Greens Treasury spokesperson, Senator Nick McKim, has provided further comment on the Greens’ support for a disallowance motion relating to superannuation fund annual member meeting notices.
“Last year, the Minister for Financial Services, Stephen Jones reached an agreement with the Greens to include within the Financial Accountability Regime million dollar fines for executives who breach their accountability obligations,” Senator McKim said.
“But within 24 hours of that agreement being made public, the minister reneged.”
“After a day of shameless lobbying by the banks, the minister went back on his word.”
“Today, the Greens have demonstrated that there are consequences for this.”
“If the government expects the Greens to be reasonable, then they need to demonstrate that we can work with them in good faith.”
“One way to demonstrate this would be to come good on what was agreed to and include million-dollar fines for dodgy bankers in the Financial Accountability Regime.”
“The government also needs to get on with fixing up the mess that is superannuation annual member meeting notices.”
“They need to bring forward legislation or regulation requiring APRA to publish relevant expenditure by all superannuation funds, for political purposes and for profit, all in the one place.”
“This would allow consumers to easily make a comparison between their fund and other funds.”