Wayne Swan has taken over as chair of Cbus Super, following his appointment last August.
The former Federal Treasurer took over from previous chair Steve Bracks, who had sat on the board of the superannuation fund for 13 years.
“I am determined to ensure the fund continues to deliver excellent outcomes for members. The super landscape is changing constantly, and I will continue Steve’s ambitious agenda for fund growth to ensure members continue to benefit from economies of scale and the very best investment opportunities,” he said.
Joining him on the board would be Michelle Beveridge, who would also chair the audit and finance committee, and Jason O’Mara who would take over from Anthony McDonald and deputy chair Dave Noonan.
Beveridge was formerly independent director of REI Superannuation fund from 2017-2021 and was also chief information officer and chief operating officer at Intrepid Travel.
Meanwhile, O’Mara was a workplace safety campaigner and ACT secretary for the construction, forestry, maritime, mining and energy union (CFMEU).
A former property developer has been sentenced to eight years’ imprisonment for defrauding super investment funds, ASIC has confirmed.
The government wants greater transparency over super fund offerings and member outcomes in retirement phase at both an individual trustee and industry level.
AMP has reported a stable half-year result in superannuation, with improving cash flows and solid support from platforms and banking.
Implementing an unlimited non-concessional contributions cap for taxpayers with superannuation balances below $1 million would make the system more equitable, the accounting firm says.