Board practice and performance assesment
How do you measure up?
Since the introduction of the Registrable Superannuation Entity licensing regime in mid-2004, a number of industry participants would agree that the governance practices have tightened and overall standards have improved. However, given the industry’s growth, continuous improvement in fund governance practices remains the main focus in Australia’s $1.2 trillion superannuation industry.
Many participants in the superannuation industry believe it is important to conduct regular appraisals of the Board’s performance. This process includes a performance assessment of the Trustee Board’s processes, relationships and overall effectiveness.
Deloitte has developed a Board Practice and Performance Assessment Service tailored for the superannuation industry to assist the Trustee Board to assess its performance on a collective basis as well as identify areas of improvement in its governance practices.
Deloitte has been deeply involved in providing services to the superannuation industry for a significant number of years and has a deep pool of expertise to draw upon, with approximately 100 professional staff working on superannuation and financial services in Australia.
Our assessment will enable the Trustee Board to:
- Enhance its governance practices
- Identify any areas for improvement
- Determine whether current governance practices are in line with the industry as a whole
- Demonstrate to the regulator a proactive approach to governance.
Our Board Practice and Performance Assessment is designed to provide assurance to the Board that current practices and performance are operating as intended and in line with industry better practice. We will also provide the Trustee Board with a written report which will include practical recommendations and improvement areas to further strengthen the Trustee’s governance practices and processes. The report will provide you with valuable insights as to how the Trustee Board is functioning as a whole. It will also outline our findings from our benchmarking of your practices and determine whether your current practices are in line with industry better practice and how they are comparable to your peers.
Contact our team to discuss how we can help you.