Australia Superannuation Industry (Supervision) Act 1993 (Cth)
Trustee and director covenants – Australia Superannuation Industry (Supervision) Act 1993 (Cth)

Australia Superannuation Industry (Supervision) Act 1993 (Cth) s52-2a-b: s 52(2)(a)-(b) General covenants: act honestly, and exercise the care, skill and diligence of a prudent superannuation trustee

If the governing rules do not already contain covenants to this effect, they are taken to contain a covenant by each trustee to deal honestly across every matter touching the entity, and to bring that same level of care, skill and diligence, the kind a prudent superannuation trustee would bring, to everything touching the entity in dealing with another's property while feeling morally bound to provide for them (s 52(1)-(2)(a)-(b)). Here, a superannuation trustee means someone whose work, business or profession covers acting as an entity's trustee and putting money to work for its beneficiaries (s 52(3)).

Maintained by Gerard Blokdyk

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