Big super likes to think of itself as an engine of the financial system. But big funds need to bridge the gap between their directors’ skills and those managing the billions in retirement savings.
The governance mess at Cbus Super is a timely reminder of big super’s failure to lift the quality of its non-executive directors to the level commensurate with a sector managing $1.4 trillion in retirement savings.
Cbus, which has about $94 billion under management, rightly describes itself as a “major financial institution”. But a cavernous gap has opened up between the skills of those sitting on the Cbus board and the Cbus employees managing the money.
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Tony Boyd is the former Chanticleer columnist. He has more than 35 years' experience as a finance journalist. Connect with Tony on Twitter. Email Tony at tony.boyd@afr.com
