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Big super pushes boards on culture after WiseTech, MinRes dramas

Fiona Buffini and Hannah Wootton

Updated Oct 28, 2024 – 10.10am, first published at 5.00am

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Industry superannuation funds are demanding more scrutiny and accountability from Australia’s biggest companies on their culture and governance practices, as scandals wipe billions of dollars in value from WiseTech Global and Mineral Resources.

Aware Super, which owns 1.18 per cent of WiseTech, will meet with the board on Monday, days after founder Richard White stood down following weeks of salacious revelations about his relationships with women that wiped $8 billion from its market value.

clarification —

An earlier version of the article incorrectly stated HESTA’s holdings in WiseTech and MinRes as 0.64 per cent and 0.85 per cent respectively. It has been updated.

Fiona Buffini is editor of Premium Content and Features. She is the former Editor of The Australian Financial Review, digital editor and news director.

Hannah Wootton is a Rear Window columnist, based in Melbourne.