When 'independence' depends on one's political philosophyBY DAVID GALLAGHER | THURSDAY, 23 FEB 2017 5:22PMI have been struck this past week by the politicisation of the term 'independence' when it is used in the context of superannuation fund governance. Indeed, the political philosophy ... Upgrade your subscription to access this article
Join the growing community of superannuation
professionals with unlimited access to our latest news, research and analysis of the industry.
Become a premium subscriber today. |
Latest News
FSC links active super choices to stronger retirement outcomes
Australians who actively engage with their superannuation and seek financial advice could significantly improve their retirement outcomes, according to new research commissioned by the Financial Services Council (FSC).
Operational changes anticipated for Payday Super: Rest
Two-thirds of Australian businesses expect Payday Super will require moderate to significant operational changes, despite widespread confidence in their ability to comply with the reforms due to take effect from 1 July 2026.
Small fee increases cost nest eggs $77k: Vanguard
A new analysis from Vanguard Australia shows superannuation funds charging marginal fee increases can cost members $77,000 in retirement.
MySuper assets pursue $1.5tn Choice sector
MySuper assets are fast catching up to the $1.5 trillion Choice sector, hitting nearly $1.2 trillion in the March quarter.
Further Reading
Cover Story

Leading the way
SHARON DAVIS
NON-EXECUTIVE DIRECTOR
FUTURE GROUP AUSTRALIA HOLDINGS PTY LTD
NON-EXECUTIVE DIRECTOR
FUTURE GROUP AUSTRALIA HOLDINGS PTY LTD
Sharon Davis has always been fascinated by the human condition; it has driven her passion for people, her career, and building a better future for the next generation and beyond. Eliza Bavin writes.









Well firstly I believe we are all political animals. Progressives or conservatives. As a corollary of that notion, people who sail under the flag of 'independent' also fall into one or the other camp.
Unions in Australia are mostly progressive and Employers (and their Associations) are mostly conservative.
There are Employers who have balanced views and a sense of justice and the same applies to Unions.
Unions and Employers regularly clash.
Universal Superannuation was promulgated by progressive Unions in response to the pre-existing (Defined Benefit) Super Funds which were mostly run by conservative Employers. That major reform could not have been achieved without the assistance of progressive Employers.
Rarely do Unions and Employers work on a venture together, but whenever they do they generally succeed.
Unions wanted to improve the lives of their members in retirement whilst many Employers desired to do likewise for their employees. Call it a form of paternalism if you like.
So the two parties have for many years worked together with only the interests of the Fund Members at heart as Directors of Industry Super Boards.
Over those years, both parties saw merit in including people with specialist skills on their Boards and that process of evolution is continuing.
By any measure, and over their entire life, Industry Super Funds have been remarkedly successful, partially due, I believe, to the fact that two traditional enemies have come together and striven to achieve a common goal, namely, the best possible retirement outcomes for the members.
The desire to change that model can in my view only be motivated by political bias!