ACTU seeks industry super involvement

TheAustralian Council of Trade Unions (ACTU) has made a pitch to fund managers and asset consultants that it still regards superannuation as an integral part of its approach to wages and incomes policy.

The ACTU hosted a seminar in late July when it announced plans to representatives of about 40 fund managers, asset consultants and super funds to initiate dialogue with those involved in making the investment decisions for employee retirement savings.

The seminar was convened to enable union leaders to directly engage the industry over issues relating to the economy, labour market, corporate governance and performance, and union campaigning.

According to ACTU secretary Greg Combet, the seminar was held not only because the trade union movement recognises how fund managers and consultants contribute towards retirement incomes, but because it also recognised how important investment was in shaping the economic environment.

“We believe that we have something to say about the issues that are relevant to investment decisions — the economy, the labour market, corporate governance and performance,” he said.

The seminar was held less than four weeks before the ACTU’s triennial congress, which is to be held in Melbourne from August 18-21, and those in attendance were given details of the draft policies being discussed in the lead up to the congress.

There have been some minor amendments suggested to the policy, which was agreed to at the ACTU’s last congress, but the peak union body will be maintaining its call for further increases in contribution levels up to 15 per cent.

As well, the ACTU is expected to maintain its call for the maintenance of superannuation provisions in awards, including regulation of fund choice; a requirement that contributions be made on a monthly basis; the prohibition of commissions on Superannuation Guarantee contributions; and full and transparent disclosure of all fees and charges.