iscoverThe former chairs of ASIC and the APRA Superannuation Industry Group have teamed up to establish an independent superannuation trustee amid rising governance expectations.
Ex-ASIC and APRA leaders launch independent super trustee
18 November 2025
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8 minute read
On Monday (17 November), ex-ASIC chair James Shipton and former APRA Superannuation Industry Group chair Stephen Glenfield announced they had launched Super Trustees Australia (STA) in a bid to provide super funds with a new governance model as expectations shifted.
The independent superannuation trustee, which the pair launched with industry veteran Nick Brookes, was created with the aim of helping super funds respond to growing regulatory attention and calls to lift governance, risk management and board accountability in the sector.
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“We are entering a time when members, funds and regulators must focus on a common goal: strengthening trust in the superannuation ecosystem,” Shipton said.
“Adherence to laws and regulators is foundational, but at its core, effective superannuation governance is about proper stewardship. Superannuation members deserve a return to genuine trusteeship and proof that independence and accountability are real, not rhetorical.”
The STA said it offered super funds a merger alternative which avoided significant costs and risks, and preserved fund autonomy and culture without sacrificing governance.
The trustee’s launch has come after a period of heightened regulatory scrutiny and rising expectations in the superannuation sector. For example, the introduction of SPS 515, a new prudential standard for superannuation trustees, made it clear that trustees were expected to keep members front of mind during all decision-making processes.
Shipton and Glenfield noted that recent changes in the sector had marked a “decisive shift” towards evidence-based oversight and stronger demonstrations of independence.
“Governance has become more complex since the Royal Commission, but effectiveness has not always kept pace,” Glenfield said.
“SPS 515 brings structure and substance back together. It is about ensuring boards are genuinely fit for purpose, with the clarity, capability and confidence to meet higher expectations.”
Managing director Nick Brookes said the evolving regulatory environment was presenting super funds with complex structural realities. In light of this, he said that STA aimed to offer trustees a path forward as the sector evolved and consolidated.
“Consolidation has reduced the number of players in the sector, but many, particularly the smaller and mid-sized funds remain without natural merger partners,” Brookes said.
“For them, the pressure is intensifying. They are seeking to balance the need for stronger governance and scale without losing member identity and real connection with members that underpins trust.”
STA’s board also included Mitchell Petrie, a governance and risk expert and former KPMG partner, as well as Natasha Quirk, who has held roles in APRA and industry CRO roles.
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