Wayne Swan has agreed to chair the board of the super fund following Mr Bracks’ exit in January 2022.
Mr Swan served as federal treasurer for the Labor government from 2007 to 2013 and held this role alongside acting as deputy prime minister from 2010 to 2013. Cbus was keen to highlight that in this time, he was named Euromoney Finance Minister of the Year in 2011 for his role in driving Australia’s response to the global financial crisis.
According to Cbus, Mr Swan will undertake a similar leadership role within the fund, alongside the superannuation sector as a whole, powering up the industry in a way that contributes to Australia’s financial recovery from the COVID-19 pandemic.
“I’m humbled to have been chosen as the next chair of Cbus. Australia’s superannuation sector is a world-leading national achievement, and Cbus has been at the forefront of this success for decades,” Mr Swan said on his appointment.
“I’m particularly proud to be joining the Cbus board at this moment. Right now, the role of Australian superannuation is more important than ever as our nation looks to rebuild from the impact of the pandemic.
“Just as superannuation played a vital role in responding to the global financial crisis, so, too, will it play a vital role in our pandemic recovery.”
Mr Swan also highlighted how he felt that the superannuation industry now had an opportunity to ensure all Australians are able to benefit as the economy rebounds from the strains of COVID-19.
“Not only does superannuation allow working Australians to capture a slice of recovery growth, it will also serve as a vital source of capital to fund the jobs of the future in the industries of the future,” he added.
Mr Swan will step into a revamped Cbus, as the firm recently announced that it is due to complete a merger with Media Super in late 2021. This merger was declared in December last year.
Once completed, it is anticipated that the fund will manage approximately $60 billion on behalf of 840,000 members nationally.
This is his reward for giving the industry funds the FOFA legislation they wanted, when he was in government.
No conflicts here – move along please.
What was Mike Baird’s reward for when he became a NAB executive?
Unlike the Industry Funds cartel – the NAB Board are answerable to the shareholders and this is one of many checks and balances in the process. So, I expect his appointment was a reward for nothing and based on merit – unlike the process involved when Cbus were selecting suitable candidates for the position filled by Wayne.
Does that make it right? Industry Super is the one with the ads on TV, Radio, Youtube (everywhere) claiming to be not for profit and for the benefit of members – your comparisons with NAB seem more accurate than the ads.
agree
I could imagine that when CBUS were looking for candidates, they immediately ruled out anyone with connections to the Liberal Party. Funny that.