. 1, http://strongersuper.treasury.gov.au/content/publications/government_response/downloads/Stronger_Super.pdf (accessed 3 November 2015).

[11]      Swoboda, Kai, 'Superannuation Legislation Amendment (Trustee Governance) Bill 2015', Bills Digest, p. 7.

[12]      Australian Government, Stronger Super — Government response to the Super System Review, December 2010, p. 55, http://strongersuper.treasury.gov.au/content/publications/government_response/downloads/Stronger_Super.pdf (accessed 3 November 2015).

[13]      Swoboda, Kai, 'Superannuation Legislation Amendment (Trustee Governance) Bill 2015', Bills Digest, p. 7.

[14]      ASX, Corporate Governance Council, http://www.asx.com.au/regulation/corporate-governance-council.htm (accessed 3 November 2015).

[15]      Department of the Treasury, Better regulation and governance, enhanced transparency and improved competition in superannuation,  http://www.treasury.gov.au/ConsultationsandReviews/Consultations/2013/Better-regulation-and-governance (accessed 28 September 2015).

[16]      Department of the Treasury, Better regulation and governance, enhanced transparency and improved competition in superannuation,  http://www.treasury.gov.au/ConsultationsandReviews/Consultations/2013/Better-regulation-and-governance (accessed 28 September 2015).

[17]      Hon Josh Frydenberg MP, Assistant Treasurer, Media Release, 26 June 2015.

[18]      Hon Josh Frydenberg MP, Assistant Treasurer, Media Release, 26 June 2015.

[19]      Hon Josh Frydenberg MP, Assistant Treasurer, Media Release, 26 June 2015.

[20]      Clause 87, Exposure draft, Superannuation Legislation Amendment 3 (Governance) Bill 2015; Department of the Treasury, Summary of Consultation Process, http://www.treasury.gov.au/~/media/Treasury/Consultations%20and%20Reviews/Consultations/2015/Reforms%20to%20Superannuation%20Governance/Key%20Documents/PDF/Consultation_Summary_-_Final.ashx (accessed 29 September 2015).

[21]      Published submissions are available at the following link: http://www.treasury.gov.au/ConsultationsandReviews/Consultations/2015/Reforms-to-Superannuation-Governance/Submissions.

[22]      Department of the Treasury, Summary of Consultation Process, http://www.treasury.gov.au/~/media/Treasury/Consultations%20and%20Reviews/Consultations/2015/Reforms%20to%20Superannuation%20Governance/Key%20Documents/PDF/Consultation_Summary_-_Final.ashx (accessed 29 September 2015).

[23]      Department of the Treasury, Submission 21.

[24]      Explanatory Memorandum, p. 14.

[25]      Governance of Australian Government Superannuation Schemes Act 2011, Section 11.

[26]      Governance of Australian Government Superannuation Schemes Act 2011, Section 12.

[27]      Swoboda, Kai, 'Superannuation Legislation Amendment (Trustee Governance) Bill 2015', Bills Digest, p. 22.

[28]      Swoboda, Kai, 'Superannuation Legislation Amendment (Trustee Governance) Bill 2015', Bills Digest, p. 23.

Chapter 2 - Views on proposed changes

[1]        Hon Josh Frydenberg MP, Assistant Treasurer, House of Representatives Hansard, 16 September 2015, p. 16.

[2]        Hon Josh Frydenberg MP, Assistant Treasurer, House of Representatives Hansard, 16 September 2015, p. 16.

[3]        Ms Vicki Wilkinson, Chief Adviser, Financial System and Services Division, Department of the Treasury, Committee Hansard, 28 October 2015, p. 31.

[4]        Swoboda, Kai, 'Superannuation Legislation Amendment (Trustee Governance) Bill 2015', Bills Digest, p. 9.

[5]        Hon Josh Frydenberg MP, Assistant Treasurer, House of Representatives Hansard, 16 September 2015, p. 16.

[6]        Department of the Treasury, Submission 21, p. 1.

[7]        Department of the Treasury, Submission 21, p. 1.

[8]        Ms Vicki Wilkinson, Chief Adviser, Financial System and Services Division, Department of the Treasury, Committee Hansard, 28 October 2015, p. 31.

[9]        Mrs Helen Rowell, Governing Superannuation in 2015 and beyond: Facts, Fallacies and the Future, Speech to the AIST Governance Ideas Exchange Forum, 20 October 2015, http://www.apra.gov.au/Speeches/Pages/Governing-Superannuation-in-2015-and-beyond.aspx (accessed 3 November 2015).

[10]      Explanatory Memorandum, p. 35.

[11]      Ms Vicki Wilkinson, Chief Adviser, Financial System and Services Division, Department of the Treasury, Committee Hansard, 28 October 2015, p. 31.

[12]      Professor Thomas Clarke, UTS Centre for Corporate Governance, Committee Hansard, 23 October 2015, p. 8.

[13]      Mr Alan Kirkland, Chief Executive Officer, CHOICE, Committee Hansard, 23 October 2015, p. 31.

[14]      Mr Steven Burrell, Chief Executive Officer, Governance Institute of Australia, Committee Hansard, 23 October 2015, p. 14, p. 17.

[15]      Ms Sally Loane, Chief Executive Officer of the Financial Services Council, Committee Hansard, 23 October 2015, p. 47.

[16]      Ms Melina Morrison, Chief Executive Officer of the Business Council of Co-operatives and Mutuals, Committee Hansard, 23 October 2015, p. 24.

[17]      Governance Institute of Australia, Submission 19, p. 1.

[18]      Mercer Consulting, Submission 4, p. 4.

[19]      Australian Institute of Company Directors, Submission 17, p. 1.

[20]      AI Group, Submission 15, p. 3.

[21]      ASFA, Submission 14, p. 1; National Seniors, Submission 20.

[22]      Governance Institute of Australia, Submission 19, p. 3.

[23]      Mr Andrew Bragg, Director of Policy, Financial Services Council, Committee Hansard, 23 October 2015, p. 49.

[24]      APRA, Submission 10, p. 8.

[25]      APRA, Submission 10, p. 8.

[26]      Proposed new section 88.

[27]      Proposed new section 90.

[28]      APRA, Submission 10, p. 8.

[29]      CHOICE, Submission 8, p. 3.

[30]      CHOICE, Submission 8, p. 3. See also, Committee Hansard, Friday 23 October 2015, p. 27.

[31]      National Seniors, Submission 20, p. 2.

[32]      Centre for Workforce Futures, Submission 2, p. 16.

[33]      Australian Institute of Superannuation Trustees, Submission 7, p. 5.

[34]      Industry Super Australia, Submission 12, p. 8.

[35]      Mr Phillip Sweeney, Submission 23, p. 7.

[36]      APRA, Submission 10, pp 8-9.

[37]      APRA, Submission 10, p. 9.

[38]      APRA, Submission 10, p. 9.

[39]      Australian Chamber of Commerce and Industry, Submission 13, p. 9.

[40]      Financial Services Inquiry, Governance of superannuation funds, http://fsi.gov.au/publications/final-report/chapter-2/super-governance/ (accessed 27 October 2015).

[41]      Ms Vicki Wilkinson, Chief Adviser, Financial System and Services Division, Department of the Treasury, Committee Hansard, 28 October 2015, p. 31.

[42]      Department of the Treasury, Submission 21, p. 1.

[43]      Centre for Workforce Futures, Macquarie University, Submission 2, p. 4.

[44]      Mr Tom Garcia, Chief Executive Officer, Australian Institute of Superannuation Trustees, Committee Hansard, 28 October 2015, p. 8.

[45]      Mr Alan Kirkland, Chief Executive Officer, CHOICE, Committee Hansard, 23 October 2015, p. 27.

[46]      Mr David Oliver, Secretary, Australian Council of Trade Unions, Committee Hansard, 28 October 2015, p. 2.

[47]      Mr David Oliver, Secretary, Australian Council of Trade Unions, Committee Hansard, 28 October 2015, p. 2.

[48]      APRA, Submission 10, p. 8; Department of the Treasury, Submission 21, p. 3.

[49]      Department of the Treasury, Submission 21, p. 9.

[50]      ASFA, Submission 14, p. 9.

[51]      ASFA, Submission 14, p. 9.

[52]      National Seniors, Submission 20; Corporate Superannuation Association, Submission 5; Industry Super Australia, Submission 12.

[53]      Explanatory Memorandum, p. 11.

[54]      Explanatory Memorandum, p. 28.

[55]      Explanatory Memorandum, p. 9.

[56]      ASFA, Submission 14, p. 15.

[57]      Australian Chamber of Commerce and Industry, Submission 13, p. 6.

[58]      Department of the Treasury, Submission 21, p. 4.

[59]      Unisuper, Submission 6, p. 2.

[60]      Australian Institute of Superannuation Trustees, Submission 7, p. 20.

[61]      Australian Institute of Superannuation Trustees, Submission 7, p. 20.

[62]      Industry Super Australia, Submission 12, p. 28.

[63]      Corporate Superannuation Association, Submission 5, p. 2.

[64]      AIST, Submission 7, p. 4.

[65]      Ms Eva Scheerlinck, Executive Manager, Governance and Stewardship, AIST, Committee Hansard, 28 October 2015, p. 8.

[66]      BOC Super, Submission 9, p. 4.

[67]      FSC, Submission 1, p. 1.

[68]      FSC, Submission 1, p. 3.

[69]      ASFA, Submission 12, p. 14.

[70]      Scrutiny of Bills Committee, Alert Digest 11/15, p. 36.

Dissenting Report by Labor Senators

[1]        Hon Josh Frydenberg MP, Assistant Treasurer, House of Representatives Hansard, 16 September 2015, p. 16.

[2]        Australian Government, Explanatory Memorandum, Superannuation Legislation Amendment (Governance) Bill 2015, p. 42.

[3]        Hon Josh Frydenberg MP, Assistant Treasurer, House of Representatives Hansard, 16 September 2015, p. 10,341.

[4]        Committee Hansard,  28 October 2015, p. 32.

[5]        Hon Josh Frydenberg MP, Assistant Treasurer, House of Representatives Hansard, 16 September 2015, p. 10,340.

[6]        Cooper Review Recommendation 2.6, p. 26, http://strongersuper.treasury.gov.au/content/publications/government_response/downloads/Stronger_Super.pdf.

[7]        Cooper Review Recommendation 2.7, p. 27, http://strongersuper.treasury.gov.au/content/publications/government_response/downloads/Stronger_Super.pdf

[8]        Productivity Commission, Default Superannuation Funds in Modern Awards, No.  60, 5 October 2012, p. 91, http://www.pc.gov.au/inquiries/completed/default-super/report/default-super.pdf.

[9]        ASFA, Submission 14, p. 2.

[10]      Mr Tom Garcia, Committee Hansard,  28 October 2015, p. 8

[11]      AIST, Reforms to Superannuation Governance, p. 7,  https://www.aist.asn.au/media/646736/20150723_submission_treasury_boardgovernance_final.pdf.

[12]      ASFA, Submission 14, p.  6.

[13]      Financial System Inquiry, Governance of superannuation funds, http://fsi.gov.au/publications/final-report/chapter-2/super-governance/