CBus resists calls for independent directors
Big building industry super fund CBus has argued its board members require extensive knowledge of the construction industry.
The superannuation fund has resisted recent calls for more independent directors by claiming the trustees of such funds should have knowledge of the industry the fund covers.
The chief executive of CBus, David Atkin, said the fund strongly supported such criteria, which had been advanced by the Industry Super Network.
He said such criteria would ensure trustees' knowledge and experience of the characteristics of the construction industry would be used in the interest of Australians working in the relevant industry.
"Our trustees' detailed first-hand knowledge of the construction industry has ensured that unique challenges we have faced have been resolved for the benefit of our membership," Atkin said.
He said it was that detailed knowledge which had led to the fund's unique compliance process which reflected the working of the industry, together with an insurance product which provided high levels of death and TPD.
The CBus position - outlined in a submission to the Productivity Commission review of default funds under modern awards - runs counter to arguments that such funds need independent directors to lift their standards of corporate governance.
Recommended for you
A hawkish post-meeting RBA has cast doubt over the possibility of another rate cut in 2025.
Super funds are being urged to do more to protect older women from financial insecurity as life events widen retirement gaps.
The central bank has announced the official cash rate will remain at 3.6 per cent following higher-than-expected inflation figures.
Equip Super has appointed Michelle Cheong as chief risk officer, strengthening its governance framework with nearly two decades of industry experience.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Loftus Peak Global Disruption Fund Hedged
118.15 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
75.00 3 y p.a(%)
3
DomaCom DFS Mortgage
67.30 3 y p.a(%)
4
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
61.11 3 y p.a(%)
5
Global X Ultra Long Nasdaq 100 Complex ETF
60.93 3 y p.a(%)
