Introduced with the Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Bill 2017, the bill amends the:
Superannuation Industry (Supervision) Act 1993
to require registrable superannuation licensees to have at least one-third independent directors and for the Chair of the Board of directors to be one of these independent directors; and
Governance of Australian Government Superannuation Schemes Act 2011
to enable the trustee board of the Commonwealth Superannuation Corporation to comply with the new independence requirements.