The APRA Annual Superannuation Bulletin, released yesterday, analyses the changes to superannuation boards since registered superannuation entity (RSE) licensees became required to be licensed with APRA in June 2006.
The average number of directors on super boards has increased from 6.5 in 2006 to 7.1 in 2013 – largely due to the exit of licensee boards with four or fewer directors in the last eight years, according to APRA.
While the number of women on super boards has increased since 2006, there are still “significantly fewer women than men on boards of RSE licensees”, said the bulletin.
The number of super boards with no women at all reduced significantly from 43 per cent in 2006 to 23 per cent in 2013, said APRA.
“These changes can be partly attributed to the exit of RSE licensees with all male boards (as around half the RSE licensees to exit the industry since 2006 had all male boards). However it is also due to RSE licensees increasing the number of women on their boards,” said the bulletin.
The APRA analysis also looked at multiple directorships held by board members. In June 2013 there were 974 individual RSE licensee directors, and 69 (seven per cent) held multiple directorships (down from eight per cent in 2006).
Almost two-thirds of directors who sat on more than one RSE iicensee board as at June 2013 only held two directorships.
