Wayne Swan’s defence of the appointment of CFMEU-linked trustees to the CBUS board just shows why APRA should have the power to remove directors that do not meet the “fit and proper person” test.
On Friday, Cbus chairman and former treasurer Wayne Swan apologised for the slow insurance payout practices of the $94 billion fund. He also doubled down and defended the appointment of three trustees with links to the disgraced CFMEU to the Cbus board.
Both issues raise important governance questions; about the quality of management and board oversight of member service arrangements, and whether recent director nominations by the CFMEU are ideal, given the mess that union and Cbus currently find themselves in.
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Helen Bird is a senior lecturer and corporate governance industry fellow at Swinburne Law School. She is a member of ASIC's corporate governance panel.
