Steve Bracks has signalled his intention to step down as chair of Cbus this September to pursue a Federal Government appointment as Australian-Consulate general in the US.
Bracks joined the board in early 2009 and helped successfully navigate the fund through a period of uncertainty, Cbus chief executive David Atkin said.
Bracks has also been the director of Cbus property was a former premier of Victoria.
The fund has built its infrastructure and property assets under Bracks including the recent 99 year lease of Port Botany and Port Kembla, the Port of Brisbane and Manchester Airport.
The industry fund will announce a replacement prior to Bracks official resignation.
Australia’s second-largest super fund has confirmed it is expanding its presence in the UK following significant investment in the region.
A member of the super fund has approached ASIC to investigate potentially misleading or deceptive representations by UniSuper regarding the holdings of its sustainable portfolios.
The median growth fund delivered 1.9 per cent in March, adding to the “stunning” rally that has seen super funds gain 11 per cent since November.
Vanguard has affirmed its support for the current super performance test, emphasising the importance of keeping the process straightforward.
Add new comment