Commonwealth Consolidated Acts

SUPERANNUATION ACT 1976 - SECT 27C

             (1)  The functions of the Board under this Act are:

                     (a)  to manage and invest the Fund so as to maximise the return earned on the Fund, having regard to:

                              (i)  the need to make provision for payments out of the Fund under this Act; and

                             (ii)  the need for equity among eligible employees and associate members; and

                            (iii)  the need to exercise reasonable care and prudence in order to maintain the integrity of the Fund; and

                     (b)  to be responsible for the general administration of this Act other than section 154.

             (2)  It is the duty of the Board, in the exercise of its functions under paragraph (1)(a):

                     (a)  to establish from time to time:

                              (i)  policies for the investment of money standing to the credit of the Fund; and

                             (ii)  the strategies to be adopted to achieve those policies; and

                     (b)  to ensure that the decisions and operations of the Board are directed towards achieving the objective referred to in paragraph (1)(a); and

                     (c)  to ensure that the Board has, or has access to, the skills, facilities and resources required to achieve the objective referred to in paragraph (1)(a); and

                     (d)  to take reasonable steps, consistently with the objective referred to in paragraph (1)(a) and subject to subsection (4), to inform eligible employees and associate members about the management and investment of the Fund; and

                     (e)  to liaise with relevant industrial organisations concerning the interests of eligible employees and, subject to subsection (4), to inform those organisations about the management and investment of the Fund; and

                      (f)  to ensure that the Board conducts its operations in an efficient manner; and

                     (g)  to ensure that the Board complies with its obligations under this Act and its other legal obligations.

             (3)  Without limiting the generality of paragraph (2)(a), the Board must develop and maintain plans and procedures for the implementation of its investment strategies in relation to the Fund.

             (4)  The Board must, in performing its duties under paragraphs (2)(d) and (e), 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 Board.

             (5)  Without limiting the generality of paragraph (2)(d), the Board must, at least once in each financial year, publish to eligible employees a summary that contains information of the kind referred to in that paragraph.

             (8)  The reference in paragraph (2)(e) to relevant industrial organisations is a reference to relevant industrial organisations the objectives of which extend to representing the interests of their members in relation to the terms and conditions of employment of those members.