Mathias Cormann (WA, Liberal Party, Shadow Assistant Treasurer) Share this | Hansard source

Through you, Madam Acting Deputy President: Senator Feeney may well laugh; he may well find this amusing. He might not think that it is appropriate to have superannuation trustees on those boards who are focused on the best interests of members of the funds, irrespective of whether or not they choose to be members of unions. He might not think that it is important for the 59 per cent of public servants who choose not to be members of unions to have a voice on these bodies. He might find that very amusing, to the point where he dismisses as an ideological hatred for unions any concern that the coalition expresses. Through you, Madam Acting Deputy President, I say to Senator Feeney: I do not have any hatred for unions whatsoever. The coalition does not have hatred for unions. But we think it is entirely inappropriate to have legislation setting up a corporate governance structure for super funds which entrenches a completely unrepresentative model where 41 per cent of employees who choose to be members of a union happen to get 100 per cent of the employee representative positions on the board.

These are serious matters. In the broader superannuation industry, this government has been very reluctant about and in fact has opposed many of the recommendations arising out of the Cooper review to improve corporate governance arrangements in the superannuation industry. Why? Because the union movement does not like it. The union movement does not like recommendations that improve transparency, corporate governance and integrity—things like super­annuation trustees should declare foreseeable conflicts of interest to APRA if they want to sit on multiple boards; things like the requirement to have independent directors on superannuation boards. This government has a pattern when it comes to superannuation: whether it is in the Public Service or in the private sector it is guided by one thing, and that is to protect and to pursue and to be an agent for the vested interests of the union movement. This legislation is a very sad example of this.

The minister talks about—I am sorry, Madam Acting Deputy President, I have promoted Senator Feeney—