The government has introduced new laws for superannuation funds.
A man from Mars would find this strange, Industry funds are both lower in cost and out perform retail funds ( dominated the the big banks). Why is the government concerned? There have been a plethora of scandals involving the major banks and financial planners yet the government has been essentially dormant in their interest or wanting to change the industry.
The industry funds are up in arms about this. See Tim Lyons for example. However they should not worry too much.
Every public company has independent directors.The board itself looks for these directors.
The industry funds should just replicate what most public company boards do!