Meat industry super fund in spotlight on governance
The Federal Opposition is expected to again press the Australian Prudential Regulation Authority (APRA) on governance arrangements within industry superannuation funds following reports a senior meat industry official received payments from a property developer that later received a $30 million investment from the meat industry super fund.
The Opposition is expected to press for answers in the Senate consistent with Opposition spokesman on Financial Services Senator Mathias Cormann having consistently questioned standards of governance with respect to industry super funds and urging the imposition of independent trustee directors.
The renewed Federal Opposition attention around the meat industry super fund issue will come just days after the Australian Institute of Superannuation Trustees urged its member funds to embrace higher governance standards ahead of any legislative moves by the Government.
It also follows on from heavy criticism directed at the financial services regulators - APRA and the Australian Securities and Investments Commission - by the Parliamentary Joint Committee for their perceived lack of action during the events which gave rise to the collapse of Trio Capital.
National newspaper reports on Friday named the meat industry union official alleged to have received funds from the property developer as long-serving national secretary Wally Curran, who is also a trustee director of the Meat Industry Employees Superannuation Fund.
The property development company named in the report was Austcorp, which collapsed in 2009 at the height of the global financial crisis.
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