Hi everyone I thought I’d give you a little bit more context...

Hi everyone I thought I’d give you a little bit more context into the sign off procedures for superannuation companies to maintain the corporate responsibility under the corporations act

Where any perceived conflict or actual conflict Of interest arises as a result of an action or potential action by the trustees of an organisation then full due diligence will need to be completed in order to highlight the conflict, understand if anyone will be impacted, look at the alternative courses of action that is available to them and then flag this to the attention of the board under their duty as trustees to act in the best interests of their members and secondly act in line with their fiduciary duty as directors under the Corps act

The perceived or actual conflict of interest must and I reiterate must be fully disclosed at the board level and appropriate actions documented in order to come to course of action that will minimise the impact to any members who they act on behalf of as trustees of the fund

So in every case where the investment management team have a potential conflict of interest due diligence has to be completed and this will often take anywhere between a week to a month

This due diligence then gets reviewed and signed of by the head of the investment team and then goes to the quarterly board meeting for discussion or by circular if urgent.

The board of the organisation has a documented process in place to deal with a conflict of interest and then has a fiduciary duty to act in the best interests of its members

minutes of the meeting I held so that an audit trail of due diligence and documented decisions are in place for inspection by any regulatory bodies

with my depth of experience in financial services compliance I don’t think I have ever seen an organisation complete the due diligence required to Fully discharge fiduciary duty due diligence obligations within 48 hours or even a week

It takes much longer than this and. Have no doubt it’s been completed so it should be a simple case of having this ready for the regulator when they come knocking