After reportedly spending thousands of dollars on football advertising and overseas trips, EISS Super chief executive Alex Hutchinson resigned last week, and now the fund has announced a new chair.
Dr Warren Mundy, as well as senior director Michael Roche, has stepped down and has been replaced by Peter Tighe.
It comes after Liberal MP Tim Wilson took aim at EISS — which was also one of the 13 funds that failed the government’s inaugural performance test last month — during a House of Representatives standing committee on economics hearing last Friday.
“We have EISS indulging in, well, frankly what verges on corruption, as far as I’m concerned,” Mr Wilson said.
“This is deeply questionable behaviour.”
APRA agreed that EISS’ behaviour was “egregious” and is considering taking action against the fund.
“The trustee is aware of recent press coverage related to the fund and is in dialogue with APRA to confirm that appropriate governance arrangements have remained in place and that the trustee continues to act in the best interests of members,” EISS said in a statement to sister brand InvestorDaily on Friday.
“The board thanks former chair Dr Warren Mundy for his work, as well as the other directors for their respective contributions.”
Agency Risk 101 !!
Using member funds for personal gain is illegal. What is there to think about APRA? Pathetic.
Imagine an Adviser doing such things. Instant Life Banning.
As for the big boys at Industry Super, how about golden parachute out the door to another job in another Industry Fund, no problems i bet.
Corrupt ASIC, Corrupt APRA and their regulatory capture corruption towards Industry Super.
Are these not secret commissions, a criminal act?