Ann: Effectuation of Deed of Company Arrangement, page-204

It’s been a few months since starting the process of going down the IDR and EDR process with Aus super as a member with AJM in the fund and the result was as expected Afca stated that their remit for complaints doesn’t cover the commercial decisions of an organisation based on a conflict of interest and conflict of duty.

This does however now open the door for a complaint to ASIC for a potential breach of the Corporations act for conflict of interest and conflict of duty given the timelines involved

ASIC has the power to view board packs to see if adequate disclosures and remediation processes Re conflicts were in place and given the speed the funding arrangement was put in place see if any regs have been breached

given the spotlight on industry super conflict of interest and duty breaches are taken seriously by ASIC