Chanticleer
Super sector’s problems are much bigger than Cbus
The damning review of governance at CBUS shows while industry funds have led the way in gathering and growing assets, they now need to play governance catch-up.
Deloitte’s review of the Cbus board should land like a bomb across Australia’s superannuation sector.
While the report, ordered by the prudential regulator, hasn’t found problems with the current directors’ approach to governance – it wasn’t actually asked to examine this – it has exposed a series of issues with the way the board operates, and the relationship between the fund and its union and employer group sponsors.
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