Lindsay Tanner (Melbourne, Australian Labor Party, Shadow Minister for Finance) Share this | Hansard source

My question is to the Treasurer. Can the Treasurer confirm evidence in Senate estimates by Future Fund CEO Paul Costello today that the Future Fund made no independent inquiries regarding the involvement of Northern Trust in the collapse of the Enron employees’ superannuation scheme before appointing it as its global custodian? Can he confirm that Enron employees lost their superannuation because it was invested in Enron companies and that Northern Trust ultimately paid $US37.5 million to Enron employees to settle litigation against it alleging imprudent management of the superannuation fund? What regulations has the government put in place to ensure that all companies retained by the Future Fund to handle the fund’s investment transactions will do so prudently?

See this speech in context