Australian Pension Cbus to Conduct Probe Following Union Scandal.

Australia's financial regulator, the Australian Prudential Regulation Authority (APRA), has ordered Cbus and BUSSQ, two of the country's largest pension funds, to conduct external reviews due to their close ties to a construction union facing allegations of misconduct. Both funds have representatives from the Construction, Forestry and Maritime Employees Union (CFMEU) on their boards, and the CFMEU has been under scrutiny for corruption and links to organized crime. The funds must appoint an independent party to review their compliance with regulatory standards and publish independent reports on their trustees' duty to act in the best financial interests of members. APRA is concerned about the potential impact of the allegations on the trustees. [Extracted from the article]