With the demise of AMP and with the banks opting out of superannuation, the power base has shifted.
Not for profit industry superannuation funds — which include business and union representative directors in equal measure — now rule the roost and have become increasingly vocal and active, much to the chagrin of the corporate world. The Rio Tinto board decided the three offending executives collectively would be docked $7.9 million. But not from their pay. They simply wouldn't receive their full bonuses. And they'd remain in the job.ACSI chief Louise Davidson lit the blowtorch aimed it squarely at the Rio Tinto board's belly.Juukan Gorge in 2013, left, and then in 2020 after it was cleared but before Rio Tinto blasted and destroyed two rock shelters.
The die was cast, the meeting forced and heads rolled. There's likely to be more. There's no way that would have happened even a decade ago.For years, the Business Council of Australia has portrayed itself as the body representing big business.
Yes!! Switch your super fund and bank over to ethical and environmentally sustainable options!! (As championed by friendlyjordies )
Now you understand why the LNP want to destroy industry super funds.
The have replaced the Federal Government as the society consciousness of Corporate Australia .
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