Fraser review rejects 'independence' quotas for industry super funds

By Georgia Wilkins, Peter Martin
Updated March 14 2017 - 10:08am, first published February 20 2017 - 8:49am
''You've only got to look at the arithmetic,'' said former Reserve Bank governor Bernie Fraser. Photo: Josh Robenstone
''You've only got to look at the arithmetic,'' said former Reserve Bank governor Bernie Fraser. Photo: Josh Robenstone
Kelly O'Dwyer said the review was a ''lobbying document to kill off legislation''. Photo: Josh Robenstone
Kelly O'Dwyer said the review was a ''lobbying document to kill off legislation''. Photo: Josh Robenstone
MELBOURNE, AUSTRALIA - JULY 21: Kelly O'Dwyer minister for revenue and financial services is seen speaking at the FSC Leaders Summit on July 21, 2016 in Melbourne, Australia. (Photo by Josh Robenstone/Fairfax Media). The Financial Services Council Photo: Josh Robenstone
MELBOURNE, AUSTRALIA - JULY 21: Kelly O'Dwyer minister for revenue and financial services is seen speaking at the FSC Leaders Summit on July 21, 2016 in Melbourne, Australia. (Photo by Josh Robenstone/Fairfax Media). The Financial Services Council Photo: Josh Robenstone

A long-awaited review into the governance of industry super funds by former Reserve Bank governor Bernie Fraser has found no grounds for legislation that would force boards to have a minimum number of "independent" directors.