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Crisis highlights agency issues in Oz

The current coronavirus crisis has created investment governance challenges for Australia’s superannuation funds – with regard to liquidity requirements – that are relevant to any DC scheme which invests in illiquid assets. It highlights the potential impact of agency issues on decision-making during a crisis environment.

A good DC fiduciary is no coward

The defined-contribution system needs to switch its focus from accumulation to income. This means breaking away from traditional approaches – something most fiduciaries lack the courage to do.