And you would now have to consider whether a forensic investigation of some of Cbus’ industry super peers might uncover similar problems.

It is quite the glass house moment for Cbus and its peers that together manage $4 trillion in funds, and have recently become the unofficial police of governance for the listed Australian companies in which they invest.

Their heft has given them a unique seat at the table in many companies, allowing them to have a say on their environmental, social and governance (ESG) performance. But will that unofficial mandate now become weakened because of Cbus’ governance failure?

It also puts the Labor Party under pressure to respond accordingly, given it is now in the particularly awkward position of watching the regulator attack the industry fund chaired by party president and former federal treasurer Wayne Swan.

The Albanese government’s initially muted approach to the escalating Cbus drama sits in stark contrast to its shrill screams around the behaviour of supermarkets, which it has accused of breaking a social contract with customers by profiteering and price gouging.

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Yet allegations of Cbus not processing more than 10,000 disability and death benefit claims in a timely manner, leaving more than 6500 members out of pocket, doesn’t seem to merit the same level of attention.

The best lines from Labor so far have come from the current federal treasurer Jim Chalmers, who said this week he had no problems with regulators doing their job.

“That (the tabling of charges) shows that the regulators are doing their job, and they do that across the economy, and that’s a good thing,” he said.

“I’m a strong supporter of our regulators, and when they find issues that concern them, they should test them (at court), which is what they’re doing now.”

And even before ASIC announced its legal action against Cbus, Australia’s prudential regulator, the Australian Prudential Regulation Authority (APRA), had begun a separate investigation into the fund’s governance over concerns about whether its three CFMEU-linked directors are fit to hold those roles, following reports of criminality and corruption in the union’s construction division.

On Thursday, Liberal senator and Senate economics committee chairman Andrew Bragg turned up the heat by suggesting Swan may need to front the inquiry into retirement outcomes to explain the extent of his involvement at the fund.

Swan fronting up to a hearing would be quite a feat, given that Cbus was initially reluctant to attend the inquiry at all.

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