Cbus CEO to front Senate Committee

After weeks of conjecture, big industry superannuation fund Cbus will appear before a hearing of the Senate Economics References Committee today.

Cbus has finally appeared on the hearing program and is being represented by its chief executive, Kristian Fok.

The Economics References Committee is conducting an inquiry into improving consumer experiences, choice, and outcomes in the Australian Retirement System with NSW Liberal Senator, Andrew Bragg, yesterday questioning the superannuation fund’s reluctance to appear.

Linking Cbus to the Construction, Forestry and Maritime Employees Union (CFMEU), Bragg questioned whether they were suitable partners to work with the Government on housing via the Housing Australia Future Fund (HAFF).

Bragg said the Senate inquiry had been established to examine significant housing issues and, for some months, had planned to bring Cbus before it alongside APRA, Housing Australia and various other superannuation funds.

“Senators have questions about a range of matters related to Cbus, including ASIC’s allegations of failed insurance claim handling,” he said.

At the time of issuing the statement, Bragg said multiple super funds had confirmed attending the hearing, but not Cbus adding that its absence would undermine the Senate’s ability to inquire.

However, by early afternoon, the Senate Committee’s program for the hearing showed Cbus Super and Mr Fok attending ahead of HESTA, AustralianSuper and Aware Super.

Cbus is the subject of civil action launched in the Federal Court over alleged failures in insurance claims handling.