Original article by Michael Roddan
The Australian – Page: 1 & 2 : 4-Mar-19
Treasurer Josh Frydenberg wants to ensure that union-appointed trustees of industry superannuation funds do not seek to pursue political objectives at the expense of members’ interests. Industry funds currently manage $631 billion worth of assets, with this figure tipped to increase to over $1 trillion by 2024; boards of industry funds are equally represented by trustees from employers and unions. Frydenberg’s concerns have been sparked by union calls for funds to pressure BHP and BlueScope Steel to reverse a decision not to renew a contract for Australian-crewed ships that carry iron ore.
AUSTRALIA. DEPT OF THE TREASURY, BHP GROUP LIMITED – ASX BHP, BLUESCOPE STEEL LIMITED – ASX BSL, ACTU, MARITIME UNION OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIANSUPER PTY LTD, CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA, RIO TINTO LIMITED – ASX RIO, WOOLWORTHS GROUP LIMITED – ASX WOW, QANTAS AIRWAYS LIMITED – ASX QAN, WOODSIDE PETROLEUM LIMITED – ASX WPL, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, UNITED VOICE, AUSTRALIAN SERVICES UNION