Cath Bowtell has quietly assumed the role of matriarch of the sprawling Labor-union aligned industry superannuation family, which manages more than $1 trillion on behalf of 13 million Australians.
Other new and emerging powerbrokers in industry super include former Labor treasurer Wayne Swan, who replaced Steve Bracks as chairman of Cbus. He is Labor’s national president and arguably has the ear of fellow Queenslander, and his former staffer, Treasurer Jim Chalmers.
Bowtell also sits on the boards of Industry Fund Services , advertising arm Industry Super Australia and struggling online publicationShe is a director of the Housing Australia Future Fund, which Labor plans to use to tap private investors such as super funds to bankroll a $10 billion affordable housing overhaul.
IFM’s footprint in property markets is also set to increase, with merger talks progressing for it to acquire ISPT to create a $233 billion real asset powerhouse. These eight funds pushed for the merger and further cemented their power within the organisation in its founding constitution, which granted the “large funds” more influence over the organisation.
ACSI has outsized influence over how a significant portion of the superannuation sector engages with boards. This means earning Davidson’s ire can be a significant blow to a company’s plans. Her latest cause is fair work and decent working conditions – and after being the first to raise it publicly as a concern, other major fund CEOs have all followed suit in naming it as a key topic for engagement with the companies they invest in.The sheer size of AustralianSuper – it is the country’s biggest fund with $300 billion under management and expects to pass $500 billion within five years – makes chief executive Paul Schroder one of the industry’s biggest players.