The Supreme Court of Queensland has confirmed that the QSuper Board is justified in consenting to a remuneration power in its governing rules, that would entitle it to be paid “such reasonable remuneration as is determined by the Trustee”.
Sarah Danne, led by Dominique Hogan-Doran SC and briefed by King & Wood Mallesons, appeared for the QSuper Board in the judicial advice application. A copy of the decision can be found at Re QSuper Board [2021] QSC 276.
The application arose after a series of legislative changes had been introduced, presenting superannuation trustees with a potential insolvency risk against which they may seek to build capital.
The decision in Re QSuper Board is the first judicial guidance on the issue. Further related applications have been made, including in New South Wales, and more are expected, as numerous superannuation trustees currently face similar considerations.
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