Despite allegations of misconduct against KKR, the private equity firm who acquired 55% of Colonial First State (CFS) from the Commonwealth Bank (CBA), the bank believes the partnership with KKR will bring significant benefits to its superannuation members.
Answering a question on notice, CBA said it considered KKR as a future shareholder and the benefits KKR could offer CFS and its members were significant investments.
The question from Labor’s Andrew Leigh pointed to:
The answer from CBA said: “CBA believes the KKR partnership will bring significant member benefits through a commitment to invest in a range of transformation initiatives including:
CBA also said it undertook its standard “buyer due diligence procedures” prior to the transaction including Anti-Bribery and Corruption, Know Your Customer/Anti-Money Laundering and Economic Trade and Sanctions checks.
“The superannuation funds within Colonial First State are managed by a trustee with a majority independent board whose primary duty is to members of its fund. All super funds in Australia are strictly regulated under the Superannuation Industry (Supervision) Act.”
Australia’s second-largest super fund has confirmed it is expanding its presence in the UK following significant investment in the region.
A member of the super fund has approached ASIC to investigate potentially misleading or deceptive representations by UniSuper regarding the holdings of its sustainable portfolios.
The median growth fund delivered 1.9 per cent in March, adding to the “stunning” rally that has seen super funds gain 11 per cent since November.
Vanguard has affirmed its support for the current super performance test, emphasising the importance of keeping the process straightforward.
Add new comment