Cbus statement in response to Royal Commission final report

4 January 2016

The Cbus Board is confident that its governance and systems have been reviewed, scrutinised and updated to reflect best practice across the financial services sector.

Cbus Chair, The Hon Steve Bracks AC said the Cbus Board had implemented a series of independent investigations, audits and reviews since becoming aware of the wrongful disclosure of members’ personal details dealt with by the Royal Commission. 

However, Mr Bracks expressed serious reservations about the basis for the Commissioner’s finding that Cbus CEO David Atkin may have breached the Corporations Act. 

“All of the detailed, independent reviews and the Royal Commission itself have not produced any evidence that Mr Atkin was involved or had knowledge of the actions of two former employees who released personal member details.

“Counsel assisting the Commissioner, previously made it clear in their own submissions earlier in the year that: The Commission is not in a position to find, with certainty (that is, by reference to incontrovertible evidence), that Mr Atkin did know about and participate in the disclosure.

“Quite frankly, we are bemused by the Commissioner’s findings given the consistency of the evidence provided by Mr Atkin to the Royal Commission on various occasions.   

“The Board remains satisfied with the evidence that Mr Atkin had no involvement, nor knowledge, of the actions of the two former employees and their alleged breach of the Corporations Act.

“Mr Atkin continues to maintain enormous respect as a CEO of one of Australia’s largest superannuation funds. He has the respect and confidence of the Cbus Board, his peers, his executive, Cbus employees and the finance industry at large.

“The Board has also satisfied itself of its legal and regulatory obligations and remains focused on delivering the best outcomes for Fund members” said Mr Bracks.