Hayne Royal Commission - the ongoing revelations are taking their toll on so many reputations:
ANZ, NAB, IOOF, and Ric Allert from AMP Trustees were enlightening this week at the HRC, but for all the wrong reasons.
AMP Trustees simply haven't been doing what they should have - namely looking after other peoples' money. Rather it seems they're simply looking after themselves and AMP.
Meanwhile, IOOF's board notes are akin to a second former's (not sure if in junior or senior school).
NAB played with ASIC, and indulged in some cute information timing.
ANZ played with the rules, and played with …. Other peoples' money!
It seems not to matter if it occurs at "Industry" or "For Profit" funds. Of course Hostplus need to spend hundreds of thousands of dollars taking prospective clients to the Australian Open tennis. Oops, 'so I had to take the wife and kids as well to fill a few spare seats'. What, no fund members could be found at short notice and invited along?
And it's a great use of members' funds to sponsor the footy - but I wonder which team the Hostplus CEO barracks for? Oh! Surprise, Surprise, the Richmond Tigers. And who sponsors the Tigers (and admittedly some other clubs)? Hostplus! I'm sure there are always a few seats in the sponsor's box at the MCG reserved for Hostplus' super members.
And a staff lunch? Forget the local restaurant across the road from the Hostplus offices in Melbourne's William Street. We'll just pop up the road to the Flower Drum at the Paris end of town.
Full marks to Hostplus for being a top performing fund. But that should be enough to get employers and others to park their retirement savings with them. Not for taking family to the tennis, CEO's of employers to the footy, or staff to the "Drum" for a not inexpensive Chinese meal (trust me, I've had a few there in days gone by) .
Remember, it's other peoples' money. That's taking the old adage of "looking after it as if it is your own" just a tad too far!
