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We provide an overview of the new requirements and 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.
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]
You can download the full text of Annual Members' Meetings: One small step for member empowerment here.
Maged Girgis is one of the country's most-respected financial services lawyers with over 28 years’ experience specialising financial services law advising life insurance and superannuation fund clients. Prior to joining the firm, he worked as an in-house counsel for a large life insurance and superannuation provider giving him invaluable industry experience to his specialist practice.
I have specialised in superannuation law and financial services regulation since 2002. My particular areas of expertise include defined benefits, group life insurance, investment governance, successor fund transfers, the superannuation guarantee charge, trustee duties and unit pricing.
© 2020 MinterEllison
