Super fund dispute put to rest as CFMEU makes up with Master Builders
Master Builders Qld and their old mates the CFMEU have kissed and made up over the future of the $6bn industry super fund BUSSQ.
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Master Builders Qld and their old mates the CFMEU have kissed and made up over the future of the $6bn industry super fund BUSSQ.
City Beat readers will recall that the three Master Builders directors on the BUSSQ board - Paul Bidwell, Sonya Beyers and Madeline Dermatossian – resigned last month in a dispute over the future direction of the fund.
That left only three CFMEU directors including union secretary Michael Ravbar, chair Paula Masters and Jacquie Collie on the board that serves more than 70,000 members in the building and construction industry. Under the constitution of BUSSQ the board has equal representation of employers and union members.
In a joint statement this week, the CFMEU and Master Builders Queensland say they have worked together to resolve their differences.
Master Builders has appointed three new directors - Paul Hick, Christopher Taylor and Geoff Baguley - to replace the directors that walked out the door earlier.
CFMEU assistant secretary Jade Ingham welcomed the resolution, and thanked Master Builders for ensuring the ongoing stability of the fund, one of the best performers in the sector.
“We have agreed that the interests of BUSSQ – which is consistently among the top performing super funds in Australia – are best served by maintaining the existing management and board structure to provide the long-term returns that members have come to expect, ” says Ingham.
Master Builders president Ralf Dutton also says he is pleased with the resolution, stressing that “Master Builders has always had the best interests of fund members at heart.”
City Beat spies are asking what the new romance between Master Builders and the powerful union will mean for a mooted merger between BUSSQ and the larger CBUS fund. We hear it not entirely off the table but will have be compelling reason for any future marriage.
The super industry is now required to meet greater regulatory hurdles following the Royal Commission into banking and financial services, meaning smaller funds such as BUSSQ face high costs.
LEGAL MOVES
Changes at the top of blue-blood law firm MinterEllison with Brisbane managing partner Andrew Rentoul being elevated to the chairman’s office.
Rentoul is recognised as one of the top mergers and acquisition lawyers in the country, having worked on the establishment of the $7 billion Queensland Future Fund and as well as the privatisation of Port of Melbourne, Cairns Airport, Port of Brisbane and Port of Darwin.
Rentoul joined MinterEllison in 2006 as a partner in the firm’s capital markets and corporate practice and has previously served as a board member. In taking over the chair, he relinquishes his role as the Brisbane office managing partner and will be replaced by Victoria Hepburn.
Outgoing chair David O‘Brien says Rentoul, who will be based in Brisbane, is a senior practitioner who brings to the role his wide experience in the law and business and deep understanding of the firm.
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City Beat’s sailing experts tell us maxi ocean racing yacht, Stefan Hair now the hottest line honours contender in the historic race.
Expected to be the largest yacht to enter, the 24-meter vessel will be skippered by champion veteran sailor, Grant Wharington and is sponsored by Brisbane hair king, Stefan Ackerie and his 38 salon outlets. The boat is jointly owned by Wharington and Adrian Seiffert of Marine Auctions.
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