The Australian Prudential Regulation Authority (APRA) today announced that it has granted a licence to Host Plus Pty Ltd (Host Plus) as an approved trustee of public offer superannuation funds and re-instated it as trustee of the HOST-PLUS Superannuation Fund (the Fund).

APRA revoked the approval of Host Plus to act as an approved trustee on 5 March 2003, following a boardroom stalemate that had culminated in the resignation of the employer representative directors on 3 March. The Executive Officer/Fund Secretary of Host Plus advised APRA that the Board could no longer form a quorum to make decisions on behalf of the Fund.

Following a restructuring of the Board, APRA has concluded that Host Plus has adequately addressed the issues which led to the revocation of its approved trustee status and suspension from the trusteeship of the Fund, and can now be relied upon to properly discharge the duties of trustee of a regulated superannuation fund.

The new Board comprises three directors each from the Australian Hotels Association (AHA) and the Liquor, Hospitality and Miscellaneous Workers Union (LHMU), and three independent directors. The revised Articles of Association for Host Plus also provide for the Chair to be drawn from the independent directors and for decisions to be made by simple majority.

The Fund has over 500,000 members employed in the hospitality and tourism industry and has more than $2.0 billion under management.

APRA is the prudential regulator of the financial services industry including banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, friendly societies, and most members of the superannuation industry. It currently regulates $1.6 trillion in assets for 20 million Australians.

For further information:	Media Enquiries only:
APRA Call Centre	Susan Morey
1300 131 060	APRA - Public Affairs
	02 9210 3384
	0438 124 524