Directors of the Wayne Swan-chaired superannuation fund Cbus have been urged to strengthen spending controls after a damning report found the $94 billion fund failed to rigorously test whether funnelling millions of dollars into its union partners was the best use of members’ money.
An independent review into the governance of the fund that serves construction industry workers found “failings in the design and operation of its best financial interests duty arrangements”.
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Michelle Bowes writes about wealth from our Sydney newsroom. She has more than 20 years of experience as a business journalist and is the author of Money Queens: Rule your Money, an award-winning personal finance book for teenage girls. Email Michelle at michelle.bowes@afr.com
