CFMEU demands action to protect super fund BUSSQ
Hundreds of CFMEU members have rallied in Brisbane, demanding action from Master Builders Queensland to protect the industry’s $6bn super fund after the resignation of half the board.
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The powerful CFMEU has demanded action from Master Builders Queensland to protect the industry’s $6bn super fund after the resignation of half the board.
Three directors appointed by Master Builders – Paul Bidwell, Sonya Beyers and Madeline Dermatossian – resigned from BUSSQ at the beginning of January in a governance dispute with the union who appoints the three other directors.
CFMEU assistant secretary Jade Ingham claimed the sudden resignation could make the fund – which has consistently returned members close to 10 per cent a year – more vulnerable to a forced merger with the larger CBUS industry fund.
Union members held a rally outside Master Builders’ Spring Hill office on Tuesday protesting the move.
“The CFMEU’s only priority is to best serve the interests of the 70,000 members whose retirement savings are with BUSSQ, and we want a resolution to this nonsense.”
Mr Ingham said the union had been unsuccessfully trying to meet with Master Builders to discuss replacing the directors.
Master Builders Queensland said it won’t be coerced by the impromptu CFMEU march targeting its offices.
“It is an attempt to influence and rush the board’s decision regarding the re-appointment of employer representatives to the BUSSQ board,” the Master Builders board said.
Master Builders was currently considering professional and legal advice on the best way forward to represent the interests of fund members, since the resignation of its representatives
“Our top priority, and one that we are taking extremely seriously as a shareholder, is to work with the appropriate stakeholders as quickly as possible to ensure the best outcome for BUSSQ members, Master Builders members as a whole and stability for the broader industry,” Master Builders said.
Originally published as CFMEU demands action to protect super fund BUSSQ
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