A supervisory statement has been released by the UK's Prudential Regulation Authority (PRA) setting out board responsibilities (Corporate governance and Board responsibilities – SS5/16). It notes that ‘The purpose of this supervisory statement is to identify, for the boards of firms regulated by the PRA, those aspects of governance to which the PRA attaches particular importance and to which the PRA may devote particular attention in the course of its supervision. It is not intended to provide a comprehensive guide for boards of what constitutes good or effective governance’.
In October 2015, the Federal Government announced that it would develop legislation to enshrine the objective of superannuation, as part of its response to the Financial System Inquiry (FSI). The government has accepted the recommendation of the FSI that the objective of the superannuation system is to provide income in retirement to substitute or supplement the age pension. In March, it released a discussion paper, which provides background and questions for consultation on the proposed definition for superannuation.