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NINETEEN PAID BOARD SEATS. HALF A MILLION TO THE UNIONS. IT’S IN THE FUND’S OWN AUDITED ACCOUNTS. Someone sent me a document this week and I checked it against the source. Both are Cbus’s own: the Board Remuneration Report 2016-17, and the fund’s audited financial statements for the same year, still sitting on the fund’s website today. They reconcile to the dollar. Here’s what they say. Cbus holds construction workers’ retirement savings. In 2016-17 its trustee board carried fifteen serving directors, three paid alternate directors, and one more director paid before departing mid-year. Nineteen paid board positions on one fund in one year. Total board cost: $1,368,795.68. Add the CEO and it’s just over $2 million. Now the column most people would never look at. The audited accounts carry a heading: “Fees paid to.” And it splits the board in half. For employer-side and independent directors, the fees went to the director. For union-side directors, the fees went to the union. CFMEU: $182,444. AMWU: $113,887. AWU: $73,588. CEPU: $61,367, including $57,620 for the seat held by Earl Setches, the same fees-to-union arrangement his union’s own disclosure confirmed again this year, nine years later. ACTU: $61,316. Total: $492,602 in one year, 36 cents of every board dollar, paid not to the people doing the directing but to the organisations that nominated them. One more line from the same audited note. The fund disclosed “partnership arrangement” payments to its seven sponsoring organisations: $1,641,771 that year. Remember that payment class. It’s the same one the fund’s own Deloitte review examined in 2024, the review that could not conclude the payments served members’ interests, the one APRA is now investigating. It was running at $1.6 million a year back in 2017. The fund’s own CEO described the class to a Senate committee in 2024: not gifts, not donations, payment for the directors the union puts on the board, plus the partnerships program. And the chair? Steve Bracks, former Labor Premier of Victoria, $158,743 that year. The chair today is Wayne Swan, former Labor Treasurer, who has served as national president of the Labor Party throughout most of his time in the chair, a term ending only this month. The honest other side. Every figure here is disclosed in the fund’s own audited accounts, that’s where I got them. Equal employer and union representation is what the law requires of industry funds, and employer nominees sit on the same board. The fees-to-union model means no official personally profits. All lawful. But hold the shape. Nineteen paid seats. Half a million to the sponsoring organisations. A payment class the regulator is now investigating, already flowing seven years ago. And the fund’s chair held the top job in the Labor Party organisation at the same time, on the retirement savings of workers who never voted on any of it. Cold hard facts. 100% truth. No misinformation. “Corrected when wrong” What’s your thoughts…? Peter Lyndon-James 🇦🇺 Sources: Cbus (Construction and Building Unions Superannuation Fund) Annual Financial Statements, year ended 30 June 2017, cbussuper.com.au — Note 19 Related Parties: full director table with “Fees paid to” column; CEO remuneration; Note 19(aa) partnership arrangements $1,641,771 to seven sponsoring organisations; Cbus Board Remuneration Report 2016/17 — per-seat fees and total board remuneration $1,368,795.68 (reconciles to the audited statements to the dollar); Senate committee evidence of Cbus CEO Kristian Fok, November 2024 — payment-class description; Deloitte Independent Review of Cbus expenditure, cbussuper.com.au, 3 December 2024; APRA public statements, February 2025; CEPU National Council Officer & Related Party Disclosure Statement CY2025 — Setches fees-to-union arrangement continuing.