BUSSQ super boss Damian Wills missing in action amid board resignations
The $6bn construction industry super fund in Queensland is rudderless with the boss of the troubled BUSSQ missing in action following a mass exodus from the board.
The boss of troubled BUSSQ is missing in action as the $6bn construction industry super fund faces its biggest crisis in its 40-year history.
City Beat spies tell us BUSSQ chief executive Damian Wills has been on personal leave since December, just before half the board resigned in a power struggle with directors appointed by the CFMEU. The well-regarded chief investment officer Simon Mather is now in charge of the day-to-day operations of the fund.
Three directors appointed by industry group Master Builders Queensland – Paul Bidwell, Sonya Beyers and Madeline Dermatossian – resigned from BUSSQ at the beginning of January.
That left only three CFMEU directors including union secretary Michael Ravbar, chair Paula Masters and Jacquie Collie on the board. CFMEU assistant secretary Jade Ingham says the BUSSQ board and the CFMEU are working to ensure that the fund continues to operate properly. “Our primary focus is the interests of BUSSQ’s 70,000 members, and these issues are best not prosecuted through the media,” says Ingham. The union is seeking legal advice and “may be in a position to provide a more detailed statement later in the week.”
Wills, who has been boss of BUSSQ for the past year, has overseen solid returns for the fund’s members but also pressure to merge with the bigger nationally-based Cbus fund. Initial talks about the merger have been held but a merger would seem to be some time off.
BUSSQ says Mather will be acting CEO while Wills in on personal leave. “Simon has worked for BUSSQ for over three years and has been a super fund executive for 10 years. He has a deep understanding of the business and the superannuation industry,” the fund said in a statement.
It added BUSSQ “has a strong executive leadership team that manage the operations of the fund, and our focus as always is on achieving the best financial futures for our members.”
Observers are now asking where the regulator APRA has been in the unfolding crisis and whether they should have acted sooner.
With the BUSSQ board deadlocked and lacking a quorum, some suggest APRA should dismiss the entire board and appoint its own trustee to manage the fund until the mess is sorted out. There is no question BUSSQ has a proud history of looking after the retirement funds of working men and women in the building industry - and until now had been a model example of unions and business cooperating in a constructive way.
An APRA spokesperson says it is aware of developments concerning BUSSQ and “has escalated its engagement with the board and relevant stakeholders to ensure the financial interests of BUSSQ members are protected.”
FRESH AND FIT
After selling his girlfriend’s car nine years ago to kickstart his group training empire, Peter Hull’s Fitstop is set to reach $30m in annual revenue.
The Brisbane-based company has launched in New Zealand, after doubling its franchisees in Australia to 71. There are now plans to open a further 50 outlets underpinned by an investment from US wellness giant Lift Brands six months ago. The Fitstop story started in 2011 when Hull — a former motocross star — started the business in his parents’ garage after undergoing two knee reconstructions.
Then he was focused on working with athletes, but two years later he decided to expand.
The business began in 2013 when he sold his girlfriend Bec’s (now wife) car and started his first group training facility with an $18,000 war chest. In that first year, he generated $70,000 in revenue.
When Covid hit in 2020 and with 22 locations open, Hull realised he needed to abandon the idea of gym-based fitness training and develop a franchise model based around hybrid training with a combination of gym, outdoor, community and online fitness.
At the height of the pandemic, Fitstop’s revenue hit $1m a month and its now have well over 10,000 members.
Hull also has a number of athletes who have bought into the franchise model, the Gold Coast Titans train with them and former Wallaby Dane Haylett-Petty has bought two franchises in Western Australia.
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