Australian inquiry hears top pension fund defend ad spend, NAB apology
Australia’s largest pension fund on Thursday defended using members’ money to bankroll a marketing campaign that depicted the country’s biggest banks as foxes aiming to take a larger share of the country’s A$2.6 trillion savings pool.
AustralianSuper Chief Executive Ian Silk, the most senior financial sector executive to appear at the year-long Royal Commission inquiry, said the A$500,000 ($371,050) spent on a TV ad depicting a fox being let into a hen house by a man dressed in a suit, met a requirement to act in the best interests of members.
“The ultimate purpose was to ensure that legislation was not passed,” Silk told the inquiry. “That would diminish the financial outcomes of… AustralianSuper members.”
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