From the AFR today:
The corporate regulator used a confidential letter to tell senators the government’s plan to put more independent directors on superannuation fund boards did not align with the expectations of listed companies.
The letter from the Australian Securities and Investments Commission highlighted inconsistencies between corporate law and the government’s proposed rules for independent directors on super fund boards.
Apparently decision-makers at ASIC believe it is the role of the corporate regulator to lobby parliament. ASIC’s letter to senators during a contentious debate about the makeup of superannuation fund boards is inappropriate.
There are more fundamental reforms to superannuation that need to be made, but as I outlined in the AFR last week, the government’s proposal on independent directors represented a step in the right direction. ASIC should stick to its brief.