Former ASIC and APRA heavies start governance business

Former Australian Securities and Investments Commission (ASIC) chair, James Shipton together with former Australian Prudential Regulation Authority (APRA) superannuation group chair, Stephen Glenfield have established a superannuation governance business.

The pair have joined with industry veteran Nick Brookes to launch the new business, Super Trustees Australia which they are describing as “an independent superannuation trustee designed to help fund funds meet rising governance expectations and deliver better outcomes for members”.

Brookes has been appointed managing director of the business, while the board includes former KPMG partner, Mitchell Petrie and company secretary Natasha Quirk.

Their announcement said the launch follows a period of heightened scrutiny for the superannuation sector, with the introduction of SPS 515 in July 2025 and related prudential reforms lifting expectations on governance, risk management and board accountability.

“Together these changes mark a decisive shift towards evidence-based oversight and stronger demonstration of independence,” it said.

Shipton, who is chair of the new business, said the new standards and rising member and regulatory expectations, leave no room for ‘form-over-substance’ compliance.

“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.

“As we reflect back on the first generation of Australia’s superannuation sector, the focus must be on the quality of governance and the depth of each trustee’s commitment to its members.”

Glenfield said SPS 515 and the broader regulatory reforms and expectations were designed to re-centre member outcomes as the core driver of trustee decision-making and to raise the standard of governance across the system.

“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.