An exploration of innovation and governance in Australian Superannuation Organisations

摘要

In a large-scale single industry case study insights are provided into factors affectingudinnovation into the superannuation industry in Australia, one of the country’s mostudsignificant service industries. In addition, the links between innovation and corporateudgovernance are explored.udThe major factor leading to innovation was the CEO’s leadership. Barriers toudinnovation include structural and cultural inhibitors, low competition within theudAustralian Superannuation Industry, high costs involved with the risk and uncertaintyudof innovation, difficulties in measuring the success of innovation and a generaludresistance among employees. The “sole purpose” test imposed on trustees byudregulation was also perceived as a major inhibitor of innovation. Factors affectingudcorporate governance were inadequate trustee skill sets, board decision-makingudprocesses, board composition, current regulations and an ever changing and highlyudregulated environment.udIn the sphere of governance I found that strategic leadership by the CEO was the mostudimportant factor and the role of the board was minimal. Board composition and trusteeudskill sets were not important in innovation.