Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Act 2019 introduced a new requirement for superannuation funds to hold annual member meetings and many trustees are set to hold their first meetings this year.
MinterEllison Partner Maged Girgis and Special Counsel Phillip Turner have written an article outlining the new annual members' meetings regime for funds and comparing it to the existing regimes for annual general meetings for public companies and for meetings of members of registered managed investments schemes.
The article includes expert guidance on the preparations trustees should be making ahead of their first meeting, taking into account, that many meetings will be held by electronic means given COVID-19 restrictions.
[Note: This article, 'Annual Members' Meetings: One small step for member empowerment' was first published in LexisNexis' Superannuation Law Bulletin Vol 31 No 9&10 2020 and has been reproduced with permission]