OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS 1987 (REPEALED)

PART II - SUPERANNUATION FUNDS

Division 1 - General

REGULATION 13 STANDARDS RELATING TO TRUSTEES - LARGE FUNDS

13(1) [ Standards ]

For the purposes of subsection 7(1) of the Act, the following standards are prescribed in relation to large funds:

(a) a board or committee of trustees of a large fund shall, subject to paragraph (e), comprise equal numbers of member representatives and employer representatives;

(b) where the governing rules of a large fund provide for the establishment or appointment of a management board, management committee or other management body, being a board, committee or body that exercises actual control over the policies of the fund, the board, committee or body shall, subject to paragraph (e), comprise equal numbers of member representatives and employer representatives;

(c) subject to paragraph (e), where:

(i) a body corporate acts as the sole trustee of a large fund under the governing rules of the fund; and

(ii) paragraph (b) does not apply;

the board of the body corporate must comprise equal numbers of member representatives and employer representatives;

(d) the governing rules of a large fund may provide for:

(i) the appointment of an independent additional trustee to a board or committee of trustees of the kind referred to in paragraph (a); or

(ii) the appointment of an independent additional member of:

(A) a board, committee or other body of the kind referred to in paragraph (b); or

(B) a board of a body corporate of the kind referred to in paragraph (c);

where such an appointment is requested by the member representatives or the employer representatives who are members of the board, committee or other body;

(e) the governing rules of a large fund may, with the written approval of the Commissioner given either generally or in relation to a particular case or a particular class of cases and subject to such conditions (if any) as are specified in the approval, provide for:

(i) the establishment of:

(A) a board or committee of trustees of the kind referred to in paragraph (a); or

(B) a board, committee or other body of the kind referred to in paragraph (b);
that is not comprised of equal numbers of member representatives and employer representatives; or

(ii) a body corporate of the kind referred to in paragraph (c) to act as the sole trustee, being a body corporate the board of which is not comprised of equal numbers of member representatives and employer representatives;

(f) where:

(i) an independent additional trustee is appointed to a board or committee of trustees of the kind referred to in paragraph (a); or

(ii) an independent additional member is appointed to:

(A) a board, committee or other body of the kind referred to in paragraph (b); or

(B) a board of a body corporate of the kind referred to in paragraph (c);

the additional trustee or member, as the case may be, shall not be entitled to a casting vote in any proceedings of the board, committee or body to which he or she is appointed;

(g) where, for any reason, a vacancy occurs in the membership of a board or committee of trustees of the kind referred to in paragraph (a), a board of a body corporate of the kind referred to in paragraph (c), or a board, committee or other body of the kind referred to in paragraph (b), a person shall be appointed to fill that vacancy within 60 days after the day on which the vacancy occurs.

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