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SUPERANNUATION--SELECT COMMITTEE--REFERENCES

Senator Panizza, at the request of the Chair of the Select Committee on

Superannuation (Senator Watson) and pursuant to notice of motion not

objected to as a formal motion, moved--That the following matter be

referred to the Select Committee on Superannuation for inquiry and

report by the last sitting day of 1996:

The role of superannuation funds in the governance of Australian

corporations, the international experience, and, in particular, the

adequacy of the current contractual arrangements and the roles and

responsibilities in relation to the exercise of proxy voting of the

various entities in the superannuation industry and the control and

exercise of the voting power of institutional investors.

Question put and passed.

Senator Panizza, at the request of Senator Watson and pursuant to notice

of motion not objected to as a formal motion, moved--That the following

matters be referred to the Select Committee on Superannuation for

inquiry and report by the last sitting day of 1996:

(1) The implications of the enormous growth in superannuation fund

assets in Australia for:

(a) the availability of development capital;

(b) funding of infrastructure projects;

(c) the capital needs of small- and medium-sized Australian

enterprises; and

(d) housing finance.

(2) What role, if any, the investment of Australian superannuation

savings should play in furthering broader social, economic or

industry policy objectives.

(3) The need for long-term investment and the problem of

"short-termism'.

Question put and passed.

Senator Panizza, at the request of Senator Watson and pursuant to notice

of motion not objected to as a formal motion, moved--That, in accordance

with the recommendations of the Parliamentary Joint Committee on

Corporations and Securities' report on Derivatives, the following

matters be referred to the Select Committee on Superannuation for

inquiry and report by the last sitting day of 1996:

(a) the use of derivatives by superannuation funds in Australia;

(b) the risks associated with the use of derivatives and the

management of those risks;

(c) the regulation of the use of derivatives by superannuation funds

in Australia;

(d) the effectiveness of the regulation of derivatives in protecting

the funds of superannuants;

(e) any measures that could be taken to reduce the risks associated

with the use of derivatives; and

(f) any other relevant matters.

Question put and passed.