EISS was launched in 1997, as the super fund for the energy industry. It now has 21,000 members, more than half of whom are aged over 50, and many working in trades.
It means they are not required to hold annual general meetings where members can vote on the boards’ remuneration, director elections or shareholder resolutions. Members are rarely given the opportunity to grill the senior leadership about the way the fund is being run. The fund says its sponsorship deals have been approved by auditors and comply with the laws. However, if this includes ticking off the Wollongong bird show, is that an indication the laws aren’t working?A super fund is different from a private company that makes revenue from selling wares in an open market. Its cash flow is mandated by the government in the compulsory superannuation guarantee.
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