Just weeks after the funding of Industry Super Australia’s so-called “fox in the henhouse” advertisements was raised by the Royal Commission, Industry Super Australia (ISA) has decided to shelve the series.
ISA chief executive, Bernie Dean has been reported as confirming the advertisements, which targeted the major banks, had been shelved on the basis of the Government having dropped its push for a majority of independent directors plus an independent chairman on superannuation fund boards.
The validity of the funding of the “fox in the henhouse” advertisements was directly raised during the superannuation hearings of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry with Commissioner Kenneth Hayne raising the issue with AustralianSuper chief executive, Ian Silk.
Hayne questioned whether AustralianSuper’s funding of the advertisements could equate to the use of members’ funds for political advertising.
Dean was quoted on the Australian Financial Review as stating that the advertising campaign had only been launched reluctantly after the Government had failed to understand the best policy settings for super.