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Businessman under a spotlight with three other lights off

Troubled super fund faces Parliamentary grilling

By Mike Taylor11 October 2021

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.

Mike Taylor

Mike Taylor

Managing Editor/Publisher, Financial Newswire

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