Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Act 2013 (61 of 2013)

Schedule 1   Amendments

Part 1   Amendments

Superannuation Industry (Supervision) Act 1993

73   At the end of Part 7

Add:

68C Voting by a director of a corporate trustee - governing rules

(1) This section applies to a regulated superannuation fund, other than a self managed superannuation fund, of which the trustee is a body corporate.

(2) A provision in the governing rules of the fund is void to the extent that it purports to preclude a director of the trustee from voting on a matter relating to the fund.

Exception

(3) Subsection (2) does not apply to a provision in the governing rules of the fund to the extent that the provision:

(a) precludes a director of the trustee of the fund from voting on a matter in which the director has a material personal interest; or

(b) otherwise relates to voting by a director of the trustee of the fund on a matter in which the director has a material personal interest; or

(c) precludes a director of the trustee of the fund from voting where there is a conflict of a kind described in paragraph 52(2)(d) or 52A(2)(d); or

(d) otherwise relates to voting by a director of the trustee of the fund where there is a conflict of a kind described in paragraph 52(2)(d) or 52A(2)(d); or

(e) precludes a director of the trustee of the fund from exercising a casting vote; or

(f) ensures compliance by the trustee of the fund, or a director of the trustee of the fund, with a prudential standard that deals with conflicts of interest or duty.

68D Voting by an individual trustee - governing rules

(1) This section applies to a regulated superannuation fund, other than a self managed superannuation fund, of which the trustee, or each of the trustees, is an individual.

(2) A provision in the governing rules in the fund is void to the extent that it purports to preclude a trustee of the fund from voting on a matter relating to the fund.

Exception

(3) Subsection (2) does not apply to a provision in the governing rules of the fund to the extent that the provision:

(a) precludes a trustee of the fund from voting on a matter in which the trustee has a material personal interest; or

(b) otherwise relates to voting by a trustee of the fund on a matter in which the trustee has a material personal interest; or

(c) precludes a trustee of the fund from voting where there is a conflict of a kind described in paragraph 52(2)(d); or

(d) otherwise relates to voting by a trustee of the fund where there is a conflict of a kind described in paragraph 52(2)(d); or

(e) precludes a trustee of the fund from exercising a casting vote; or

(f) ensures compliance by a trustee of the fund with a prudential standard that deals with conflicts of interest or duty.