Although we do our best not to comment on politics (!), this one can’t escape my incredulity. Check out this article by Mike Taylor of Money Management: http://www.moneymanagement.com.au/news/superannuation-bungle-shows-gillards-hand
Not a good look when the Australian Prime Minister addresses a group as “comrades”! Julia Gillard’s Socialist background has been well documented, so I won’t detail it here, however given her leanings, I expect her interest in challenging her Industry Super fund comrades to address a few key issues….so Julia, please advise:
– exactly how much of members’ funds are being spent on TV advertising? (the answer is in the multi millions, however the amount is not required to be publicly disclosed)
– exactly how much of members’ funds are being paid to Industry Super fund executives? (for example, in 2011 9 CBus executives pocketed $2.33m total…stretching the term ‘not for profit’!)
– exactly how much of members’ funds are invested in tobacco, alcohol, gambling and other unethical stocks? (refer to my Blog post of 2nd June, 2011 on Australian Super’s Monsanto investment)
– how can an industry fund with an inferior insurance offering (for example Income Protection limited only to a 2 year benefit) be suitable for all members?
– super fund Board Members need to ensure that the rights and interests of members are protected, and undertake the proper investment of assets. Whilst many Industry fund Board members have strong union backgrounds, should there be a qualification requirement that ensures Board members have some understanding of investment markets, before being appointed to the role?
Julia is in Perth this week for the CHOGM event – perhaps she should pop in to our office for a brief chat on these issues?
