Division Description Changes — Bills — Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Bill 2012; Consideration in Detail — 15th May 2013

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representatives vote 2013-05-15#1 Edited by system on 2014-10-07 16:19:29	Title Description The majority voted in favour of a [http://www.openaustralia.org/debate/?id=2013-05-15.30.1 motion] to agree to amendments introduced by Liberal MP [http://publicwhip-test.openaustraliafoundation.org.au/mp.php?mpn=Bruce_Billson&mpc=Dunkley&house=representatives Bruce Billson], which means that the amendments were successful. ~~Mr Billson explained that his amendments enact the following principles:~~ * that existing equal representation requirements in the [http://en.wikipedia.org/wiki/Superannuation_in_Australia#Superannuation_Industry_.28Supervision.29_Act_1993_.28SIS.29 Superannuation Industry (Supervision) Act 1993] and regulations be repealed;(Under equal representation, union and employer representatives dominate industry superannuation funds. See the basic equal representation rules [http://www.austlii.edu.au/au/legis/cth/consol_act/sia1993473/s89.html here]. ) * that these be replaced by requirements which give effect to the principle that each affected trustee board or group of trustees at a minimum will contain one-third in number independent directors or trustees; * for the purpose of independents it will take the meaning of [http://www.austlii.edu.au/au/legis/cth/consol_act/sia1993473/s10.html section 10] in the SI(S) Act; * the independence rule would only be applied to public offer funds.(See those amendments and Mr Billson's explanation of them [http://www.openaustralia.org/debate/?id=2013-05-15.30.1 here]. ) Despite the success of this motion, Labor MP [http://publicwhip-test.openaustraliafoundation.org.au/mp.php?mpn=Anthony_Albanese&mpc=Grayndler&house=representatives Anthony Albanese] later moved that there should be a recommittal on this division.(Read more about this later motion [http://publicwhip-test.openaustraliafoundation.org.au/division.php?date=2013-05-15&number=4&house=representatives here]. ) ~~''Background to the Bill''~~ The Bill is the fourth and final legislative bundle implementing the [http://strongersuper.treasury.gov.au/content/Content.aspx?doc=home.htm Stronger Super reforms] announced by the Labor Government in 2010.(More information about this Bill and the context surrounding it can be found [http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id%3A%22legislation%2Fbillhome%2Fr4948%22#billsdgs here].) It introduces a number of corporate governance measures that arose out of the [http://www.supersystemreview.gov.au/ Review into the Governance, Efficiency, Structure and Operation of Australia’s Superannuation System] (known as the Cooper Review) and the Government’s own consultations with industry, employer and consumer groups. ~~References~~ The majority voted in favour of a [motion](http://www.openaustralia.org/debate/?id=2013-05-15.30.1) to agree to amendments introduced by Liberal MP [Bruce Billson](http://publicwhip-rails.openaustraliafoundation.org.au/mp.php?mpn=Bruce_Billson&mpc=Dunkley&house=representatives), which means that the amendments were successful. Mr Billson explained that his amendments enact the following principles: - that existing equal representation requirements in the [Superannuation Industry (Supervision) Act 1993](http://en.wikipedia.org/wiki/Superannuation_in_Australia#Superannuation_Industry_.28Supervision.29_Act_1993_.28SIS.29) and regulations be repealed;(Under equal representation, union and employer representatives dominate industry superannuation funds. See the basic equal representation rules [here](http://www.austlii.edu.au/au/legis/cth/consol_act/sia1993473/s89.html). ) - that these be replaced by requirements which give effect to the principle that each affected trustee board or group of trustees at a minimum will contain one-third in number independent directors or trustees; - for the purpose of independents it will take the meaning of [section 10](http://www.austlii.edu.au/au/legis/cth/consol_act/sia1993473/s10.html) in the SI(S) Act; - the independence rule would only be applied to public offer funds.(See those amendments and Mr Billson's explanation of them [here](http://www.openaustralia.org/debate/?id=2013-05-15.30.1). ) Despite the success of this motion, Labor MP [Anthony Albanese](http://publicwhip-rails.openaustraliafoundation.org.au/mp.php?mpn=Anthony_Albanese&mpc=Grayndler&house=representatives) later moved that there should be a recommittal on this division.(Read more about this later motion [here](http://publicwhip-rails.openaustraliafoundation.org.au/division.php?date=2013-05-15&number=4&house=representatives). ) _Background to the Bill_ The Bill is the fourth and final legislative bundle implementing the [Stronger Super reforms](http://strongersuper.treasury.gov.au/content/Content.aspx?doc=home.htm) announced by the Labor Government in 2010.(More information about this Bill and the context surrounding it can be found [here](http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id%3A%22legislation%2Fbillhome%2Fr4948%22#billsdgs).) It introduces a number of corporate governance measures that arose out of the [Review into the Governance, Efficiency, Structure and Operation of Australia’s Superannuation System](http://www.supersystemreview.gov.au/) (known as the Cooper Review) and the Government’s own consultations with industry, employer and consumer groups. References
representatives vote 2013-05-15#1 Edited by system on 2014-10-07 16:16:23	Title Description The majority voted in favour of a [http://www.openaustralia.org/debate/?id=2013-05-15.30.1 motion] to agree to amendments introduced by Liberal MP [http://publicwhip-test.openaustraliafoundation.org.au/mp.php?mpn=Bruce_Billson&mpc=Dunkley&house=representatives Bruce Billson], which means that the amendments were successful. Mr Billson explained that his amendments enact the following principles: * that existing equal representation requirements in the [http://en.wikipedia.org/wiki/Superannuation_in_Australia#Superannuation_Industry_.28Supervision.29_Act_1993_.28SIS.29 Superannuation Industry (Supervision) Act 1993] and regulations be repealed;[1] * that existing equal representation requirements in the [http://en.wikipedia.org/wiki/Superannuation_in_Australia#Superannuation_Industry_.28Supervision.29_Act_1993_.28SIS.29 Superannuation Industry (Supervision) Act 1993] and regulations be repealed;(Under equal representation, union and employer representatives dominate industry superannuation funds. See the basic equal representation rules [http://www.austlii.edu.au/au/legis/cth/consol_act/sia1993473/s89.html here]. ) * that these be replaced by requirements which give effect to the principle that each affected trustee board or group of trustees at a minimum will contain one-third in number independent directors or trustees; * for the purpose of independents it will take the meaning of [http://www.austlii.edu.au/au/legis/cth/consol_act/sia1993473/s10.html section 10] in the SI(S) Act; * the independence rule would only be applied to public offer funds.[2] * the independence rule would only be applied to public offer funds.(See those amendments and Mr Billson's explanation of them [http://www.openaustralia.org/debate/?id=2013-05-15.30.1 here]. ) Despite the success of this motion, Labor MP [http://publicwhip-test.openaustraliafoundation.org.au/mp.php?mpn=Anthony_Albanese&mpc=Grayndler&house=representatives Anthony Albanese] later moved that there should be a recommittal on this division.[3] Despite the success of this motion, Labor MP [http://publicwhip-test.openaustraliafoundation.org.au/mp.php?mpn=Anthony_Albanese&mpc=Grayndler&house=representatives Anthony Albanese] later moved that there should be a recommittal on this division.(Read more about this later motion [http://publicwhip-test.openaustraliafoundation.org.au/division.php?date=2013-05-15&number=4&house=representatives here]. ) ''Background to the Bill'' The Bill is the fourth and final legislative bundle implementing the [http://strongersuper.treasury.gov.au/content/Content.aspx?doc=home.htm Stronger Super reforms] announced by the Labor Government in 2010.[4] It introduces a number of corporate governance measures that arose out of the [http://www.supersystemreview.gov.au/ Review into the Governance, Efficiency, Structure and Operation of Australia’s Superannuation System] (known as the Cooper Review) and the Government’s own consultations with industry, employer and consumer groups. The Bill is the fourth and final legislative bundle implementing the [http://strongersuper.treasury.gov.au/content/Content.aspx?doc=home.htm Stronger Super reforms] announced by the Labor Government in 2010.(More information about this Bill and the context surrounding it can be found [http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id%3A%22legislation%2Fbillhome%2Fr4948%22#billsdgs here].) It introduces a number of corporate governance measures that arose out of the [http://www.supersystemreview.gov.au/ Review into the Governance, Efficiency, Structure and Operation of Australia’s Superannuation System] (known as the Cooper Review) and the Government’s own consultations with industry, employer and consumer groups. References * [1] Under equal representation, union and employer representatives dominate industry superannuation funds. See the basic equal representation rules [http://www.austlii.edu.au/au/legis/cth/consol_act/sia1993473/s89.html here]. * [2] See those amendments and Mr Billson's explanation of them [http://www.openaustralia.org/debate/?id=2013-05-15.30.1 here]. * [3] Read more about this later motion [http://publicwhip-test.openaustraliafoundation.org.au/division.php?date=2013-05-15&number=4&house=representatives here]. * [4] More information about this Bill and the context surrounding it can be found [http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id%3A%22legislation%2Fbillhome%2Fr4948%22#billsdgs here].
representatives vote 2013-05-15#1 Edited by mackay staff on 2014-04-29 17:04:35	Title Description The majority voted in favour of a [http://www.openaustralia.org/debate/?id=2013-05-15.30.1 motion] to agree to amendments introduced by Liberal MP [http://publicwhip-test.openaustraliafoundation.org.au/mp.php?mpn=Bruce_Billson&mpc=Dunkley&house=representatives Bruce Billson], which means that the amendments were successful. Mr Billson explained that his amendments enact the following principles: * that existing equal representation requirements in the [http://en.wikipedia.org/wiki/Superannuation_in_Australia#Superannuation_Industry_.28Supervision.29_Act_1993_.28SIS.29 Superannuation Industry (Supervision) Act 1993] and regulations be repealed;[1] * that these be replaced by requirements which give effect to the principle that each affected trustee board or group of trustees at a minimum will contain one-third in number independent directors or trustees; * for the purpose of independents it will take the meaning of [http://www.austlii.edu.au/au/legis/cth/consol_act/sia1993473/s10.html section 10] in the SI(S) Act; * the independence rule would only be applied to public offer funds.[2] ~~Despite the success of this motion, Labor MP Anthony Albanese later moved that there should be a recommittal on this division.[3]~~ Despite the success of this motion, Labor MP [http://publicwhip-test.openaustraliafoundation.org.au/mp.php?mpn=Anthony_Albanese&mpc=Grayndler&house=representatives Anthony Albanese] later moved that there should be a recommittal on this division.[3] ''Background to the Bill'' The Bill is the fourth and final legislative bundle implementing the [http://strongersuper.treasury.gov.au/content/Content.aspx?doc=home.htm Stronger Super reforms] announced by the Labor Government in 2010.[4] It introduces a number of corporate governance measures that arose out of the [http://www.supersystemreview.gov.au/ Review into the Governance, Efficiency, Structure and Operation of Australia’s Superannuation System] (known as the Cooper Review) and the Government’s own consultations with industry, employer and consumer groups. References * [1] Under equal representation, union and employer representatives dominate industry superannuation funds. See the basic equal representation rules [http://www.austlii.edu.au/au/legis/cth/consol_act/sia1993473/s89.html here]. * [2] See those amendments and Mr Billson's explanation of them [http://www.openaustralia.org/debate/?id=2013-05-15.30.1 here]. * [3] Read more about this later motion [http://publicwhip-test.openaustraliafoundation.org.au/division.php?date=2013-05-15&number=4&house=representatives here]. * [4] More information about this Bill and the context surrounding it can be found [http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id%3A%22legislation%2Fbillhome%2Fr4948%22#billsdgs here].
representatives vote 2013-05-15#1 Edited by mackay staff on 2014-04-29 17:02:56	Title Bills — Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Bill 2012; Consideration in Detail Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Bill 2012 - Second Reading - Independent directors Description ~~<p class='motion-notice motion-notice-truncated'>Long debate text truncated.</p>~~ The majority voted in favour of a [http://www.openaustralia.org/debate/?id=2013-05-15.30.1 motion] to agree to amendments introduced by Liberal MP [http://publicwhip-test.openaustraliafoundation.org.au/mp.php?mpn=Bruce_Billson&mpc=Dunkley&house=representatives Bruce Billson], which means that the amendments were successful. Mr Billson explained that his amendments enact the following principles: * that existing equal representation requirements in the [http://en.wikipedia.org/wiki/Superannuation_in_Australia#Superannuation_Industry_.28Supervision.29_Act_1993_.28SIS.29 Superannuation Industry (Supervision) Act 1993] and regulations be repealed;[1] * that these be replaced by requirements which give effect to the principle that each affected trustee board or group of trustees at a minimum will contain one-third in number independent directors or trustees; * for the purpose of independents it will take the meaning of [http://www.austlii.edu.au/au/legis/cth/consol_act/sia1993473/s10.html section 10] in the SI(S) Act; * the independence rule would only be applied to public offer funds.[2] Despite the success of this motion, Labor MP Anthony Albanese later moved that there should be a recommittal on this division.[3] ''Background to the Bill'' The Bill is the fourth and final legislative bundle implementing the [http://strongersuper.treasury.gov.au/content/Content.aspx?doc=home.htm Stronger Super reforms] announced by the Labor Government in 2010.[4] It introduces a number of corporate governance measures that arose out of the [http://www.supersystemreview.gov.au/ Review into the Governance, Efficiency, Structure and Operation of Australia’s Superannuation System] (known as the Cooper Review) and the Government’s own consultations with industry, employer and consumer groups. References * [1] Under equal representation, union and employer representatives dominate industry superannuation funds. See the basic equal representation rules [http://www.austlii.edu.au/au/legis/cth/consol_act/sia1993473/s89.html here]. * [2] See those amendments and Mr Billson's explanation of them [http://www.openaustralia.org/debate/?id=2013-05-15.30.1 here]. * [3] Read more about this later motion [http://publicwhip-test.openaustraliafoundation.org.au/division.php?date=2013-05-15&number=4&house=representatives here]. * [4] More information about this Bill and the context surrounding it can be found [http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id%3A%22legislation%2Fbillhome%2Fr4948%22#billsdgs here].

Change

Division

representatives vote 2013-05-15#1

Edited by system

on 2014-10-07 16:19:29

Title

Description

The majority voted in favour of a [http://www.openaustralia.org/debate/?id=2013-05-15.30.1 motion] to agree to amendments introduced by Liberal MP [http://publicwhip-test.openaustraliafoundation.org.au/mp.php?mpn=Bruce_Billson&mpc=Dunkley&house=representatives Bruce Billson], which means that the amendments were successful.
~~Mr Billson explained that his amendments enact the following principles:~~
* that existing equal representation requirements in the [http://en.wikipedia.org/wiki/Superannuation_in_Australia#Superannuation_Industry_.28Supervision.29_Act_1993_.28SIS.29 Superannuation Industry (Supervision) Act 1993] and regulations be repealed;(Under equal representation, union and employer representatives dominate industry superannuation funds. See the basic equal representation rules [http://www.austlii.edu.au/au/legis/cth/consol_act/sia1993473/s89.html here]. )
* that these be replaced by requirements which give effect to the principle that each affected trustee board or group of trustees at a minimum will contain one-third in number independent directors or trustees;
* for the purpose of independents it will take the meaning of [http://www.austlii.edu.au/au/legis/cth/consol_act/sia1993473/s10.html section 10] in the SI(S) Act;
* the independence rule would only be applied to public offer funds.(See those amendments and Mr Billson's explanation of them [http://www.openaustralia.org/debate/?id=2013-05-15.30.1 here]. )
Despite the success of this motion, Labor MP [http://publicwhip-test.openaustraliafoundation.org.au/mp.php?mpn=Anthony_Albanese&mpc=Grayndler&house=representatives Anthony Albanese] later moved that there should be a recommittal on this division.(Read more about this later motion [http://publicwhip-test.openaustraliafoundation.org.au/division.php?date=2013-05-15&number=4&house=representatives here]. )
~~''Background to the Bill''~~
The Bill is the fourth and final legislative bundle implementing the [http://strongersuper.treasury.gov.au/content/Content.aspx?doc=home.htm Stronger Super reforms] announced by the Labor Government in 2010.(More information about this Bill and the context surrounding it can be found [http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id%3A%22legislation%2Fbillhome%2Fr4948%22#billsdgs here].) It introduces a number of corporate governance measures that arose out of the [http://www.supersystemreview.gov.au/ Review into the Governance, Efficiency, Structure and Operation of Australia’s Superannuation System] (known as the Cooper Review) and the Government’s own consultations with industry, employer and consumer groups.
~~References~~
The majority voted in favour of a [motion](http://www.openaustralia.org/debate/?id=2013-05-15.30.1) to agree to amendments introduced by Liberal MP [Bruce Billson](http://publicwhip-rails.openaustraliafoundation.org.au/mp.php?mpn=Bruce_Billson&mpc=Dunkley&house=representatives), which means that the amendments were successful.
Mr Billson explained that his amendments enact the following principles:
- that existing equal representation requirements in the [Superannuation Industry (Supervision) Act 1993](http://en.wikipedia.org/wiki/Superannuation_in_Australia#Superannuation_Industry_.28Supervision.29_Act_1993_.28SIS.29) and regulations be repealed;(Under equal representation, union and employer representatives dominate industry superannuation funds. See the basic equal representation rules [here](http://www.austlii.edu.au/au/legis/cth/consol_act/sia1993473/s89.html).
)
- that these be replaced by requirements which give effect to the principle that each affected trustee board or group of trustees at a minimum will contain one-third in number independent directors or trustees;
- for the purpose of independents it will take the meaning of [section 10](http://www.austlii.edu.au/au/legis/cth/consol_act/sia1993473/s10.html) in the SI(S) Act;
- the independence rule would only be applied to public offer funds.(See those amendments and Mr Billson's explanation of them [here](http://www.openaustralia.org/debate/?id=2013-05-15.30.1).
)
Despite the success of this motion, Labor MP [Anthony Albanese](http://publicwhip-rails.openaustraliafoundation.org.au/mp.php?mpn=Anthony_Albanese&mpc=Grayndler&house=representatives) later moved that there should be a recommittal on this division.(Read more about this later motion [here](http://publicwhip-rails.openaustraliafoundation.org.au/division.php?date=2013-05-15&number=4&house=representatives). )
_Background to the Bill_
The Bill is the fourth and final legislative bundle implementing the [Stronger Super reforms](http://strongersuper.treasury.gov.au/content/Content.aspx?doc=home.htm) announced by the Labor Government in 2010.(More information about this Bill and the context surrounding it can be found [here](http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id%3A%22legislation%2Fbillhome%2Fr4948%22#billsdgs).) It introduces a number of corporate governance measures that arose out of the [Review into the Governance, Efficiency, Structure and Operation of Australia’s Superannuation System](http://www.supersystemreview.gov.au/) (known as the Cooper Review) and the Government’s own consultations with industry, employer and consumer groups.
References

representatives vote 2013-05-15#1

Edited by system

on 2014-10-07 16:16:23

Title

Description

The majority voted in favour of a [http://www.openaustralia.org/debate/?id=2013-05-15.30.1 motion] to agree to amendments introduced by Liberal MP [http://publicwhip-test.openaustraliafoundation.org.au/mp.php?mpn=Bruce_Billson&mpc=Dunkley&house=representatives Bruce Billson], which means that the amendments were successful.
Mr Billson explained that his amendments enact the following principles:
* that existing equal representation requirements in the [http://en.wikipedia.org/wiki/Superannuation_in_Australia#Superannuation_Industry_.28Supervision.29_Act_1993_.28SIS.29 Superannuation Industry (Supervision) Act 1993] and regulations be repealed;[1]
* that existing equal representation requirements in the [http://en.wikipedia.org/wiki/Superannuation_in_Australia#Superannuation_Industry_.28Supervision.29_Act_1993_.28SIS.29 Superannuation Industry (Supervision) Act 1993] and regulations be repealed;(Under equal representation, union and employer representatives dominate industry superannuation funds. See the basic equal representation rules [http://www.austlii.edu.au/au/legis/cth/consol_act/sia1993473/s89.html here]. )
* that these be replaced by requirements which give effect to the principle that each affected trustee board or group of trustees at a minimum will contain one-third in number independent directors or trustees;
* for the purpose of independents it will take the meaning of [http://www.austlii.edu.au/au/legis/cth/consol_act/sia1993473/s10.html section 10] in the SI(S) Act;
* the independence rule would only be applied to public offer funds.[2]
* the independence rule would only be applied to public offer funds.(See those amendments and Mr Billson's explanation of them [http://www.openaustralia.org/debate/?id=2013-05-15.30.1 here]. )
Despite the success of this motion, Labor MP [http://publicwhip-test.openaustraliafoundation.org.au/mp.php?mpn=Anthony_Albanese&mpc=Grayndler&house=representatives Anthony Albanese] later moved that there should be a recommittal on this division.[3]
Despite the success of this motion, Labor MP [http://publicwhip-test.openaustraliafoundation.org.au/mp.php?mpn=Anthony_Albanese&mpc=Grayndler&house=representatives Anthony Albanese] later moved that there should be a recommittal on this division.(Read more about this later motion [http://publicwhip-test.openaustraliafoundation.org.au/division.php?date=2013-05-15&number=4&house=representatives here]. )
''Background to the Bill''
The Bill is the fourth and final legislative bundle implementing the [http://strongersuper.treasury.gov.au/content/Content.aspx?doc=home.htm Stronger Super reforms] announced by the Labor Government in 2010.[4] It introduces a number of corporate governance measures that arose out of the [http://www.supersystemreview.gov.au/ Review into the Governance, Efficiency, Structure and Operation of Australia’s Superannuation System] (known as the Cooper Review) and the Government’s own consultations with industry, employer and consumer groups.
The Bill is the fourth and final legislative bundle implementing the [http://strongersuper.treasury.gov.au/content/Content.aspx?doc=home.htm Stronger Super reforms] announced by the Labor Government in 2010.(More information about this Bill and the context surrounding it can be found [http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id%3A%22legislation%2Fbillhome%2Fr4948%22#billsdgs here].) It introduces a number of corporate governance measures that arose out of the [http://www.supersystemreview.gov.au/ Review into the Governance, Efficiency, Structure and Operation of Australia’s Superannuation System] (known as the Cooper Review) and the Government’s own consultations with industry, employer and consumer groups.
References
* [1] Under equal representation, union and employer representatives dominate industry superannuation funds. See the basic equal representation rules [http://www.austlii.edu.au/au/legis/cth/consol_act/sia1993473/s89.html here].
* [2] See those amendments and Mr Billson's explanation of them [http://www.openaustralia.org/debate/?id=2013-05-15.30.1 here].
* [3] Read more about this later motion [http://publicwhip-test.openaustraliafoundation.org.au/division.php?date=2013-05-15&number=4&house=representatives here].
* [4] More information about this Bill and the context surrounding it can be found [http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id%3A%22legislation%2Fbillhome%2Fr4948%22#billsdgs here].

representatives vote 2013-05-15#1

Edited by mackay staff

on 2014-04-29 17:04:35

Title

Description

The majority voted in favour of a [http://www.openaustralia.org/debate/?id=2013-05-15.30.1 motion] to agree to amendments introduced by Liberal MP [http://publicwhip-test.openaustraliafoundation.org.au/mp.php?mpn=Bruce_Billson&mpc=Dunkley&house=representatives Bruce Billson], which means that the amendments were successful.
Mr Billson explained that his amendments enact the following principles:
* that existing equal representation requirements in the [http://en.wikipedia.org/wiki/Superannuation_in_Australia#Superannuation_Industry_.28Supervision.29_Act_1993_.28SIS.29 Superannuation Industry (Supervision) Act 1993] and regulations be repealed;[1]
* that these be replaced by requirements which give effect to the principle that each affected trustee board or group of trustees at a minimum will contain one-third in number independent directors or trustees;
* for the purpose of independents it will take the meaning of [http://www.austlii.edu.au/au/legis/cth/consol_act/sia1993473/s10.html section 10] in the SI(S) Act;
* the independence rule would only be applied to public offer funds.[2]
~~Despite the success of this motion, Labor MP Anthony Albanese later moved that there should be a recommittal on this division.[3]~~
Despite the success of this motion, Labor MP [http://publicwhip-test.openaustraliafoundation.org.au/mp.php?mpn=Anthony_Albanese&mpc=Grayndler&house=representatives Anthony Albanese] later moved that there should be a recommittal on this division.[3]
''Background to the Bill''
The Bill is the fourth and final legislative bundle implementing the [http://strongersuper.treasury.gov.au/content/Content.aspx?doc=home.htm Stronger Super reforms] announced by the Labor Government in 2010.[4] It introduces a number of corporate governance measures that arose out of the [http://www.supersystemreview.gov.au/ Review into the Governance, Efficiency, Structure and Operation of Australia’s Superannuation System] (known as the Cooper Review) and the Government’s own consultations with industry, employer and consumer groups.
References
* [1] Under equal representation, union and employer representatives dominate industry superannuation funds. See the basic equal representation rules [http://www.austlii.edu.au/au/legis/cth/consol_act/sia1993473/s89.html here].
* [2] See those amendments and Mr Billson's explanation of them [http://www.openaustralia.org/debate/?id=2013-05-15.30.1 here].
* [3] Read more about this later motion [http://publicwhip-test.openaustraliafoundation.org.au/division.php?date=2013-05-15&number=4&house=representatives here].
* [4] More information about this Bill and the context surrounding it can be found [http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id%3A%22legislation%2Fbillhome%2Fr4948%22#billsdgs here].

representatives vote 2013-05-15#1

Edited by mackay staff

on 2014-04-29 17:02:56

Title

Bills — Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Bill 2012; Consideration in Detail
Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Bill 2012 - Second Reading - Independent directors

Description

~~<p class='motion-notice motion-notice-truncated'>Long debate text truncated.</p>~~
The majority voted in favour of a [http://www.openaustralia.org/debate/?id=2013-05-15.30.1 motion] to agree to amendments introduced by Liberal MP [http://publicwhip-test.openaustraliafoundation.org.au/mp.php?mpn=Bruce_Billson&mpc=Dunkley&house=representatives Bruce Billson], which means that the amendments were successful.
Mr Billson explained that his amendments enact the following principles:
* that existing equal representation requirements in the [http://en.wikipedia.org/wiki/Superannuation_in_Australia#Superannuation_Industry_.28Supervision.29_Act_1993_.28SIS.29 Superannuation Industry (Supervision) Act 1993] and regulations be repealed;[1]
* that these be replaced by requirements which give effect to the principle that each affected trustee board or group of trustees at a minimum will contain one-third in number independent directors or trustees;
* for the purpose of independents it will take the meaning of [http://www.austlii.edu.au/au/legis/cth/consol_act/sia1993473/s10.html section 10] in the SI(S) Act;
* the independence rule would only be applied to public offer funds.[2]
Despite the success of this motion, Labor MP Anthony Albanese later moved that there should be a recommittal on this division.[3]
''Background to the Bill''
The Bill is the fourth and final legislative bundle implementing the [http://strongersuper.treasury.gov.au/content/Content.aspx?doc=home.htm Stronger Super reforms] announced by the Labor Government in 2010.[4] It introduces a number of corporate governance measures that arose out of the [http://www.supersystemreview.gov.au/ Review into the Governance, Efficiency, Structure and Operation of Australia’s Superannuation System] (known as the Cooper Review) and the Government’s own consultations with industry, employer and consumer groups.
References
* [1] Under equal representation, union and employer representatives dominate industry superannuation funds. See the basic equal representation rules [http://www.austlii.edu.au/au/legis/cth/consol_act/sia1993473/s89.html here].
* [2] See those amendments and Mr Billson's explanation of them [http://www.openaustralia.org/debate/?id=2013-05-15.30.1 here].
* [3] Read more about this later motion [http://publicwhip-test.openaustraliafoundation.org.au/division.php?date=2013-05-15&number=4&house=representatives here].
* [4] More information about this Bill and the context surrounding it can be found [http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id%3A%22legislation%2Fbillhome%2Fr4948%22#billsdgs here].