Background: ACSI (the Australian Council of Superannuation Investors) might not sound exciting, but it’s one of the most influential forces in Australian markets. It advises 35 of the country’s biggest super funds on how they vote and engage with ASX-listed companies. Together, those funds control a staggering $1.9 trillion in assets.

What happened: Every two years, ACSI updates its governance guidelines for super funds and the latest version has just dropped. While guidelines don't sound that interesting, these guidelines matter because they effectively set the playbook for how big super (read: $1.9 trillion of super) interacts with corporate Australia.

What else: There were no headline-grabbing rules, but the tone has clearly shifted. Previous guidelines leaned heavily into diversity, culture and ESG. This time, the focus is moving back toward fundamentals and outcomes that directly affect shareholder value.

What's the key learning?

💡Over the past decade, corporate governance became increasingly prescriptive…but the winds are changing. ACSI says those issues still matter, but investors now want clearer proof that boards are actually protecting and growing value.

💡Super funds are refocusing on execution, not optics. That means more scrutiny on executive pay, board skills and whether leadership teams are equipped for the company’s real challenges.

💡The main reason is that governance failures are no longer theoretical. We've seen recent blow-ups at Qantas and ANZ and how a lack of oversight destroyed billions in shareholder value.