Not-for-profit superannuation funds have consistently outperformed retail funds by 2-3 per cent, according to research from the Australian Prudential Regulation Authority (APRA).

The research examined the link between investment returns and corporate governance models of each to the two sectors. Returns were tracked since 1996.

Industry funds have an average of eight directors per fund compared to five directors per retail fund. Average hours per board meeting are nearly twice that in the not-for-profit sector compared to the retail sector.

The research also showed that 62 per cent of directors from not-for-profit funds had their own money invested in the funds they governed compared with 21 per cent of directors from retail funds.

"This shows that directors of industry superannuation funds manage the money on behalf of members as well as their own," APRA deputy chair Ross Jones said.

Australian Institute of Superannuation Trustees (AIST) chief executive Fiona Reynolds welcomed the findings.

"We now have research suggesting our unique fund governance model plays a key role in delivering better investment outcomes to members," Reynolds said.

"In dollar terms, this outperformance could add tens of thousands of dollars to an individual's retirement benefits," she said.

The APRA research was launched at the AIST corporate governance event on corporate governance on Tuesday.

"We are not showing which [fund model] is better or worse. We are just showing that there are differences," Jones said.