Independent review confirms Cbus Super directors fit and proper

Cbus Super

All existing and new directors on the Cbus Super board have satisfied a ‘fit and proper persons test’ as part of an ongoing independent review being conducted by Deloitte at the direction of APRA.

Under Commonwealth law, directors on the boards of superannuation funds such as Cbus 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.

After applying a comprehensive ‘fit and proper persons test’ the Cbus Board confirmed the appointment of three directors nominated by the CFMEU.

The CFMEU can nominate 3 of the 14 positions on the Board. Those confirmed are:

Paddy Crumlin - In addition to his ongoing advocacy for working people, Paddy has built up extensive skills and experience oversighting contemporary investment and asset management strategies of pension funds, ESG, responsible investment, and fund regulation. Paddy is currently the National President of the CFMEU.
Jason O’Mara - Jason has extensive experience in super fund governance, tax and financial reporting. Jason rejoins the Cbus board having previously served between January 2022 and August 2024. Before he was an advocate for workers’ entitlements, Jason was a commercial builder and is currently the General Manager of operations at the Canberra Tradesman Union Club.
Lucy Weber - As a senior qualified lawyer Lucy brings extensive legal expertise and has over seventeen years’ experience practicing law in the private and not-for-profit sectors with comprehensive knowledge of insurance and industrial law. Lucy is currently the Director of Legal and Industrial programs in the national office of the CFMEU.

Comments attributable to a Cbus spokesperson:

“After applying a comprehensive ‘fit and proper persons test’ the Cbus Board confirmed the appointment of the three directors who share a determination to generate the strongest, sustainable financial returns for members and deliver the best possible service.

“Maintaining equal employer and union representation has been central to our success over forty years so we’re happy to welcome Jason back and look forward to Lucy and Paddy bringing their knowledge of our sectors to achieve the best possible retirement outcomes and meet the challenges of rapid growth.

“The Board is committed to further enhancing its collective skills mix to ensure it is well positioned to approach increasingly complex investment, market and regulatory environments.”

ENDS

About us:

Cbus is the leading Industry Super Fund representing those that help build, maintain and shape Australia. As one of Australia’s largest and fastest growing super funds, we provide superannuation and income stream accounts to more than 920,000 members (as at 30 June 2024) and we manage over $94 billion of our members’ money (as at 30 June 2024). Our members include workers and retirees, their families and employers. As of April 2022, Cbus merged with Media Super and offers Media Super products. In May 2023 Cbus Super successfully completed its merger with EISS Super, establishing the Fund as the leading fund for energy and electrical workers in Australia.

Issued 19 November 2024, United Super Pty Ltd ABN 46 006 261 623 AFSL 233792 as Trustee for Construction and Building Unions Superannuation Fund (Cbus and/or Cbus Super) ABN 75 493 363 262.

Contact details:

David McNamara, Strategic Media Manager - 0455 144 464 or david.mcnamara@cbussuper.com.au