Superannuation Industry (Supervision) Act 1993

This section applies if the trustee, or the trustees, of a standard employer‑sponsored fund (other than a superannuation fund with no more than 6 members) are required by law:

if the trustee is a single corporate trustee—to have member representatives on the board of directors of the trustee; or

if there is a group of individual trustees—to have member representatives included in the group; or

in any other case—to have member representatives on a policy committee of the fund.

Each trustee of the fund must ensure that:

rules are established (whether by inclusion in the governing rules or otherwise):

setting out a procedure for appointing the member representatives; and

ensuring that member representatives so appointed can only be removed by the same procedure as that by which they were appointed, except in the event of:

death; or

mental or physical incapacity; or

retirement; or

termination of employment; or

the member representative no longer meeting one or more of the criteria for fitness and propriety relevant to the member representative set out in the prudential standards; or

the member representative becoming a disqualified person within the meaning of Part 15; or

suspension or removal under Part 17; or

other prescribed circumstances; and

those rules are published in such a way as will make members of the fund aware of the procedure for appointment and removal of member representatives.

A trustee is guilty of an offence if the trustee contravenes subsection (2).

A trustee is guilty of an offence if the trustee contravenes subsection (2). This is an offence of strict liability.

Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.

For strict liability, see section 6.1 of the Criminal Code.