ASEA Brown Boveri Superannuation Fund v ASEA Brown Boveri

ASEA Brown Boveri Superannuation Fun No. Pty Ltd v ASEA Brown Boveri Pty Ltd [1999] 1 V.R. 144.

In this case Beach J stated (Para 56) :

“Before parting with this case I wish to say something concerning the fiduciary duties of trustees of superannuation funds.

In this case it became quite apparent to me that in fulfilling their functions the trustees of the fund considered that not only did they have a duty to act in the interests of the members of the fund but also that they had a duty to act in the interests of the company. In my opinion that is simply not so. The overriding duty of trustees of a superannuation fund is to act solely in the interests of the beneficiaries of the fund namely the members”.

 

 

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