April
Inflation steady; $100b fund’s Trump plan; Ex-model running for One Nation
Read everything that’s happened in the news so far today.
He’s just taken over a $100b fund. Here’s his trade war plan
New Cbus chief investment officer Leigh Gavin says Donald Trump’s attack on 20 years of globalisation will make life harder for super members.
Big super is questioning its exposure to Wall Street
Regulatory filings show the country’s biggest retirement funds made billion dollar bets on American technology giants ahead of Donald Trump’s inauguration.
Dexus forced to sell $830m stake in Macquarie Centre to super giants
The Supreme Court of NSW has rejected a last-minute bid from the ASX-listed landlord to stave off the transaction, having found it was required to sell.
No room for super complacency about cyber risk
Big super’s governance failures are now piling up coordinated cyberattacks targeting some of the nation’s largest industry funds.
Burke breaks silence on fund hacks as Victoria Police moves in
Cybersecurity Minister Tony Burke has broken his long silence on last week’s co-ordinated attack on superannuation funds.
Cbus insists Wayne Swan is at the wheel
After backtracking on declarations it had not, in fact, been hacked, Cbus is now investigating its own “cyber incident”.
Cyber minister Tony Burke ‘radio silent’ on super breach: Coalition
The accusation comes after cybersecurity firms identified the details of thousands of Australian retirees for sale online.
Cyberattack exposes Labor big super weakness
Cyber breaches and Donald Trump’s sharemarket rout have exposed further flaws in Labor’s compulsory super system and its union-aligned funds.
Cybercriminals impersonated super executives in week of mass breach
The attacks occurred in the same week hackers compromised the largest funds and siphoned retirement savings out of member accounts.
March
How super funds treat your money when you die is shameful
What we have is a returns-focused industry that makes it very easy to put money in, but much harder for your next of kin to get it out.
Why you should be paying more in superannuation fees
Incentives to put downward pressure on fees have worked, but funds now have little left over to invest in services.
Superannuation bosses submit their US travel bills
They may not have been staying at luxury hotels, but fund bosses still racked up some tidy bills on Kevin Rudd’s US superannuation junket.
Industry funds lobby for death benefits overhaul
ART, UniSuper and Cbus want the government to reform processes as the corporate watchdog prepares to release a report revealing widespread failures.
Big super thinks being fined for bad customer service is too harsh
Australian Securities and Investments Commission deputy chairman Sarah Court says it’s a bit rich for superannuation funds to not expect legal action if they misbehave.
Silk, directors singled out in AusSuper death benefits failure
As ASIC chairman Joe Longo called big super the “poster child” for governance failures, the watchdog launched a case in the Federal Court against the biggest provider.
Bank, super boards the target of APRA’s new director rules
The lobby group for company directors described some of the proposals, which include limits on tenure and more oversight in succession planning, “overreach”.
Who are the super directors facing APRA’s tenure limit?
There will scarcely be a board of a major industry super fund untouched if the prudential regulator comes after these lucrative patronages.
February
Cbus anoints new deputy CIO from within
The superannuation fund has found itself under significant pressure to explain payments to the CFMEU.
BUSSQ appeals court ruling on CFMEU-appointed directors
The construction industry’s $6.8 billion super fund will appeal a ruling that it was not entitled to a judicial review of restrictions imposed on its licence