Statement regarding Deloitte’s independent review report
3 December 2024
MEDIA RELEASE
Cbus Super has today publicly released Deloitte's independent review into the fitness and propriety of Cbus’ responsible persons and the Fund’s expenditure management as required by APRA.
All 26 recommendations in the Deloitte independent review have been accepted in principle by the Cbus Board which fully cooperated with the independent review process.
Cbus will now work with Deloitte, as required by the licence conditions to develop an action plan to address each of the recommendations in the review to be approved by APRA.
The independent review has concluded that all the current and nominated Directors on the Cbus Board meet the ‘fit and proper’ test at the date of the report.
Cbus acknowledges the seriousness and importance of the work required to strengthen the Fund’s systems design, frameworks, policies, processes, governance and reporting as identified in the independent review to become a better, stronger fund for our members. Cbus has already begun this important work, including to develop improvements in the way the Fund documents the value that industry partnership arrangements generate for the Fund and our members.
The independent review has also notably observed that industry partnership arrangements are "an important mechanism through which industry superannuation funds achieve brand awareness, retain members and ultimately grow membership.”
Cbus will continue to work closely with APRA during the next stage of the process and remains focussed on generating strong, long-term returns for its hard-working members.
The report (PDF) is available on the Cbus website.
Media enquiries:
David McNamara, Strategic Media Manager - 0455 144 464 or david.mcnamara@cbussuper.com.au
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 3 December 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.