In recent weeks there has been media and other commentary about the role of superannuation funds as investors, particularly what they are doing and may do in terms of influencing decisions made by the boards and management of Australian listed companies. Some commentators see superannuation funds playing an activist role, even displacing the traditional owners of control, that is, men of a certain age who belong to upmarket clubs in Melbourne (or Sydney) and who sit on multiple company boards. Certainly, superannuation funds are becoming increasingly significant investors in Australian listed companies and other investment classes. Over the fifteen years...