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Schadenfreude offset by looming reality
While many people believe industry superannuation fund executives enjoyed the squirming of bank and AMP limited executives as they fronted the Royal Commission last month, Rollover knows that the schadenfreude was offset by their own looming appearances.
Indeed, Rollover has it on good authority that the treatment meted out to the bank and AMP executives has prompted the executives of funds which have received letters from the Royal Commission to consult even more closely with their lawyers and familiarise themselves even more deeply with the documents covering expenditures by their funds over the past 10 years.
Rollover has even heard suggestions that at least one superannuation fund executive has told his board that if he is to be selected to represent the fund before the Royal Commission he wants to negotiate a duly notarised contract covering the nature and terms of his separation.
In the meantime, those superannuation funds which have not received letters from the Royal Commission seem content to remain very, very quiet.
Nothing to see here. Move along, move along.
AUTHOR
The Rollover
Rollover is a jaded hack who joined the staff of Super Review nearly two decades’ ago and never managed to summon the energy to leave. Known throughout the superannuation industry as a power-luncher and gossip, Rollover spends his time humouring fund managers, eavesdropping at conferences, dozing through briefings and looking for his next free meal.
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