Jun 9, 2026 – 4.38pmFirst Super’s former co-chairman Michael O’Connor did not display proper judgment and due care when he had the super fund bankroll the salary of a union official and pushed others to inflate fees invoiced to it, the financial services regulator has argued.Michael Borsky, KC, acting on behalf of the Australian Prudential Regulation Authority, said a “prudent director” would not have knowingly allowed their super fund to be put in a situation where it was funding the employment of the official – known as BT – when she was doing little, if any, work for it.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles
First Super ex-chairman failed to be a ‘prudent director’: APRA
Michael O’Connor denies the regulator’s claim that he failed to serve as a “prudent director” while he was a senior CFMEU official and First Super board member.
120 words~1 min read
