The outgoing boss of $148 billion funds-management powerhouse IFM Investors says misplaced fears about the 'industry' superannuation sector's links to the trade union movement is stifling investment in much-needed national infrastructure.
IFM's board of directors is laden with union experience – former leader of the Australian Council of Trade Unions and federal Labor minister Greg Combet was appointed chairman in late 2018. The linkages have sparked concerns "So they're either going to have to borrow, or they're going to have to find other sources of capital," Mr Himbury says. "We're sitting here going, 'Hello, we're here!'"
In the wake of the banking royal commission, the superannuation sector has seen a monumental shift as workers rip their money from funds operated by banks, choosing industry funds instead.
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