Committee chair Mr Tim Wilson MP said that super funds control vast assets within Australian listed equities and unlisted assets, often across competing entities.
“The committee wants to discover whether such concentration of capital and common ownership structures causes negative outcomes for smaller retail shareholders and consumers more generally,” Mr Wilson said.
“At our previous hearing, the committee was able to hear from the world’s foremost experts on the theoretical underpinnings of this issue. This hearing gives the committee a chance to question the super funds on the real-world impacts of how the sector’s control of $760 billion in Australian citizens’ retirement savings impacts competition within the Australian market.”
Mr Wilson said regulators have raised questions about the consequences of common ownership, and academics have raised concerns about the role of hedge funds, index funds, proxy advisers and super funds in suppressing competition and the risks of inaction.