This will include examining such things as the greater use of information technology in company administration, the modernisation of the voting process, and the relationship between the custodian, the company, the fund manager and the superannuation trustee in regard to voting. Labor would like to see the level of voting raised to a level comparable with overseas countries. Labor is prepared to legislate to achieve this if the level of voting does not reach those levels within two years of the election of a Labor Government. The legislation would recognise that it is particularly important that shares be voted where shares are held for someone else. It would also be an acknowledgement of the role of superannuation trustees in the system of superannuation we have developed in Australia.
Labor is committed to maintaining representative and balanced trustee structures.
We must ensure that the arrangements in place for superannuation guarantee the interests of members into the future. Establishing good corporate governance procedures that maximise shareholder value are part of those arrangements. There are already a number of organisations able to assist superannuation trustees in setting up mechanisms to enable decisions on voting to be made. The Australian Institute of Superannuation Trustees is working on guidelines on voting to assist superannuation trustees. The Council of Institutional Investors aims to provide information to trustee boards to assist them to make informed decisions relating to corporate governance issues, and several private companies provide a similar service.