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At the core of the opposition to the Government’s approach is the suggestion that the draft legislation and the insertion of the word ‘financial’ into best interests effectively reverses legal burden of proof for superannuation fund trustees. Law Council of Australia representative, Natalie Cambrell said the LCA actually rejected the view that the best interests duty was in need of clearer articulation, particularly by legislation. “Both the proposal to add the word ‘financial’ to the existing best interests covenant and the proposal to reverse the evidential burden of proof are not warranted,” she said. Ai Group chief policy officer, Peter Burn said the approach taken in the legislation to protect member interests was poorly conceived and poorly designed.

Natalie cambrellChris gerginScott connollyAustralian institute of company directorsAi groupLaw councilAustralian council of trade unionsAustralian industry group aiAustralian institute of superannuation trusteesLaw council of australiaFederal governmentFuture your superAustralian instituteSuperannuation trusteesAustralian industry groupCompany directors