The Financial Services Council ("FSC") has announced a new benchmark for transparency and governance in superannuation which will become mandatory for its Member companies. The policy mandates a series of rules and processes by which superannuation funds are operated and focusses on the independence of superannuation chairpersons and directors; the disclosure of remuneration; conflicts of interest; environmental, social and corporate governance considerations; and proxy voting. The FSC will now develop mandatory standards on superannuation governance for Member companies to comply with, which should commence at the same time as MySuper and APRA's new prudential standards for superannuation funds on 1 July 2013.