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Superannuation Industry (Supervision) Act 1993

PART 12 - DUTIES OF TRUSTEES AND INVESTMENT MANAGERS OF SUPERANNUATION ENTITIES

SECTION 107 DUTY OF TRUSTEE OF EMPLOYER-SPONSORED FUND TO ESTABLISH PROCEDURE FOR APPOINTING MEMBER REPRESENTATIVES

107(1)

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This section applies if the trustee, or the trustees, of a standard employer-sponsored fund (other than a superannuation fund with no more than 6 members) are required by law:

(a) if the trustee is a single corporate trustee - to have member representatives on the board of directors of the trustee; or

(b)

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if there is a group of individual trustees - to have member representatives included in the group; or

(c) in any other case - to have member representatives on a policy committee of the fund.

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107(2)

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Each trustee of the fund must ensure that:

(a)

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rules are established (whether by inclusion in the governing rules or otherwise):

(i) setting out a procedure for appointing the member representatives; and

(ii) ensuring that member representatives so appointed can only be removed by the same procedure as that by which they were appointed, except in the event of:

(A) death; or

(B) mental or physical incapacity; or

(C) retirement; or

(D) termination of employment; or

(DA) the member representative no longer meeting one or more of the criteria for fitness and propriety relevant to the member representative set out in the prudential standards; or

(E) the member representative becoming a disqualified person within the meaning of Part 15 ; or

(F) suspension or removal under Part 17 ; or

(G) other prescribed circumstances; and

(b)

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those rules are published in such a way as will make members of the fund aware of the procedure for appointment and removal of member representatives.

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