Australia Superannuation Industry (Supervision) Act 1993 (Cth)
Governance structure – Australia Superannuation Industry (Supervision) Act 1993 (Cth)

Australia Superannuation Industry (Supervision) Act 1993 (Cth) s89: s 89 Maintain equal representation of employers and members, with the independent-trustee and vacancy mechanisms

A fund meets the basic equal-representation rule when its group of individual trustees, or its single corporate trustee's board, splits evenly between employer representatives and member representatives (s 89(1)). An additional independent trustee or director is treated as preserving that equality if appointed at the request of the existing representatives, provided for in the governing rules, and given no casting vote (s 89(2)). Should a vacancy open up on a board or trustee group that was meeting the rule, filling it inside 90 days so compliance is restored means the fund counts as having stayed compliant the whole time (s 89(3)).

Maintained by Gerard Blokdyk

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