HSU dramas generate call for corporate governance changes
The Federal Opposition has signalled it will home in on scandal surrounding the Health Services Union (HSU) to pursue its agenda for tighter governance of industry superannuation funds.
The Opposition spokesman on Financial Services, Senator Mathias Cormann, pointed to the position held by one of the central figures in the HSU controversy on the board of First State Super.
He said this represented justification for the Minister for Financial Services and Superannuation, Bill Shorten, to act on the corporate governance reforms recommended by the Cooper Review.
Cormann said it had been two years since the Cooper Review findings had been released and there had been no action on the part of the Government.
"While some super funds have moved to appoint independent directors and improve corporate governance, many others have not done so," he said.
Cormann said legislation needed to be put in place to make sure every super fund had independent directors with appropriate provisions for the removal of directors in certain specified circumstances.
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