ABSTRACT
In the Middle Ages, prudence or ‘practical wisdom’ was considered to be the most important of the virtues first described by classical philosophers such as Aristotle. Prudence was also personified as a woman looking into a mirror—looked backwards while looking forwards at the same time. After reviewing the history of industry superannuation, a better perspective can be taken regarding what its future challenges may be. Leading figures in the development of the industry, looking backwards and forwards, see different issues arising for the funds and associated institutions over the next decade or more. A key feature of the culture is governance. As former Colonial Mutual manager Sandy Grant, who served in multiple industry fund roles observes, it is a compulsory system, and one where he sees the profit-making model of the retail funds as being ‘profoundly inappropriate’. Another key theme currently re-emerging is internationalisation.
