Cbus will show director and executive pay, individual stock holdings in top-20 companies and administration costs amid other business details in future annual reports and on its website.
The $17-billion industry fund for building and construction workers announced on Friday that it would disclose the following business details in annual reports from this September onwards:
- Remuneration of individual directors and executives
- Results of an independent review of board performance
- Further details about director qualifications and attendance at board meetings
- Stock holdings among the largest 20 Australian and international companies and currency hedging of all investment options
- Investments made by internal investment unit, Cbus Property, and how much it pays directors
- Total funding commitments to the new Spright platform being developed by Superpartners, its outsourced member administrator. Such funding has reportedly been recorded as an equity investment rather than an expense, according to a 4 January report in the Australian Financial Review.
- Regulatory reforms and how the fund will manage them
- Fund governance policies
Cbus’ commitment is aligned with governance reforms expressed in the Australian Government’s Stronger Super draft legislation, which also aims to overhaul the structure of default funds and super-contributions processing.
