Wayne Swan has taken over as chair of Cbus Super, following his appointment last August.
The former Federal Treasurer took over from previous chair Steve Bracks, who had sat on the board of the superannuation fund for 13 years.
“I am determined to ensure the fund continues to deliver excellent outcomes for members. The super landscape is changing constantly, and I will continue Steve’s ambitious agenda for fund growth to ensure members continue to benefit from economies of scale and the very best investment opportunities,” he said.
Joining him on the board would be Michelle Beveridge, who would also chair the audit and finance committee, and Jason O’Mara who would take over from Anthony McDonald and deputy chair Dave Noonan.
Beveridge was formerly independent director of REI Superannuation fund from 2017-2021 and was also chief information officer and chief operating officer at Intrepid Travel.
Meanwhile, O’Mara was a workplace safety campaigner and ACT secretary for the construction, forestry, maritime, mining and energy union (CFMEU).
The Australian Prudential Regulation Authority (APRA) has modified the additional licence conditions imposed on the trustee.
AFCA’s chief executive urged member firms to up their internal dispute resolution processes in order to cut down on costs owed to the authority.
ASFA’s CEO called Joe Longo’s comments on super “unfounded and unfair”, after the ASIC chair said fund trustees don’t always “know their business”.
Less than a month after being ordered to pay $27 million for failing to merge duplicate member accounts, Australia’s biggest super fund is again the target of a suit launched by the corporate regulator.