At the Annual Members’ Meeting there was a question asked by a Media Super member in relation to the Media Super pension product. The member wanted to know why they were in the Cbus pension product and not the Media Super one. The response was that Media Super did not have a pension product and that’s why they are in the Cbus pension product. During the course of the Annual Member Meeting, several members correctly pointed out that Media Super did have a pension product.
It’s important we provide clarification on this issue. Media Super did have a pension product, but as a result of the merger with Cbus and in members’ best financial interests, it was considered more viable that all members go into the Cbus pension (Super Income Stream). Media Super members received a Significant Event Notice that outlined the transfer to the Cbus Super Income Stream. So all former Media Super pension members are now in the Cbus Super Income Stream as the Media Super pension no longer exists.
Cbus has reached out to members who asked about this and commented at the meeting to provide clarification. We apologise for any confusion caused.
View our Annual Member presentation
Alongside your invitation to the meeting, we are required under superannuation regulations to provide the following additional information.
Summary of payments made by the fund
The following table provides a summary of remuneration and certain payments made by the fund from 1 July 2021 to 30 June 2022.
| Expenses | Amount |
|---|---|
| Aggregate remuneration expenditure | $8,260,229 |
| Aggregate promotion, marketing and sponsorship expenditure | $21,849,572 |
| Aggregate political donations | $0 |
| Aggregate industrial body payments | $1,700,675 |
| Aggregate related party payments |
$6,339,854 |
Some payments are required by government regulations to be disclosed in more than one category. More information about each category is listed below.
Remuneration includes salaries for our CEO and all Group Executives, as well as fees for directors, alternate directors and other board committee members. More detail is available on our website and in our Annual Integrated Report.
Promotion, marketing and sponsorship includes expenses for all promotional and educational material, advertising, media, sponsorship and partnership arrangements. This marketing spend helps to grow our fund and increase scale, which means lower fees for members.
Cbus does not make political donations.
Payments to industry bodies or trade associations includes partnership arrangements – which may include advertising, marketing and education services – to help grow our fund. More detail is available in our Annual Integrated Report.
Payments to related parties includes payments made to our subsidiary entities for business operations, or for services from an organisation in which we also invest, or when a director is an employee of an organisation which provides services to us.
Payments also include promotional and marketing services, directors’ fees and board committee fees. More detail on payments to related parties is available in our Annual Integrated Report.
Past Annual Members' Meetings
