Economics References Committee

The majority voted against a motion introduced by Queensland Senator Pauline Hanson (One Nation), which means it failed.

Motion text

That the following matter be referred to the Economics References Committee for inquiry and report by 18 November 2024:

The involvement of the Construction, Forestry and Maritime Employees Union (CFMEU) in the governance and management of industry superannuation funds, with particular reference to:

(a) the implications of CFMEU members holding board positions on these superannuation funds, and the potential conflicts of interest that may arise;

(b) the adequacy of the independent expert review mandated by the Australian Prudential Regulation Authority (APRA) in relation to trustees' compliance with their duty to act in the best financial interests of beneficiaries of the funds;

(c) the broader impact of public allegations of misconduct within the CFMEU on the governance and trust management practices of industry superannuation funds;

(d) the measures necessary to ensure transparency, independence and accountability in the governance of industry superannuation funds, particularly those with significant union involvement;

(e) the role of APRA and other regulatory bodies in overseeing and enforcing compliance with prudential standards in industry superannuation funds; and

(f) any related matters.