The misuse of members’ money by underperforming EISS Super to pay for local football and surf club sponsorships in the south-west Sydney neighbourhood of recently departed chief executive Alex Hutchison, and to sponsor charities with links to family members of Mr Hutchison and former chairman Terry Downing, again raises questions about the governance of Australia’s industry superannuation funds, whose sole purpose is supposedly to maximise the retirement benefits of workers.

Having named EISS as one of the 13 worst-performing default funds, the regulator’s response so far has been a slap on the wrist, with APRA ordering the fund to review its sponsorships and to bring forward the deadline for its proposed merger with a larger, better performing fund to June next year.