EISS Super is investigating a breach of confidentiality of board documents being sighted by the Electrical Trades Union of Australia (ETU) union.
Answering questions during a parliamentary hearing, EISS chair, Peter Tighe was asked whether he was aware of any director who had shared board documents with a union.
Tighe said there was an issue in relation to documents being sighted by a shareholder that may have been provided by a director.
“There has been a process put in place to investigate that because of those documents are confidential to board discussions,” he said.
“…I understand the documents might have been sighted by the ETU.”
Tighe said he was not fully aware of the details but that the investigation was internal to the operations of the board.
The latest superannuation performance test results have shown improvements, but four in 10 trustee-directed products continue to exhibit “significant investment underperformance”, warns APRA.
The corporate regulator has launched civil proceedings against Equity Trustees over its inclusion of the Shield Master Fund on super platforms it hosted, but other trustees could also be in the firing line.
The shadow minister for financial services says reworking the superannuation performance test to allow investment in house and clean energy risks turning super into a ‘slush fund’ for government.
Australia’s superannuation sector has expanded strongly over the June quarter, with assets, contributions, and benefit payments all recording notable increases.