Building employers back super changes
A key building and construction industry employer group, Master Builders Australia (MBA), has backed the Government's legislative moves to inject more independence onto industry superannuation fund boards.
In the wake of the Assistant Treasurer, Josh Frydenberg, last week release exposure draft legislation which would impose at least one third independent directors and an independent chairman on super fund boards, the MBA indicated its support for such an approach.
Importantly, MBA-nominated trustees sit alongside those of Construction Forestry Mining and Energy Union (CFMEU) on the board of big construction industry fund, Cbus.
MBA chief executive, Wilhelm Harisch, said his organisation's board "supports these reforms to ensure that industry super funds continue to provide the best possible outcomes for members' retirement incomes".
"Master Builders Australia is a strong supporter of industry superannuation as a vehicle for providing workers in the construction industry with retirement income. The industry superannuation equal representation model has played a positive role in super funds delivering positive investment outcomes for members," he said.
"As it matures, the superannuation industry will approach $3 trillion in funds under management. It is important that there continues to be a high level of governance to maintain integrity and confidence in the superannuation system," Harnisch said.
Cbus currently boasts former Victorian Labor premier, Steve Bracks, as its independent chairman.
