Possibly the funniest thing you will read today

As reported in the Fairfax press from the Hayne Royal Commission:

Hostplus chief executive David Elia has defended spending $260,000 of the fund’s money hosting employers at last year’s Australian Open, saying it was important to keep up with competitors.

“It’s probably our flagship corporate entertainment event that we do,” Mr Elia said at the banking royal commission on Tuesday.

“We have key employers, key stakeholders, alliance partners flying in from all over Australia to participate in that…It’s a great time of the year for us to do that.”

Actually not funny.  Sad.  Very sad for the members of the fund.  A lot of whom are young, lower paid hospitality (read pubs and clubs) workers.

Elia also said:

And I wish I didn’t have to do it.

Yes.  It must be so difficult as the CEO to have all that expensive entertainment, food and wine forced upon you.

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22 Responses to Possibly the funniest thing you will read today

  1. .

    You mean the ads waffling on about “only to the benefit of members” aren’t true?

  2. Speedbox

    And I wish I didn’t have to do it.

    Oh pleeese. Kind of like virtue signalling – “I only do it because it is expected by our partners/clients, I don’t actually want to”. What a crock. Especially insulting to those who work damn hard in your local pub for meagre wages.

  3. Singleton Engineer

    Thanks for mentioning this. I generally stick up for unions, but not if the business model can be summarised as “Pigs at the Host Plus Trough”, whether or not those pigs are representatives of employer or employees.

    This kind of thing does nothing for the reputation of the Australian Open either, I would think. But what would I know? I’ve never been to the event, either as paid or paying.

    Besides which, what’s in it for the corporates involved? Do they really think that their business runs best when their executive staff owe a debt of gratitude to an external body, in this case a trade union? What is the difference between a handout and a bribe? If I owned one of the companies concerned, I would be inclined to tell my staff to pay their own way and to avoid conflicts of interest.

  4. RobK

    We have key employers, key stakeholders, alliance partners flying in from all 
    So these are the clients? Very egalitarian.

  5. H B Bear

    Australian Open corporate hospitality is pretty good. I used to score a freebie, although only in the first week as I was too low on the food chain for the finals or anything. Probably second only to the VRC Spring Carnival.

    Anyone familiar with the way unions treat their dwindling member’s money would be completely unsurprised by this. Hopefully the RC will have a look at the funding of The New Daily and the Fauxfacts dregs who run it.

  6. Hydra

    What “partners” does a super fund have?

    They buy assets and hold onto them.

    Ffs.

  7. stackja

    David is one of Australia’s most experienced and recognised business leaders. In a career spanning more than 25 years, his singular vision has helped create businesses that deliver consistently excellent results and real stakeholder value.

    His wide ranging experience includes senior roles in superannuation, finance, marketing, corporate and fund governance, taxation, risk management, audit, corporate/strategic planning and implementation.

    David’s leadership has been recognised with numerous industry awards including the Australian Financial Review Boss Magazine True Leader Award and the Funds Executives Association, Fund Executive of the Year Award. He is especially interested in what makes organisations tick – from creating an innovative culture to leadership values, strategy and teamwork at all levels.

    Qualifications and memberships
    Bachelor of Economics, La Trobe University, May 1991

  8. Nelson Kidd-Players

    So, who would be the primary customer but employers needing a default fund for their employees? Don’t we have free choice of nomination of super fund yet?

  9. Don’t we have free choice of nomination of super fund yet?

    NO!!!

    If you are caught in one of the enterprise agreements that tend to catch these industries then no you don’t have a choice of funds. One of the things that has been traded away.

  10. Dr Fred Lenin

    That behaviour by someone dedicated to the workers rings a bell. NOMENKLATURA .

  11. shady

    Wonder if the R.C will question Host Plus about sponsorship of a professional rugby league team? And CBus about sponsorship of the AFL app?

  12. Roger

    “We have key employers, key stakeholders, alliance partners flying in from all…”

    So these are the clients? Very egalitarian.

    Some of their actual clients will be serving them on the day for around $19.00 per hour.

  13. Marcus

    Hostplus chief executive David Elia has defended spending $260,000 of the fund’s money hosting employers at last year’s Australian Open, saying it was important to keep up with competitors.

    “It’s probably our flagship corporate entertainment event that we do,” Mr Elia said at the banking royal commission on Tuesday.

    Fault!

    And I wish I didn’t have to do it.

    Double fault!

  14. Empire 5:5

    What “partners” does a super fund have?

    Industry funds all have important partners. The trade unions who control them and the colluding enterprises who channel the rivers of gold.

    Keating must laugh at himself every morning.

  15. Empire 5:5

    Box at the Men’s final.

    Sign here.

    That’s the way.

  16. MikeS

    Backstage tours of Sydney’s ANZ Stadium include visits to the many hospitality rooms and corporate booths. There appears to be a mini arms race in terms of size, fit-outs, position and status. Clearly there are lots of companies with too much other people’s money and executives with lots of time as well as the belief that pissing in each other’s pockets is great shareholder value.

  17. Empire 5:5

    Clearly there are lots of companies with too much other people’s money and executives with lots of time as well as the belief that pissing in each other’s pockets is great shareholder value.

    A key control used to address the principle-agent problem is defining and enforcing fiduciary duties of agents under law. Most sensible people across the political spectrum would also agree it is a proper function of state to regulate fiduciary relationships to some degree. These relationships are the most critical bonds of trust in a free(ish) market economy.

    Both our common and code law is adequate (but overly complex) in defining agent’s obligations in fiduciary relationships.

    So why is this shit tolerated? Why isn’t the fakestream media asking about enforcement failure? This goes way beyond the compulsory super industry and entertainment largesse.

    “ASIC is well funded and resourced to undertake its important regulatory work.”

    An agency taxpayer funded to the tune of $350M+ p.a., an agency which fleeces industry by way of ‘cost recovery’ for another $250M, can’t enforce the Corps Law?

    http://mobile.abc.net.au/news/2018-05-10/budget-2018-cuts-to-asic/9746374?pfmredir=sm

    https://download.asic.gov.au/media/4749888/cris-levies-for-asic-industry-funding-2017-18-published-29-may-2018.pdf

    Shane Wand appointee Greg Medcraft (TP $731,140) was a low energy mandarin. Now weaving his magic as Director of the Directorate for Financial and Enterprise Affairs of the OECD. His achievements at ASIC would fill the back of a stamp.

    Will former Goldman Sachs banker James Shipton do better?

    Where is the outrage?

  18. jjf

    Surely this does not meet the sole purpose test and is theft of member entitlements!

    Hope they also look at union influence.

  19. John Constantine

    The funniest thing I could read today would be Julie bishop pledging her full loyalty to the team turnfailure election winning machine as deputy.

  20. JohnA

    Empire 5:5 #2788913, posted on August 14, 2018, at 6:50 pm

    Box at the Men’s final.

    Sign here.

    That’s the way.

    Wouldn’t work with me – I have insufficient interest in tennis, AFL, Rugby or opera.

    Demonstrating the adage:
    “We know that half of our promotions budget is wasted. We just don’t know which half!”

  21. Spring is coming

    Pre GFC corporate entertainment was a thriving industry. The GFC was a great excuse to remove this from the expense line for private business. (Don’t feel sorry for private as management received good bonuses for these courageous and selfless acts). However the finance industry which strangley enough caused the credit sieze sailed through unaffected it seems. As a new gen comes through Corp entertainment appears to be agin scaling new heights. All with members and customers best interests of course.

  22. duncanm

    And I wish I didn’t have to do it.

    you are the CEO. Don’t do it.

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