Industry fund smoking gun or simple expression of concern?

covid-19 industry superannuation funds superannuation ian silk CSL tim wilson

2 November 2020
| By Mike |
image
image
expand image

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 chairman, 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. 

"(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”.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

44 minutes 11 seconds ago

Interesting. Would be good to know the details of the StrategyOne deal....

4 days 5 hours ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 2 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 4 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

3 days 3 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

2 days 6 hours ago