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MINCHIN WELCOMES COMMONWEALTH SUPERANNUATION INITIATIVE
The Minister for Finance and Administration, Senator Nick Minchin, has welcomed today's announcement by the CSS and PSS Boards of the appointment of Westpac Investment Management to the role of primary governance adviser for their $3 billion Australian share investments.
The Boards are responsible for the management and investment of the CSS Fund and the PSS Fund - the main superannuation funds for the Commonwealth's civilian employees.
"This appointment demonstrates a commitment to protect the superannuation funds under their management, and therefore the future retirement incomes of scheme members", Senator Minchin said.
"Corporate governance, in particular, has been an issue for Australian companies in 2001. An increased focus by superannuation funds on governance could assist in improving standards across the corporate sector.
"I look forward to following the developments of this initiative of the Boards with interest," Senator Minchin concluded.
Contact:
Senator Minchin's office
David Wawn (02) 62777400
18 December 2001
