The damning review of governance at CBUS shows while industry funds have led the way in gathering and growing assets, they now need to play governance catch-up.
Deloitte’s review of the Cbus board should land like a bomb across Australia’s superannuation sector.
While the report, ordered by the prudential regulator, hasn’t found problems with the current directors’ approach to governance – it wasn’t actually asked to examine this – it has exposed a series of issues with the way the board operates, and the relationship between the fund and its union and employer group sponsors.
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James Thomson is senior Chanticleer columnist based in Melbourne. He was the Companies editor and editor of BRW Magazine. Connect with James on Twitter. Email James at j.thomson@afr.com
