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2013-2014-2015
THE PARLIAMENT OF THE COMMONWEALTH OF AUSTRALIA
SENATE
Superannuation LegisLation Amendment (Trustee Governance) bill 2015
Addendum to the EXPLANATORY MEMORANDUM
(Circulated by
authority of the
Minister for Small Business, Assistant Treasurer, the Hon Kelly
O’Dwyer MP)
Chapter 1, Outline of the chapter, paragraph 1.2 - New governance arrangements to replace existing requirements
On page 7, after the paragraph 1.2, insert the following paragraph ‘This will mean that the minimum one third independent director requirement is the only legal requirement in relation to the composition of RSE licensees. However, the composition of trustee boards, beyond the one third independent director requirement, will remain at the discretion of the board, with trustees free to enshrine equal representation in their constitutions after discussion with sponsoring organisations/shareholders.’
Chapter 1, Summary of new law, paragraphs 1.32 and 1.33 - Public reporting
On page 11, paragraph 1.32, remove the words after ‘All RSE licensees will be required to’ and insert ‘provide information about the composition of their board (including the level of independence) and to explain the reasons why that board composition has been chosen (including the benefits for members that are expected to be obtained through the composition).’
On page 11, remove paragraph 1.33.