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.
AUTHOR
Recommended for you
Wednesday’s CPI report has shifted the outlook for interest rate cuts into 2025, highlighting ongoing concerns over core inflation that remains stubbornly above the Reserve Bank’s target.
Economists have varied interpretations of what the latest unemployment data means for the RBA’s monetary policy easing cycle.
The wealth giant has agreed to pilot a four-day work week for staff following months of workplace negotiations.
A financial adviser has outlined how forming relationships in the workplace could help women progress in their careers.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
32.57 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
32.09 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
27.42 3 y p.a(%)
