Cbus Super has added three new member directors nominated by the Construction, Forestry and Maritime Employees Union, following an independent review by Deloitte found that they passed the ‘fit and proper persons test’.
The review is part of a bigger investigation into Cbus Super’s governance, which was imposed by APRA as an additional licence condition on Cbus trustee United Super.
The three new CFMEU directors are Paddy Crumlin, Jason O’Mara and Lucy Weber. O’Mara was renominated after resigning from the board in August.
Crumlin is currently the national president of the CFMEU, and Weber is director of legal and industrial programs in the union’s national office.
Under Commonwealth law, directors on the boards of superannuation funds have an ongoing obligation to satisfy a ‘fit and proper persons test’ to evaluate whether they have appropriate skills, experience and knowledge, are honest and trustworthy, and have the personal integrity and independence of mind necessary to be effective guardians of members’ savings.
In response to the appointments, APRA said “not yet satisfied” that Cbus has taken adequate actions as instructed by the licence conditions.
“Appointments to the board are the responsibility of the trustee. APRA does not have powers to approve or prevent board appointments,” the regulator said.
“APRA expects Cbus to provide the independent review report in accordance with the licence conditions and, in light of decisions announced today by the Cbus board, will consider whether further action is appropriate.”
The article was updated to include APRA comments.