Retail super funds to disclose dividends under deal with Greens

Retail super funds will be forced to publish details of the dividends paid to their owners after Labor and the Greens struck a deal on new rules requiring the sector to provide information about profits.including Colonial First State and BT generated hundreds of millions of dollars for their parent companies in recent years, which Labor criticised when it was in opposition.

Following the negotiations, Labor will direct the Australian Prudential Regulation Authority to publish an annual super fund transparency report, which will bring fund-level expense information into a single document that will act as a one-stop-shop. The decision not to release expenditure information will be by exception only, such as for matters that are commercial-in-confidence.Funds to report to ASICLabor will also introduce new legislation into parliament on Wednesday requiring superannuation fund trustees to lodge annual financial reports with the Australian Securities and Investments Commission, bringing the sector into line with publicly listed companies.

The Greens Treasury spokesman Nick McKim said he welcomed Labor’s decision to include information about profits in the new transparency regime.

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