How AustralianSuper paid nearly $400,000 to an employer group
Amid claims by some Government backbenchers and financial planners that industry funds channel money to trade unions, evidence to a Parliamentary Committee has confirmed that industry funds also channel money to employer groups.
The Australian Industry Group (Ai) has confirmed to the Senate Economics Legislation Committee that it was the recipient of nearly $400,000 last financial year as a result of its staff being involved in the activities of AustralianSuper.
Answering questions on notice from a recent hearing of the Committee, Ai made clear that while individual members of its staff were not remunerated by AustralianSuper, Ai itself was a financial beneficiary from the arrangement.
“Some Ai Group employees provide services to AustralianSuper through their membership of AustralianSuper’s board, its Committees and Advisory Boards,” Ai said.
“As is the case for remuneration for external roles in general, under Ai Group’s employment arrangements the remuneration relating to these services is paid to Ai Group in recognition of the fact that Ai Group staff are not available to work for Ai Group while they are providing services as part of their external roles,” it said.
“Similarly, some Ai Group employees serve on the Shareholder Advisory Board of IFM Investors. These are remunerated positions and, under Ai Group’s employment arrangements, the remuneration relating to these positions is paid to Ai Group itself.”
It said that in 2019/20, the total received in relation to the arrangements was $386,110.96.
Recommended for you
Treasurer Jim Chalmers has handed down his third budget, outlining the government’s macroeconomic forecasts and changes to superannuation.
Online investment adviser and fund manager Stockspot has introduced Stockspot Super, Australia’s first 'ETF only' superannuation product. superannuation product.
ASIC has called on superannuation funds to improve their oversight of advice fee deductions following an investigation of 10 trustees that found $990 million was charged in one year.
With just 30 per cent of Australians knowing their superannuation balance to the nearest $1,000, Findex has emphasised the role of financial advice in addressing the critical super knowledge gap.