‘Ideology gone mad’: Silk slams super veto laws

Original article by Cliona O’Dowd
The Australian – Page: 17 : 9-Apr-21

AustralianSuper CEO Ian Silk has criticised key elements of the federal government’s proposed superannuation reforms. He is particularly concerned about provisions of the ‘Your Future, Your Super’ bill which allow the government to block an investment by a super fund, even if it is in members’ best financial interests. Silk says that amongst other things, this raises genuine concerns about sovereign risk. David Knox of consultancy firm Mercer in turn warns that subjecting super funds to performance tests will result in lower returns over the longer term, as trustees will be reluctant to invest in some asset classes.


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