Summary
In 2013, the Financial Services Council (FSC) in Australia released the "FSC Standard No. 20 Superannuation Governance Policy," which outlines a set of principles and practices that aim to improve the governance and accountability of superannuation funds in the country. The standard covers a range of topics, including the roles and responsibilities of trustees, the composition and independence of boards, the management of conflicts of interest, risk management practices, and the disclosure of information to members. It also establishes guidelines for the selection and monitoring of service providers, including investment managers and custodians. The standard is mandatory for FSC member companies that provide superannuation products and services, and it is designed to be compatible with the requirements of Australian law and regulatory frameworks. The FSC conducts regular reviews of the standard to ensure that it remains relevant and effective in promoting good governance practices in the superannuation industry.