at Queensland-based construction industry superannuation fund BUSSQ has ended after the board’s shareholders agreed to put merger discussions with Cbus on ice.
But Master Builders Queensland announced on Thursday afternoon that it had appointed three new directors – Paul Hick, Christopher Taylor and Geoff Baguley – to the board of the $6 billion industry fund, effectively ending the deadlock. It is understood that Master Builders Queensland and the CFMEU agreed that merging with Cbus was not a priority, but the fund remains open to merger discussions in future.CFMEU assistant secretary Jade Ingham said the union and Master Builders Queensland had agreed the interests of BUSSQ “are best served by maintaining the existing management and board structure”.