POWERED BY MOMENTUM MEDIA
Industry fund to take a stand at CBA board meeting
An industry super fund has declared it will oppose reelection of two Commonwealth Bank (CBA) board members at the bank's annual general meeting tomorrow.
First Super, an industry super fund with 72,000 members in the timber, pulp, paper, furniture and joinery industries, said it will vote against Andrew Mohl and Launa Inman, who it believes "must be held accountable" for their surveillance of the planning issues.
The fund, which has shareholder status, believes the CBA did not do enough, either initially or subsequently, to manage the "serious breach" within its walls.
"Directors who served on the Board during this time must be held accountable," First Super CEO Bill Watson said.
"Aside from the very real damage to customers, the failure by the Board has led to loss of confidence in the organisation, harming the Bank's reputation and impacting on shareholder value."
The CBA AGM will be held this Wednesday, November 12.
Recommended for you
The International Monetary Fund (IMF) has issued a sobering assessment of the global economic landscape in its latest World Economic Outlook, dramatically revised after Donald Trump’s 2 April announcement of sweeping tariff measures.
Growth from the listed company’s key businesses has propelled Generational Development Group to new milestones in the three months to 31 March.
Sharemarkets might have been rallying on the back of central banks’ progress in the inflation fight, if not for Donald Trump’s escalating trade tensions and renewed attacks on the US Federal Reserve, according to AMP’s chief economist Shane Oliver.
Super industry advocates are calling on all parties to prioritise stopping abusers from getting access to their victims’ super.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
90.28 3 y p.a(%)
2
GAM LSA Private Shares AU I
37.08 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.44 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.12 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
28.28 3 y p.a(%)
