The buck must stop with super fund CEOs
Superannuation fund chief executives should accept responsibility for the actions of their executives and employees, according to new research conducted by Money Management's sister publication, Super Review.
The research, conducted during November's Association of Superannuation Funds of Australia (ASFA) conference in Melbourne, found the vast majority of respondents believed the buck had to stop with a super fund chief executive.
The question contained in the survey had been prompted by events before the Royal Commission into the Trade Union movement which had been told of an officer at super fund Cbus providing confidential member information to the Construction Forestry Mining and Energy Union (CFMEU).
When questioned about the transmission of the information, the super fund's chief executive, David Atkin, denied any knowledge of the event.
However more than 90 per cent of respondents to the Super Review survey, sponsored by Pillar Administration, made it clear they believed the buck had to stop in the CEO's office.
Asked whether they believed super fund chief executives should accept responsibility for the actions of their staff, 94.3 per cent of respondents answered "yes" while only 5.6 per cent were opposed to the idea.
Importantly, the majority of respondents to the survey identified themselves as being superannuation fund trustees or executives.
AUTHOR
Mike Taylor
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