RC told of Catholic Super executive’s alleged conflicts
A senior executive of Catholic Super failed to disclose a family relationship he had with the principles of a company to which the superannuation fund paid $2 million for consultancy and other services.
The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry was told that the Catholic Super executive, Robert Clancy, had failed to disclose the relationship until some years after the commercial relationship began.
The relationship pertained to Australian Family Network and Paul Clancy Pty Ltd.
The Royal Commission was told that Clancy had been placed on leave while the matter was being investigated including his credit card use.
Giving testimony to the Royal Commission, the deputy chairman of Catholic Super, Peter Haysey said that the Australian Family Network and Clancy had provided services to Catholic Super with respect to growing member numbers.
He said there were a number of different elements of the relationships in circumstances where Catholic Super had identified the early education space as a potential growth area.
Haysey agreed that Clancy should have disclosed the family relationship earlier in the process and that substantial amounts had been paid before that disclosure was made in May, 2015.
The Royal Commission was told that $1.5 million had been paid by Catholic Super with respect to consultancy services and $500,000 relating to the fund’s sponsorship of the Early Education and Child Care Awards.
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