This Month
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
Cbus must heed its last warning, or risk a crisis
APRA’s concerns have echoes of scandals in the banking sector, the casino industry and at PwC. The fund must act to fix its risk and operational weaknesses.
APRA to investigate Cbus spending amid governance concerns
The prudential regulator repeatedly warned the industry fund that it had failed to fix risk management issues and will now investigate payments to its union backers.
Wayne Swan, Cbus still won’t answer the question
The Labor powerbroker and Cbus chairman and Liberal Senator Andrew Bragg seem at odds on what constitutes an answer to a question on notice.
Revealed: Cbus’ secret governance report details deep union ties
Commissioned in 2015, the review found the super fund was reliant on the CFMEU to enforce the payment of super in a difficult industry, creating big risks.
January
‘Weak’ scam protections put trillions of super money at risk
Superannuation funds have been warned they are at risk of becoming “soft targets” for scammers.
Cbus hits ‘sweet spot’ as it surpasses $100b in assets
The construction industry superannuation fund reached the milestone despite a “blip” in November and December when it faced regulatory and political pressure.
Big super to keep pushing companies on climate
New climate disclosure laws mean even retail super funds will engage with companies on climate this year. Poor workplace safety and governance is also a concern.
Super admits its size is a risk but says ‘what is the alternative?’
The managers of Australia’s $4.1 trillion retirement savings pool say they are best placed to invest in banks and private lending despite warnings from the RBA and IMF.
Top super investors dash pre-election rate cut hopes
But they say investors should be optimistic about inflation easing despite later cuts and risks associated with Donald Trump taking the White House.
Prudential watchdog must release secret Cbus review: advice
New advice from the clerk of the Senate argues APRA has no grounds to keep the critical review secret from parliament.
December 2024
Super boards, executives failing on unlisted asset valuations
The regulator demanded funds sharpen their review processes, warning it will not hesitate to take further action and may pursue individuals.
Cbus says $387,000 birthday party was in members’ interests
The industry fund used money earmarked for staff professional development to host a 40th birthday bash for more than 750 guests