Former RBA governor and long-term chair of ME Bank Bernie Fraser will lead a review of the governance of not-for-profit (NFP) super funds.
The Fraser Governance Review is part of a deal brokered between industry fund lobby groups ISA and AIST and the Senate crossbenchers who rejected the government's super governance bill earlier this month.
The review lists a series of 'questions and issues' that will be addressed, with the ultimate aim of proposing "preferred arrangements for delivering good governance in the non-for-profit superannuation sector".
The "hallmarks of good governance for superannuation funds operating in Australia" will be considered – including whether or not NFP funds should be viewed any differently from other categories of funds in terms of governance requirements.
The question of independence on boards will be considered, including how independence is defined, current practices and findings from overseas. Similar questions will be posed regarding independent chairs.
Finally, the Fraser review will consider the feasibility and nature of a governance code for NFP funds.
Comments and submissions about the review close on Monday 1 February.