POWERED BY MOMENTUM MEDIA
Cbus set sights on industry governance following BIG appointment
Cbus will work with the Building Industry Group (BIG) to drive due diligence across Victoria's construction supply chain following BIG's decision to retain Cbus as the default fund for its Victorian member union agreements.
Cbus announced it would form a working group with representatives of BIG to promote reforms in a number of key areas.
Teaming up with the Australian Council of Superannuation Investors (ACSI), it plans to establish a responsible contracting policy as part of a broader ESG (environmental, social and governance) program and work to improve local content in line with state and federal government programs.
"As an investor we need to ensure contractors in the supply chain are following the law, and identify any potential risks," he said.
"That is why Cbus is working closely with ACSI to look at consistent standards across the superannuation industry.
"Similarly, local content provisions are an established feature of state and federal government investment strategies and should be considered by the superannuation industry."
The working group will also be charged with reviewing occupational, health and safety (OHS) monitoring of investment portfolios, and review investment options including investment improvements for members approaching retirement.
Cbus said it would consider the establishment of an Annual Members Meeting when its board meets in June.
Cbus chief executive David Atkin said the industry fund had been at the forefront of best governance practice including transparency and disclosure, and the proposed reforms to improve fund administration were an extension of that.
"Cbus has consistently delivered above-average returns to its members and has invested heavily in the building and construction industry to help create over 34,000 direct jobs and 55,000 ancillary jobs since 2005," he said.
AUTHOR
Staff Writer
Money Management staff writers are writers who contribute to the website from time to time. If you would like to discuss the content contained within this article please contact us.
Recommended for you
New research has shown that investing in alternative assets and using active management has, to this point, delivered strong results for Australian super funds.
Australia’s $4 trillion superannuation industry is fundamentally reshaping the nation’s external accounts, setting the stage for a more sustainable current account surplus despite weaker commodity markets.
Rest has expanded its portfolio of renewable energy infrastructure by supporting a Victorian solar farm and battery project.
Economic growth was weaker than expected, once again highlighting an economy largely sustained by population growth and government spending.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
93.34 3 y p.a(%)
2
Global X GlobalX FANG+ ETF
36.96 3 y p.a(%)
3
GAM LSA Private Shares AU I
34.22 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
29.68 3 y p.a(%)
5
VanEck Video Gaming and eSports ETF (AU)
28.89 3 y p.a(%)
