The Australian Prudential Regulation Authority (APRA) advised that it has been in active discussion with Host-Plus over a period of months on issues arising from disputes at trustee board level.

As a consequence, APRA varied Host-Plus instrument of approval to a simple majority of directors as opposed to the previous requirement for a two-thirds majority with regard to board resolutions.  Unfortunately, a number of important issues have remained unresolved by the move.

APRA Executive General Manager, Mr Brandon Khoo advised that fund assets are held in custody and members funds are safe.

The trustee entity is responsible for the management of the superannuation fund and we are actively pursuing a number of options to ensure the effective management of fund assets going forward, Mr Khoo said.

APRA will make further comment on the matter in due course.