Cbus (superannuation fund)
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| Company type | Mutual fund |
|---|---|
| Industry | Industry Superannuation |
| Headquarters | Wesley Place, Level 22, 130 Lonsdale Street, Melbourne, Victoria, Australia |
Key people | Kristian Fok, CEO Wayne Swan, Chairman |
| Products | Superannuation |
| Revenue | A$90+ billion[1] (funds under management) |
| Members | 900,000 |
Number of employees | 800+ |
| Website | cbussuper |
Construction and Building Unions Superannuation (Cbus) is an Australian industry super fund.
It is one of Australia's largest super funds. It is open to all members of the public as a public offer fund.
Due to its mutual fund structure, CBUS retains all profits to members.
History
[edit]The fund was established in 1984 by the predecessor unions of the CFMEU, to provide a retirement savings vehicle for workers in construction and other affiliated industries.
In August 2024, the Australian Prudential Regulation Authority (APRA) mandated that Cbus commission an independent review into the role of CFMEU-appointed directors on the fund's board, following the decision of the federal government to place the majority of the CFMEU's into external administration.[2] The APRA review found that the fund "lacked proper systems, processes and frameworks for documenting and assessing if spending was in members' best financial interests". It was subsequently reported that Cbus had hosted a "40th birthday" party in July 2024 at a cost of nearly $400,000, "attended by staff, stakeholders and industry participants, including the controversial then-boss of the CFMEU’s Victorian branch, John Setka", which had been classed as a "staff professional development" expense.[3]
Features
[edit]There are over 136,000 employers that have made CBUS the default fund for their employees, and the fund manages roughly $85 billion in retirement savings.[4]
Governance
[edit]United Super Pty Ltd is the Trustee of Cbus Superannuation Fund. The Directors of United Super Pty Ltd are appointed in equal number from member and employer associations in the construction and building industries. An Independent Director also sits on the board.[5]
The current Chair of the board is Wayne Swan, former Treasurer of Australia.
The prior chair to Swan was the former Victorian Premier Steve Bracks.
References
[edit]- ^ "CBUS 2018 Annual Report" (PDF). www.cbussuper.com.au. Retrieved 17 December 2018.
- ^ Wootton, Hannah (14 August 2024). "Calls grow to curb unions' power over industry super". Australian Financial Review. Retrieved 16 December 2024.
- ^ Wootton, Hannah (16 December 2024). "Cbus says $387,000 birthday party was in members' interests". Australian Financial Review. Retrieved 16 December 2024.
- ^ "Cbus Annual Report".
- ^ "Federal Government Super System Review 2010". Archived from the original on 19 March 2015.