ASIC has announced the result of its recent survey of superannuation websites to check industry compliance with the executive officer remuneration and governance disclosure requirements (Transparency Information) under section 29QB of the Superannuation (Industry) Supervision Act (SIS Act) and SIS regulations 2.37 and 2.38 introduced as part of the Stronger Super reforms.
ASIC recommends making a number of simple changes to websites to enhance disclosure of Transparency Information:
- make Transparency Information intuitively easier to find on the homepage by having a link on the homepage called, for example, “Transparency Information under SIS Act s29QB” or “SIS Act s29QB website information”,
- insert hyperlinks to the Transparency Information in one place or publish the Transparency Information itself in a dedicated part of the website,
- disclose the periods that executive officers (directors and senior managers) have served as board members, not forgetting senior managers who may previously have served as a director,
- only disclose a director’s remuneration as nil if they provide their services in a purely voluntary capacity,
- include voting summaries on international, not just Australian, listed shares,
- where the trustee’s policy is not to vote on listed shares, disclose that there is no voting summary (to avoid users looking for something not there), and
- where voting summaries comprise a table listing how votes were cast on specific resolutions, consider including an overview, like an executive summary. This might include showing overall voting by resolution type and simple graphics (e.g. pie charts).
SIS s29QB requires Transparency Information to be up to date at all times.
ASIC’s recommended website update release times are:
(a) 20 business days, except for remuneration items; and
(b) four months for remuneration items.
