Following the Robert Maxwell Pensions Fraud in the United Kingdom, the Australian Parliament introduced a statutory requirement for member representation on the boards of the corporate Trustees of employer=sponsored superannuation funds. This is known as the “equal representation rule”.
However being a natural person trustee of a Director of a corporate Trustee is not an honorary position. The law imposes serious obligations on trustees and a person should not accept the office of trustee unless they understand their legal obligations and person liabilities.
The Parliament should have implemented a proper training program after implementing the “equal representation rule” even though a Senate Committee recommended such an initiative.
More information on the Senate Committee recommendation can be found here.
However no training program was implemented. The first thing anyone should do who has accepted the office of trustee is to acquaint him or herself with the original Trust Deed that established the trust.
However the Parliament could not even implement a training program advising of such a basic requirement. by
This tab updated on 22 March 2015