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QMV ESG RISK MANAGEMENT

Local Government Super fund

has regained the top place in

the Asset Owners Disclosure

Project global index, which

rates the world’s largest asset

owners (pension funds,

insurance funds, sovereign

funds, foundations and

endowments) climate change

risk management. 13 Australian

funds received the lowest

possible rating, including the

Future Fund, REST, Telstra Super

and Super SA.

Source: Climate Institute

REPORTING STANDARDS

The Australian Prudential

Regulation Authority (APRA) has

finalised 26 Superannuation

Reporting Standards (SRS), and

five SRSs for consultation. APRA

has also extended the transition

relief for lodgement of quarterly

returns for a further two years,

allowing quarterly returns to be

submitted within 35 (rather than

28) calendar days after the end

of the reporting period.

Source: APRA

AGED PENSION

The Council of the Aging of

Australia (COTA) has released a

statement calling for proposed

changes to the indexation of

the aged pension to be

abandoned.

Source: COTA

FINANCIAL ADVICE

Assistant Treasurer Josh

Frydenberg hosted a

roundtable with industry bodies,

consumer groups, respected

academics, and the ASIC

Chairman. The meeting

discussed the bipartisan model

proposed by the Parliamentary

Joint Committee on

Corporations and Financial

Services (PJC), to lift the

professional, ethical and

education standards of

financial advisers, and

emphasised the importance of

sensible transitional

mechanisms, robust

governance, sustainable

funding, and achieving

enduring reform.

Source: APRA

INVESTMENTS

AustralianSuper and land

developer AVJennings

Properties Wollert SPV have

entered into an unincorporated

joint venture to develop 2,000

lots in Wollert, Victoria. The

project aims to develop land

and integrated housing, with a

master plan including a town

centre, and community

recreational spaces to cater for

4,500 to 5,000 people.

Source: AV Jennings

SUSTAINABILITY DISCLOSURE

The Australian Council of

Superannuation Investors'

(ACSI) annual review of

sustainability disclosure found

that despite an improvement

from last year, 40 per cent of

companies still did not

adequately explain

sustainability risks relevant to

them and its industry, and how

they are managing them.

Source: ACSI

APPOINTMENTS

First Super has added a second

independent director to its

board, with former Victorian

government minister Candy

Broad being appointed to the

Board of twelve directors. Broad

is also a director of Women's

Health Victoria and the

Hepburn Community Wind

Farm.

Source: Financial Standard

RESEARCH & ANALYSIS

SuperRatings has released a

report which highlights that fees

are not necessarily an

appropriate measure by which

to judge superannuation funds.

Measuring the ‘net benefit’,

entailing investment returns less

all fees and taxes is suggested

as having a better basis for

comparison of performance.

Source: SuperReview

SuperBrief Independent & Concise

Issue #17 of 2015: Friday, 1st May