Has AustralianSuper’s chief executive, Ian Silk, retained the services of a spin doctor?
This is the question being asked by Rollover in circumstances where the Moustachioed one has managed to turn up on the front pages of Australia’s two national newspapers as well as in the list of those people deemed to be most influential by the Australian Financial Review.
The silky Silk managed to grab the national newspaper headlines via AustralianSuper’s somewhat pre-emptive announcement that it would be removing automatic life cover for members aged under 25 ahead of anything recommended by either the Productivity Commission or the Insurance Within Superannuation Working Group.
Rollover is less certain about how Silk managed to get on the list of those considered most influential in business (although AustralianSuper does control around $109 billion), but he suspects it is the product of some sections of the Australian media
becoming a little more intimate with power wielded by industry fund chief executives.
Considering it has been reported this month that the Union Super Funds collect over $21 million off their “not for profit” fund members [for such activities], the Funds aren’t getting a lot of value for money from their lobbying cash-pot.