11.1 Background

In three case studies, the Commission looked at issues about management and expenditure of superannuation trust moneys.

AustralianSuper Pty Ltd (AustralianSuper) is the RSE licensee for the AustralianSuper Fund. The AustralianSuper Fund has approximately $140 billion in funds under management[1] and 2.2 million members. It is Australia’s largest superannuation fund.[2]

The Commission examined three different issues concerning AustralianSuper: its approach to one investment it had made, its cash investment option, and two items of its expenditures. The Commission looked at AustralianSuper’s spending on a publication called The New Daily, and on an advertising campaign known as Fox and Henhouse. The Commission heard evidence from AustralianSuper’s Chief Executive, Ian Silk, and its Head of Mid-Risk Portfolios, Jason Peasley.

United Super Pty Ltd is the trustee of Construction and Building Unions Superannuation, better known as Cbus. Cbus has over 755,000 members and $39 billion in funds under management.[3]

The Commission looked at payments made by Cbus to partner organisations, including union and employer organisations that are its shareholders. The Commission received written statements from Stephen Bracks, the Chair of United Super;[4] Jarrod Coysh, Group Executive Employers, Corporate Development and Strategy;[5] Kristian Fok, Chief Investment Officer;[6] and Robbie Campo, Group Executive of Brand, Advocacy, Marketing and Product.[7]

CSF Pty Ltd (CSF) is the RSE licensee for the MyLifeMyMoney Superannuation Fund (the CSF Fund).[8] The CSF Fund has approximately 75,000 members and $9.3 billion in funds under management.[9]

The Commission looked at payments made by CSF to a group known as the Australian Family Network,[10] which had personal links to one of CSF’s senior executives. The Commission also looked at the use of corporate credit cards by the same senior executive. The Commission heard evidence from Mr Peter Haysey, the Deputy Chair of CSF.


[1] Transcript, Jason Peasley, 8 August 2018, 4434.

[2] Transcript, Ian Silk, 9 August 2018, 4522.

[3] Exhibit 5.336, Witness statement of Stephen Bracks, 25 July 2018, 6 [14].

[4] Exhibit 5.336, Witness statement of Stephen Bracks, 25 July 2018; Exhibit 5.337, Witness statement of Stephen Bracks, 3 August 2018.

[5] Exhibit 5.338, Witness statement of Jarrod Coysh, 31 July 2018.

[6] Exhibit 5.339, Witness statement of Kristian Fok, 31 July 2018.

[7] Exhibit 5.340, Witness statement of Robbie Campo, 3 August 2018.

[8] Exhibit 5.237, Witness statement of Peter Haysey, 24 July 2018, 1 [1].

[9] Transcript, Peter Haysey, 15 August 2018, 4997; see also Exhibit 5.237, Witness statement of Peter Haysey, 24 July 2018, 5 [26].

[10] The Australian Family Network consists of Family Pack Services Pty Ltd and Paul Clancy Consulting Pty Ltd (formerly known as Australian Family Magazine Pty Ltd): Exhibit 5.238, Witness statement of Peter Haysey, 3 August 2018, 20 [103].

83 thoughts on “11.1 Background”

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