Cbus announces new disclosure standards in annual reporting
Cbus chair Steve Bracks has used this year's annual report to announce the industry fund's new disclosure standards.
The announcement comes two months after the Financial Services Council (FSC) announced members would be required to sign a set of corporate governance standards for superannuation funds disclosing multiple fund directorships and other conflicts of interest.
Cbus will disclose information on remuneration for individual directors and executive management, directors' attendance at board and committee meetings, and directors' experience, qualifications and training in this year's report.
In April, Cbus appointed former federal minister John Dawkins as an independent director but disagreed with calls for further independent directors, saying directors required an intimate knowledge of the industries they worked in.
The 2012 annual report will allow increased access to Cbus' investment listings, fund governance and strategy details, including the fund's response to major regulatory reforms.
The Cbus report will explain how dollar commitments to potential projects are determined, and include related parties and ESG reporting and other research and costs to the fund.
Bracks said that while Cbus' 2011 annual report set new disclosure benchmarks, the 2012 annual report is "another step in this journey".
The Cbus 2012 annual report will be made public in September.
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