Government politicians are pointing to a possible red flag in terms of industry superannuation funds seeking to influence public perceptions of the Victorian Labor Government over its COVID-19 lockdown.
The politicians are pointing to answers to questions on notice from Australia’s largest industry superannuation fund, AustralianSuper which confirmed that the fund’s chief executive, Ian Silk, spoke to a businessman who had reportedly been critical of the length of the lockdown, CSL chair, Dr Brian McNamee.
However, AustralianSuper has made clear that Silk only spoke to McNamee after the newspaper reports appeared about the issue, not before.
In a series of questions on notice directed at industry superannuation funds, the chairman of the House of Representatives Standing Committee on Economics, Tim Wilson pointed to a newspaper report suggesting that McNamee and other lockdown critics had been “pressured” by “union-aligned industry superannuation fund managers”.
Wilson asked in questions to the industry funds whether, “in the context of confronting, bullying or intimidatory workplace cultures, please advise:
a) Has the chair of your fund been in contact through any medium with Dr McNamee or his office since 5 August 2020, and if so please advise the name of the person who made contact and the nature of any communications;
b) Have board members of your fund been in contact through any medium with Dr McNamee or his office since 5 August 2020, and if so please advise the name(s) of the person(s) who made contact and the nature of any communications; and
c) Has the CEO of your fund been in contact through any medium with Dr McNamee or his office since 5 August, 2020, and if so please advise the name of the person who made contact and the nature of any communications.
AustralianSuper answered “yes” to part C of the question and said that its chief executive had been in contact, adding “Mr Silk spoke with Dr McNamee about the media report after it had appeared in the media”.
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