Troubled super fund faces Parliamentary grilling
Tim Wilson may no longer be chairman of the House of Representatives Standing Committee on Economics but it will today (Monday) conduct a hearing he scheduled to probe recent events within the Energy Industry Superannuation Scheme (EISS).
Wilson was prompted to schedule the hearing after media reports around the resignation of both the superannuation fund’s chief executive, Alexander Hutchison and its chairman, Dr Warren Mundy.
The acting chief executive, Lance Foster and its new chairman, Peter Tighe, are expected to appear before the committee.
The upheaval within EISS has placed into question its proposed merger with TWUSuper.
Importantly, Peter Tighe was a long-standing director of big construction industry fund, Cbus, which has been previously questioned by members of the committee about its ambitions towards merging with EISS.
Tighe is the former national president of the Electrical Trades Union (ETU).
Cbus is currently in the throes of completing its merger with Media Super.
As per usual this will likely end up as more Red Tape BS.
I am assuming " a requirement to complete online trading" is a typo and should be " a requirement to complete online…
ASIC have ignored property marketers flogging properties to SMSF's for years, this won't change because of the budget. All of…
FAAAAAAAAAAAAAAAAA sound like an ISF mouthpiece. ASIC need to stop SMSF Property spruikers, I have handed them a case for…
Seriously FAAA? How about you focus on the detriment of CGT and negative gearing changes to share portfolios and stay…