The industry superannuation funds which funded the establishment of ME Bank have never received a dividend on their investment.
The chief executive of ME Bank, Jamie McPhee today confirmed to the House of Representatives Standing Committee on Economics that no dividend had been paid to the shareholder funds, raising more questions from the committee chair, Tim Wilson.
Wilson described the arrangement as “very odd”, while McPhee argued that the superannuation funds had benefited from capital growth with respect to their investment in ME Bank.
McPhee confirmed that while no dividends had been paid to the shareholder funds, there had been some discussion of it doing so in the future if the bank generated sufficient capital.
The $75 billion fund has gained exposure to decarbonisation solutions in its first listed equities impact investment.
The superannuation fund is expanding its investment exposure to industrial property through a $1 billion partnership with Barings, a global investment manager.
AustralianSuper has usurped the Future Fund as the biggest Australian asset owner, jumping from 43rd to 36th place globally, according to an annual study by the Thinking Ahead Institute.
IFM Investors, the global institutional asset manager owned by superannuation funds, has signed a memorandum of understanding with the UK government to invest £10 billion by 2027.
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