Document ID: chunk:federal_register_of_legislation:C2004A03321:body:0:p5
Version: federal_register_of_legislation:C2004A03321
Segment Type: other
Provision Reference: 
Character Range: 10571–13367

section 29 of the Principal Act the following section is inserted:

Objective and duties of Trust
"29a. (1) The Trust is established to manage and invest the Superannuation Fund in such manner as to maximize the return earned on the Fund, having regard to—
     (a) the need to make provision for payments out of the Fund under this Act;
     (b) the need for equity among eligible employees; and
     (c) the need to exercise reasonable care and prudence in order to maintain the integrity of the Fund.
"(2) It is the duty of the Trust—
     (a) to establish from time to time policies in respect of the investment of moneys standing to the credit of the Superannuation Fund and the strategies that are to be adopted to achieve those policies;
     (b) to determine, authorize or approve programs for the investment of moneys standing to the credit of the Superannuation Fund;
     (c) to ensure that the decisions and operations of the Trust are directed towards achieving the objective referred to in sub-section (1);
     (d) to ensure that the Trust has, or has access to, the skills, facilities and resources required to achieve the objective referred to in sub-section (1);
     (e) to take reasonable steps, consistently with the objective referred to in sub-section (1) and subject to sub-section (4), to inform eligible employees about the management and investment of the Superannuation Fund;
     (f) to liaise with relevant industrial organizations concerning the interests of eligible employees and, subject to sub-section (4), to inform those organizations about the management and investment of the Superannuation Fund;
     (g) to ensure that the Trust conducts its operations in an efficient manner; and
     (h) to ensure that the Trust complies with its obligations under this Act and its other legal obligations.
"(3) Without limiting the generality of paragraph (2) (a), the Trust shall develop and maintain plans and procedures for the implementation of the investment strategies of the Trust.

"(4) The Trust shall, in performing its duties under paragraphs (2) (e) and (f), have regard to the need to protect information the disclosure of which could adversely affect the financial position or the commercial or other operations of the Trust.
"(5) Without limiting the generality of paragraph (2) (e), the Trust shall, at least once in each financial year, publish to eligible employees a summary that contains information of the kind referred to in that paragraph.
"(6) If the Minister at any time furnishes to the principal member a statement of the policy of the Commonwealth Government on any matter that is relevant to the performance of the functions of the Trust, together with a request that the Trust consider that policy in the performance of its functions, the