AvSuper has a policy for managing potential conflicts of interest to ensure the Trustee and its employees act in members’ best interests. The Trustee’s policy takes into consideration relevant superannuation laws, industry and regulatory guidelines and APRA’s Prudential Standards under SPS 521.
Each AvSuper employee and Director must assess and ensure that their personal, financial or related person interests and obligations do not conflict or do not appear to conflict with their responsibilities as an employee or Director of the Trustee. The Trustee expects Trustee Directors and all employees to avoid placing themselves in a position where there is a material conflict between their own interests and those of Fund members.
AvSuper will ensure members are adequately informed about any material conflicts of interest that may affect the provision of financial services to them. Adequate disclosure means providing enough detail in a clear, concise and effective form to allow members to make an informed decision about how the conflict may affect the service being provided to them.
The Trustee does not offer any services or products, particularly in relation to any of its insurance offerings, that would pose a conflict of interest or conflict of duty. The Trustee also does not pay any conflicted remuneration to its staff or service providers.
Duties of the Trustee to members
AvSuper Pty Ltd is the corporate trustee of the AvSuper Fund and the covenants under superannuation law requires, amongst other duties, Trustees to:
- act honestly in all matters concerning the Fund;
- ensure that the trustee’s duties and powers are performed and exercised in the best interests of the beneficiaries;
- not do anything that would hinder the trustee in properly performing or exercising the trustee’s functions and powers;
Trustee Directors must act in members’ best interests and this obligation prevails over any other obligation. Specifically, individual Trustee Directors do not owe a legal obligation to any nominating body such as the employer sponsor or a union.