The chairman of the $14 billion EquipSuper, Andrew Fairley, has blamed union influence for the breakdown of a merger that was unquestionably in the best interests of members.
Talks between EquipSuper and fellow industry fund, the $7 billion Energy Super broke down after a disagreement over how the new board would be constituted, the Hayne royal commission heard on Friday.
Energy Super chairman Scott Wilson told the royal commission that the merger failed because Mr Fairley made it clear from the start he would not allow union-nominated directors on the board.
But Mr Fairley disputed Mr Wilson’s evidence, saying his remarks “completely misrepresent the views that I hold. We’re not anti-union, we’re pro-skills,” he said.