Chief executive of the $13 billion Cbus, David Atkin, has outlined the specific causes on which the industry fund’s new executive manager of policy and government will aim to provide value to members.
Atkin acknowledged that the creation of the policy development role, to be filled by veteran Labor government adviser Chris Altis, might seem like overkill for an industry fund which already works with and is represented by the Industry Super Network, the Australian Institute of Superannuation Trustees, Industry Funds Forum, the Australian Council of Superannuation Investors and the Association of Superannuation Funds of Australia.
However Atkin said that Altis, in addition to helping with submissions from those bodies, would also be making representations on issues of particular importance to Cbus members.
“We have a lot of ‘ABN workers’ [contractor] in our fund, and there is a huge problem with non-compliance. Bascially these people should be getting paid super and they are not,” Atkin said.
He said another pressing issue for Cbus was how to encourage super funds to invest in domestic infrastructure, given many of its members were employed by Australian infrastructure projects. With cashflows of $100 million a month, Atkin hinted that the big industry fund would oppose any push for a limit on the amount of unlisted assets a super fund could hold.
Chris Altis joined Cbus last week from the office of Federal Health Minister Nicola Roxon, where he was a senior strategic advisor. Prior to that, he held senior positions in the Victorian State Government including senior adviser to Deputy Premier John Thwaites.