Article Posted date
14 May 2024
Reporting Update 24RU-07
As reported in our Reporting Update 23RU-10 What's new for superannuation reporting in 2023, in scope registrable superannuation entities (RSEs) are now subject to the reporting requirements set out in Chapter 2M of the Corporations Act 2001 (Cth) (Corporations Act).
One of the specific requirements for an Registrable Superannuation Entity (RSE) is to prepare an Annual Directors’ Report that sets out certain prescribed information, including the Remuneration Report of Key Management Personnel for the RSE.
In conjunction with the above, RSE licensees will also need to consider the requirements of the new Financial Accountability Regime (FAR) as well as APRA Prudential Standard CPS 511 Remuneration (CPS 511).
RSE Licensees: Action now
- Revisit remuneration, governance, compliance and risk policies to ensure consistency in their approach to complying with the Corporations Act, Financial Accountability Regime (FAR) and APRA Prudential Standards (CPS 511).
- Consider the definition of Key Management Personnel (Corporations Act), Accountable Persons (FAR) and Senior Manager and Material Risk-Taker (CPS 511) and how these concepts overlap or differ when complying with the respective requirements.
- Be ready to report how Key Management Personnel are being remunerated by 30 June 2024 as this will be disclosed in the 2024 annual reports of RSEs which will be lodged with ASIC.
