Earlier this month, the Australian Prudential Regulation Authority (APRA) agreed to a court-enforceable undertaking with the Construction and Building Unions Superannuation Fund (Cbus), requiring the fund to execute a major overhaul of its risk and governance programs.
The action stems from concerns over governance, risk management, and expenditure practices at United Super Pty Ltd, the trustee for Cbus. It also follows APRA's decision to impose additional license conditions on Cbus in August 2024 after an independent review identified “weaknesses in governance and expenditure processes.”
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