The government should drop controversial criteria that super be invested “in an equitable and sustainable way” from the proposed purpose, the group says.
from its proposed purpose for the system to reduce the risk it is used to justify policy changes, the Financial Services Council says.in projects that boost housing supply and mitigate climate change.But the FSC, which counts several retail super funds among its members, said their inclusion was political rather than truly reflecting the purpose of the superannuation system.
Most funds have previously also said that their priority was maximising member returns rather than ‘nation building’, while former banker David Murray warned it was “not the place of the government” to decide investments when Dr Chalmers first suggested using ‘equitable and sustainable’ in the definition.
This follows concerns from funds that the proposed purpose could conflict with their ultimate duty to act in members’ best financial interests, though Dr Chalmers insists that obligation will still come first.Wood Mallesons that there was “a real legal risk” that legislating the purpose into the existing Superannuation Industry Act would compromise these duties.
Treasury asked stakeholders for their views on whether the purpose should be legislated as a standalone act or as part of existing laws as part of the consultation.specify how the purpose would interact with the SIS Act
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