In the Australian today, Janet Albrechtsen writes another good one about the issue du jour, unions, through industry funds, using their relationship to try to leverage companies in which they have shareholdings to do all sorts of “interesting” things. This includes trying to achieve industrial outcomes.
So writes Janet:
Meanwhile, our superannuation nest eggs seem to be fast becoming a plaything for activists and hangers-on to indulge political and financial fantasies.
Of course she is right, but this is not new. It happens all the time. Consider the regular habit of both Labor and Liberal government to dip into other peoples funds to … “indulge political and financial fantasies”, you know like NBN or Snowy 2.0 or very fast (and unnecessary) trains.
Consider also the whole saga of the ASX Corporate Governance Council (another Costello and Howard gift that keeps on giving), which to many activists chagrin, decided to leave out the concept of a social licence to operate. But neatly left in “reputation” and “standing in the community”.
Like a cancer, these people won’t be satisfied until they and the host that gives them life are dead.
Don’t tell me what you “think” show me your portfolio.
It would be very interesting to see how many industry fund directors and their families actually have their superannuation, entire superannuation, invested in the funds they are on the boards of. What’s the bet that someone has a self managed super account somewhere.
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