The industry superannuation funds which funded the establishment of ME Bank have never received a dividend on their investment.
The chief executive of ME Bank, Jamie McPhee today confirmed to the House of Representatives Standing Committee on Economics that no dividend had been paid to the shareholder funds, raising more questions from the committee chair, Tim Wilson.
Wilson described the arrangement as “very odd”, while McPhee argued that the superannuation funds had benefited from capital growth with respect to their investment in ME Bank.
McPhee confirmed that while no dividends had been paid to the shareholder funds, there had been some discussion of it doing so in the future if the bank generated sufficient capital.
