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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.
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