POWERED BY MOMENTUM MEDIA
CBus resists calls for independent directors
Big building industry super fund CBus has argued its board members require extensive knowledge of the construction industry.
The superannuation fund has resisted recent calls for more independent directors by claiming the trustees of such funds should have knowledge of the industry the fund covers.
The chief executive of CBus, David Atkin, said the fund strongly supported such criteria, which had been advanced by the Industry Super Network.
He said such criteria would ensure trustees' knowledge and experience of the characteristics of the construction industry would be used in the interest of Australians working in the relevant industry.
"Our trustees' detailed first-hand knowledge of the construction industry has ensured that unique challenges we have faced have been resolved for the benefit of our membership," Atkin said.
He said it was that detailed knowledge which had led to the fund's unique compliance process which reflected the working of the industry, together with an insurance product which provided high levels of death and TPD.
The CBus position - outlined in a submission to the Productivity Commission review of default funds under modern awards - runs counter to arguments that such funds need independent directors to lift their standards of corporate governance.
Recommended for you
Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Coalition, which has pledged to reverse any changes if it wins next year’s election.
In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges.
Chant West analysis suggests super could be well placed to deliver a double-digit result by the end of the calendar year.
Specific valuation decisions made by the $88 billion fund at the beginning of the pandemic were “not adequate for the deteriorating market conditions”, according to the prudential regulator.
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
31.56 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.06 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.81 3 y p.a(%)
