The Australian Prudential Regulation Authority (APRA) has commenced an investigation into Diversa Trustees Limited’s executive remuneration decision-making and processes.

The investigation will consider whether Diversa has complied with its regulatory obligations. In particular, APRA will investigate whether remuneration decisions were made in accordance with APRA’s prudential standards and trustees’ duties under the SIS Act.

The investigation will not consider whether Diversa is responsible for member losses arising from the collapse of First Guardian, which is currently the subject of ASIC’s proceedings in the Federal Court.

APRA Chair John Lonsdale said:

“Prudent remuneration practices play a critical role in driving sound governance and protecting the best financial interests of superannuation fund members. APRA expects superannuation trustees to ensure remuneration decisions reinforce accountability and appropriately reflect risk and performance outcomes, particularly in circumstances where member outcomes may have been adversely affected.”

In December 2025, APRA imposed additional license conditions on Diversa. The aim was to address prudential concerns relating to its investment governance frameworks and practices, including oversight of platform investment options made available to members.