ASIC has released a new information sheet consolidating super trustee transparency and disclosure obligations into one webpage with links.
Transparency and disclosure obligations support the public in better understanding how trustees manage their super funds.
ASIC recommends that trustees use this information sheet as a resource to better comply with their obligations.
Registrable superannuation entity licensees (trustees) are subject to several obligations that enhance transparency, accountability, and decision-making by consumers. ASIC has released a new information sheet consolidating the transparency and disclosure obligations that apply to these trustees.
Information Sheet 278 Inventory of superannuation trustee transparency and disclosure obligations (INFO 278) outlines relevant obligations under the Corporations Act 2001, the Superannuation Industry (Supervision) Act 1993, and associated regulations. It itemizes the obligations in one webpage and includes links to legislative sources and relevant regulatory guidance and information.
INFO 278 does not create any new obligations or propose any new best practices – it is an inventory of information about existing obligations for trustees.
Trustee transparency assists both fund members and the public at large to better understand how trustees are making decisions about their funds and feel confident that trustees are properly managing the funds under their management.
ASIC recommends that trustees use INFO 278 as a starting point to assess how they can better comply with their transparency and disclosure obligations. Trustees can best achieve the aims of these obligations by focusing on making the disclosures required by law easily accessible, consistent in presentation, and easy to understand.