Original article by Simon Benson
The Australian – Page: 1 & 2 : 11-Sep-17
The Federal Government will introduce legislation to increase the Australian Prudential Regulation Authority’s powers to force superannuation funds to disclose their payments to unions. The reforms will also allow fund members to be informed as to how their super contributions are being invested or redirected to unions or employers’ groups. It is estimated that super funds paid more than $A8m to unions in the form of "sponsorship" payments in 2016, with Cbus accounting for more than $A1m of these payments.
AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, CONSTRUCTION AND BUILDING UNIONS’ SUPERANNUATION FUND, ACTU, CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, AUSTRALIAN WORKERS’ UNION-FEDERATION OF INDUSTRIAL, MANUFACTURING AND ENGINEERING EMPLOYEES, AUSTRALIAN MANUFACTURING WORKERS’ UNION, ELECTRICAL TRADES UNION, PLUMBING TRADES EMPLOYEES UNION, TWUSUPER, TRANSPORT WORKERS’ UNION, AUSTRALIANSUPER PTY LTD, UNITED VOICE, AUSTRALIAN ELECTORAL COMMISSION, AUSTRALIA. DEPT OF FINANCE