Liberal MPs questioned executives from Industry Super Holdings (ISH) over its links to The New Daily, a news website owned by Industry Super Australia that has been the subject of controversy over its editorial independence and the fact that it was funded using members’ savings.
ISH said that it did not provide The New Daily with revenue, but provided capital “as required” – a statement that was greeted with disbelief from MP Tim Wilson.
“I’m looking forward to the rant from the deputy chair about how outrageous it is that we’ve called this body before this committee when they can’t provide even basic information about revenue that’s provided from Australia’s compulsory retirement savings to media entities that are then used to push a political agenda,” Mr Wilson said.
ISH company secretary Joshua Lim declined to say how many times ISH had provided capital to The New Daily, saying the information could be prejudicial and that the matter was confidential. Later in the hearings, Mr Lim defended ISA’s ownership of The New Daily as integral to keeping its members informed, despite the fact that it was a loss-making investment, and denying that it or the industry funds had control over the publication’s contents.
“There are many companies out there that are currently making a loss, but they are valuable and can be sold for millions … It’s a valuable service, we look at it from that perspective and we also look at it from a financial perspective,” Mr Lim said.
ISH was also criticised for its governance structure and its refusal to disclose to the standing committee how much cash it held or how much it received in dividends – something that ISH said was a “confidential matter”, but which some members of the committee took exception to.
“Australians’ compulsory superannuation savings are held by a number of entities under ISH, which refuses to provide any information about the basis of how much it holds and how much it receives,” Mr Wilson said.
Tim Wilson needs to set up a Royal commission into industry funds.Where there is smoke there is blue cod.For some reason Hayne and his people gave them the green light. Hard to understand how that could be. There is too much at stake to ignore them what with political clout and control of capital.
Hayne focused on specific cases that were brought to his attention by ASIC.
No cases about union funds were presented to Hayne because ASIC turns a blind eye to union funds. They are never investigated in the first place.
Hence there were no adverse findings about union funds at the Royal Commission.
WTF is “blue cod”?
IPA shill.
As referenced in the publicly available HESTA Relevant Disclosures Document, March, 2019.
” As at 30 June 2018 the fund had:
A 17.7% (2017: 15.9%) shareholding in Industry Super Holdings Pty Ltd (ISH) valued at $147,657,984
(2017: $102, 915, 486).
Industry Funds Management Pty Ltd (IFM) is a subsidiary of ISH and manages investments totalling $10,232,508,108
(2017: $8,758,773,999) on behalf of the Fund.
ISH has other subsidiaries with which the Fund transacts.Industry Fund Services Pty Ltd (IFS) provides financial planning and debt collection services to the Fund.IFS Insurance Solutions Pty Ltd provides insurance services to the Fund.Industry Super Australia Pty Ltd (ISA) provides marketing, advocacy, policy development and research services to the Fund.The New Daily Pty Ltd is also a subsidiary of ISH and provides online news.”
So, on 30 June, 2018, HESTA owned shares in ISH valued at over $147 Million and The New Daily Pty Ltd is a
subsidiary of ISH.
Interestingly, Angela Emslie was noted as a Director and the Chair of The Board of Directors of HESTA from 15/12/1994 until resigning that position on 31/12/2018.
Angela Emslie is ” the godfather of industry superannuation “, Garry Weaven’s partner.
As at 30 June, 2018, Garry Weaven was listed as a Director of The New Daily Pty Ltd.
Garry Weaven was also noted as a Director of ISA and the Chair of ISH and IFM.
In a Financial Review article dated Aug 22nd, 2015, it was stated that at that time, Angela Emslie had been Garry Weaven’s partner for 18 years.
This AFR article stated: ” Emslie chairs HESTA, the $32 billion health employees super fund. This means she has to step aside when IFM brings HESTA a deal “.
That article was written on 22nd Aug ,2015 and Angela Emslie did not relinquish her position on the HESTA Board until
31/12/2018.
The question would quite obviously be exactly when in fact did IFM bring HESTA ” a deal ” ??
Did IFM only bring HESTA ” a deal ” in late 2018 when Angela Emslie then had to resign her Board position?
Did IFM bring HESTA ” a deal ” well before this date ?
Perhaps ISH Company Secretary, Joshua Lim may wish to clarify some of this information and clarify the complex web of financial relationships that exist between entities in relation to industry superannuation.
“Industry” super funds are not just using member’s retirement savings to bankroll a union media publication. They are also harvesting their members’ contact details as a distribution list for this union propaganda.
How good is Industry Super. An unregulated, carved out limitless slush fund to advance left wing agendas, and smash their competitors all with ASIC’s approval. Yep we’re all in this rort together.