AIST Governance

AIST’s Governance Code

AIST’s Governance Code promotes continuous improvement in governance practices and aims to cement profit-to-member funds as the leading superannuation sector. 

The principles-based Code – which AIST funds are asked to report against  goes beyond current regulatory requirements and creates a new standard of best practice in Australia.

The profit-to-member super sector stands proudly by our record of achieving superior net returns on the retirement savings of our members. We have achieved this as a fundamental expression of our members-first culture, built on our equal representation governance structure.

Nevertheless, as our industry grows and changes, there is a collective need for us to review the way we govern ourselves, to preserve those good things that distinguish us and to further develop those areas where we can improve.

AIST member funds can choose to adopt the Code from 1 July 2017, with mandatory adoption required by 1 July 2018.

The Code far exceeds any other industry code or principles in existence for superannuation funds. 

The Code Guidance document was developed as a useful resource to assist super funds in meeting the requirements of the Code.

The Guidance does not contain any additional requirements for funds to meet, however it provides suggestions on how funds can comply with the Code, as well as explanations of the twenty-one Code requirements.

AIST members wishing to discuss the Code or accompanying Guidance further can contact the Code Monitoring Panel at govcode@aist.asn.au.

Governance Code review

The AIST Governance Code will be reviewed on a three-yearly basis to ensure that it continues to meet its objectives of:

  • Improving governance in the profit-to-member super sector;
  • Ensuring that the culture of the profit-to-member concept is fully supported by governance structures; and
  • Improving accountability and transparency.

The first review is scheduled to take place in 2021 and AIST will conduct a formal consultation process with its member funds before any changes are made to the Code. The Governance Code Monitoring Panel will also make recommendations to the AIST board about adjustments to the Code.

If you would like to provide feedback about the Code, please contact the Code Monitoring Panel at govcode@aist.asn.au

Governance Code resources

AIST has developed resources to assist in Code reporting: