The industry fund has added a new executive to its team.
Cbus Super has announced the appointment of Bernie Dean as its chief strategy officer.
According to the fund, Dean will continue to lead the strategy and corporate affairs functions at Cbus, which he has been doing in an exacting capacity since July.
Before joining the fund earlier this year, his previous role was as chief executive at Industry Super for more than five years.
Cbus clarified that, during this time, Dean led an integrated model of marketing and advocacy programs that helped industry super funds remain competitive, protected the founding principles of super, and boosted member savings.
Prior to this, he was the chief operating officer and director of marketing at ISA.
Before working in super, Dean held a series of senior executive roles at WorkSafe Victoria, including as executive director, marketing and communications, and general manager OHS strategy.
“We are fortunate to secure someone of Bernie Dean’s calibre to steer the development and implementation of our fund strategy which is core to our long-term vision and success in securing the best retirement outcomes for our members,” chief executive Kristian Fok said.
“Bernie brings a depth of experience and a strong record of advocating for the interests of working people’s retirement savings. We look forward to Cbus benefitting from his strategic insights as our member-centric fund moves into its next phase,” Fok continued.
Dean added: “It is a privilege to work for one of Australia’s fastest growing funds, a trusted industry super brand that delivers strong long-term returns for its more than 920,000 members, driving positive outcomes for their unique needs so they can secure the future they want in retirement.”
According to the chief strategy officer, this has not always been the case in Australia.
“Without the sacrifices and courage of workers in the building and construction industries in the 1980s, there would be no regular payment of super into accounts. Our members work hard for Australia and work hard to enjoy their retirement.”
“It is an honour to be able to contribute to protecting and enhancing these outcomes,” Dean concluded.
Late last month Morningstar raised multiple concerns regarding the fund’s broader governance and senior team turnover, including issues regarding its independence.
In its latest analysis of Cbus, the research firm highlighted the fund’s continued turnover and change across its senior investment team ranks as well as the board’s “limited independence and strong union affiliations” as key concerns.
“It’s hard to view Cbus positively for its culture or ability to retain key talent,” Morningstar’s David Little said in a broad analysis that rates Cbus “neutral”.
In a written statement, a spokesperson for Cbus highlighted the fund’s “low” turnover and pointed out that Morningstar’s rating for Cbus remains unchanged from last year.
“Cbus has added a number of highly experienced senior resources over the last year including Leigh Gavin (formerly of AustralianSuper, and prior to that the CIO of LUCRF Super) and Justin Pascoe (formerly of AustralianSuper, and prior to that the CIO of VFMC),” the spokesperson said last week.
