The investment arm of Brisbane City Council is facing criticism after an internal review found “fundamental and systemic issues” with the fund and a “substantial risk” ratepayer money could be lost.
Opposition Lord Mayoral candidate Rod Harding has called for the fund to be shut down, saying board members were overpaid and the investment should be the responsibility of the council itself.
Deputy Mayor Krista Adams says council has no plans to close the investment fund, arguing it has achieved strong investment returns for Brisbane with $20 million of dividends delivered to ratepayers last year.