KPMG outcome positive for BUSSQ
Queensland-based building industry superannuation BUSSQ has received close to a clean bill of health in an independent review ordered by the Australian Prudential Regulation Authority (APRA) and conducted by KPMG.
The review, ordered earlier this year, related to the fitness and propriety of board members in the context of the fund’s relationship with the Construction Forestry and Maritime Employees Union (CFMEU).
The review summary said that KPMG “has concluded that BUSSQ’s current directors and officers are fit and proper and that, with the exception of an area where recommendations have been made, the CFMEU connected expenditure decisions, are consistent with the sound and prudent management of BUSSQ’s business operations”.
The review noted that it was undertaken “with strong cooperation and support from BUSSQ’s Board and Management”.
“The flow of requested information and supporting documentation was timely and complete,” the KPMG report said. “APRA was appropriately involved as part of establishing the Review Scope as well as being updated with progress along the way.”
I think these numbers are too low. Especially if you live in major cities. I try to ensure none of…
Are Interprac / Sequoia going to pay the 10’s of $$ millions in AFCA complaints ? Even after Macquarie &…
Always back self interest when a body is marketing a submission to the government
In other words the system is achieving what the government wanted to happen.
Every day I come on here it feels like it is just the SMC trying to lobby to make one…