Cbus had a culture of union ownership that made it particularly important for the industry superannuation giant to appoint more independent directors, according to a secret report commissioned by the fund after staff leaked information about its members to the CFMEU.

Authored by former Australian Competition and Consumer Commission chairman Graeme Samuel, and unreleased for a decade, the review describes a tangled relationship between Cbus and the union, one that created a “strong commitment to the interests of … members” but left the super fund at risk of acting in the CFMEU’s interests.