We compare the option of a director nominating an alternate director in contrast to nominating a successor director in a self managed superannuation fund (‘SMSF’) context to determine which is better. In part 1 of our series we will explore the role of an alternate director and some of the problems that could arise when an alternate director is used in an SMSF context. Note that, for simplicity, we will discuss the role of an alternate or successor director in the singular below even though in practice there may be more than one of these acting at the same time.  The role of an alternate director Generally an alternate director is a person who can step in as a director to exercise some or all of the appointing director’s powers for a specified period or on a temporary basis. For example, a director who is unable to attend a directors’ meeting or to their duties while they are overseas can appoint a person to act for them as their alternate director for the relevant period. Under the Corporations Act 2001 (Cth) (‘CA’), a director may appoint an alternate director to exercise some or all of the appointing director’s powers for a specified period. … Continue reading Is an alternate director for an SMSF better than a successor director? Part 1