The Coalition Government is already shaking things up, forcing Hon Steve Bracks to turn his back on the role of consul general to New York, and return to super.
Incoming foreign minister Julie Bishop revoked Bracks’ appointment last week. Cbus industry super fund has been quick to snatch Bracks back up and reappoint him as chair.
“It goes without saying that Cbus is of the view that Mr Bracks was, and is, the strongest person to lead the Board,” said Stephen Spiller, Cbus acting CEO. The Cbus Board voted unanimously to appoint Bracks as its chair, and also thanked the existing Board member Glenn Thompson for acting as Interim Fund Chair.
“At a time of persistent change within the superannuation sector, Cbus is pleased to have the Hon Steve Bracks AC back as its Chair,” said Spiller.
Bracks has been chair of the fund for the past four years. He was also chair of the ISN Board but relinquished this position to take up his post as Australia's Consul General to New York.
The Hon Peter Collins AM QC, former Minister for Health, Attorney General and Treasurer of NSW was appointed as chair of the Board following Bracks’ departure. ISN has said that these changes will not be reversed.
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