Unions and government headed for super showdown

Former Reserve Bank chairman Bernie Fraser has admitted that industry superannuation funds are running out of skilled directors from within their ranks, but this was no reason to force schemes to appoint independent trustees.

Mr Fraser's review of super fund governance, commissioned more than a year ago, upheld industry super funds' long-held stance that the equal representation model was optimal and was responsible for their superior performance. He added there was little to be learnt from international governance practices because the history and culture of Australia's system was unique.